The Economic Community of West African States (ECOWAS) Staff Mutual Credit Union (ESMCU) has reported a 13% increase in wealth creation and an 11% rise in member dividends, while unveiling a new multi-currency digital platform and a bulk-purchasing service at its Annual General Meeting (AGM) held in Abuja on Thursday.
The meeting, which brought together ECOWAS Commission and Parliament representatives alongside members participating physically and virtually, was opened by ESMCU President Jimmy Ife-Ilori, who described the financial results as significant milestones reflecting the soundness of the Union’s management.
Acting Secretary-General Muazu Umar, representing ECOWAS Commission President H.E. Dr. Alieu Omar Touray, acknowledged the increasingly complex environment in which the credit union operates. He noted that ECOWAS is managing significant institutional pressures following the formal withdrawal of Burkina Faso, Mali, and Niger on 29 January 2025 and the emergence of the Alliance of Sahel States, developments that have reshaped the bloc’s operational and staffing landscape. He praised the credit union’s savings and loan schemes as a vital financial safety net for staff navigating that uncertainty, while calling for bolder and more innovative approaches.
Among the headline announcements, the Union launched a new digital platform introducing multi-currency functionality that allows members earning in United States dollars to save and receive dividends in dollars, ending a previous restriction that limited all transactions to the CFA franc. The move is expected to provide greater financial flexibility for internationally paid ECOWAS staff.
The Union also launched ECOMART, a member-focused procurement service that allows staff to purchase goods in bulk through a buy-now, pay-later model, with payments deducted automatically from salaries over time. Products ordered through the platform are delivered within three to five business days.
Umar also highlighted the opportunities presented by the new ECOWAS headquarters in Abuja, referred to as the Eye of West Africa, as a platform for building a more inclusive and supportive work environment across the institution.
The AGM closed with members formally approving the Union’s annual reports and financial statements, and with the ESMCU reaffirming its commitment to expanding member-focused services across all ECOWAS institutions.
