Nolchira credit union altering the lives of poor

A co-operative credit union in Gournadi upazila is being dubbed “the bank of the deprived” as it is helping poor people to reverse their fortunes through the dispensing of timely loans. From its humble beginnings in 1990, Nolchira Co-operative Credit Union has grown into a 2,500-member-strong union with Tk10 crore of capital and tangible assets worth Tk3 crore. One such beneficiary is Abhijit Chakrabarty, who started a fish farm on a four bigha (132 decimals) pond in Kandapasha village with the Tk2 lakh loan his wife Bharti Chakravarty took from the union several years ago. Now he is earning Tk7-8 lakh a year by selling fish. Nasiruddin Bali, from the same village, was unemployed in 1999 when he and his wife Chameli Akter became members of the union. Using their loan, the couple began a poultry farm and currently have about 5,000 chicken across two sites, generating profits of over Tk50,000 per month. Similar success stories are circling around Nolchira Union Parishad. Nalchira Co-operative Credit Union President Mohammad Shah Alam Hawladar told the Dhaka Tribune that only 32 members established the union with capital of only Tk640. “The association has not only been facilitating savings and loans, it has also been playing an important role in serving the society,” he said. The union is also providing donations for the marriage of the girls from deprived families, medical facilities for ailing people, and scholarships for the children of its members. Shah Alam also noted that the organization had been providing loans on easy terms for the development of poultry and livestock farms, fish farms, education, housing and other development activities which is helping the members become self-sufficient. When a member of the union dies, the family gets cash grants instantly and 12% additional cash against the deposit. Gournadi Upazila Credit Union Officer SM Fariduddin said that due to the success of the cooperative movement, the organization won the National Award in 2015 as the best co-operative society of the country and the National Credit-Union Award in 2013.