Fendall, Louisiana: On Saturday, May 10, 2025, the Fendall Campus of the University of Liberia was a scene of unparalleled celebrations and untamed memory-making, as hundreds of University employees and stakeholders gathered to honor the maiden edition of the Annual General Membership meeting of the UL Credit Union (ULCU).

Dressed in dominant blue and white, the jubilant UL employees danced through the magnificent edifice of the Chinese-gifted Administrative Complex for an elaborate indoor program; they were celebrating the actualization of a vision once seen as a mirage – the Establishment of a Credit Facility for employees of the University of Liberia.

The facility, known as the University of Liberia Credit Union, envisions a university where employees will not only rely on their salaries for survival but will tap into other resource-generating strains to help ease their (employees) would-be financial constraints.

“To pursue that vision, we have core values that govern us as a credit union,” said Larmie A. Salley, Chief Executive Officer of ULCU. “We subscribe to integrity, commitment, reliability, accountability, quality services, and prudence”.

Mr. Salley narrated that ULCU, once seen as a visionless dream, now boasts over US$400,000 in fixed assets. He said the increase in revenue showcases ULCU’s viability in lifting members out of poverty.

Filled with overwhelming excitement, Salley told the zealous stakeholders that the management of ULCU remains committed to making the credit union a revered financial institution in Liberia and beyond. He revealed further plans to digitize the services of ULCU to ease transaction burden at the entity.

However, while members delighted in the cash inflow, they were mouth-muted in momentary silence as the Cooperate Development Agency (CDA) and the Advisory Board of ULCU provided separate audit reports on the operation of the Credit franchise.

The audit reports provided comprehensive appraisal of the one year operation of ULCU. The reports also promulgated several key findings and recommendations, including the lack of trained management team to effectively manage a credit union and the lack of a functional digital system to maximize efficiency and productivity. In addition to the findings, the reports outlined poor housing facility as a major hurdle that would hamper the smooth operations of the credit union.

Notwithstanding, Mrs. Cecelia (Last name missing), a long time employee of the University of Liberia, is upbeat with the potential benefit of the credit union. For her, the  Union is not just a franchise; it’s a life changer.

“This credit union, I thank God for it. I took money from this union to pay for my university graduation,” Mrs. Cecelia testified. “I came back and took money to buy my land and build my own two bedroom house”.

Like Mrs. Cecelia, Dr. Kula Thompson, Chairperson of the Department of Language studies believes in the power and mission of the ULCU.

Dr. Thompson called on deans, chairpersons and heads of academic and administrative departments to encourage their members to join the credit union, terming it a better way ensure harness financial freedom for the employees.

Meanwhile, University of Liberia President, Prof. Dr. Layli Maparyan has hailed the UL Credit Union (ULCU) as a viable institution, poised to dignify employees.

“When I learned that UL had a credit union, I was happy,” she said in a special statement.

President Maparyan pledged the University’s support to the success of the ULCU.

What is the ULCU?

The University of Liberia Credit Union (ULCU), established in September 2022, provides alternative resource generating strain for employees of the University of Liberia.

The union is certified by the Liberia National Credit Union and the Cooperate Development Agency (CDA). It currently has over 500 members, spanning administrative, academic, and support staff members.

With a vision to relieve financial burden on employees and create worth for them, the UL Credit Union has a current endowment of about half a million United States Dollars, offering several loan services to members in dire need, including payday loans, flexibility loan, among others.

The union is managed by a seven-men board of Directors that is tasked with the responsibilities of ensuring proper management of the entity, including drafting policies for effective governance, consistent with legal and standard operating procedures.