The Church authorities in 2009 mandated PENTSOS to facilitate the formation of Credit Unions in the Church. The Credit Union is now known as the Pentecost Corporative Mutual Support and Social Services Society Limited (PENCO). Evidence abound in Church Areas and Districts, where the Credit Unions have been established, on the benefits members are deriving from the Scheme.
The PENTSOS Directorate shall continue to support Church Areas and Districts in the establishment and management of the schemes. Currently, there are about 40 active Credit Union Societies in 28 Church Areas and 12 Districts.
OBJECTIVES OF PENCO SOCIETIES ARE:
a) To promote thrift among its members by providing a means of savings.
b) To provide loans to its members for provident and productive purposes at fair but competitive rate of interest.
c) To provide quality financial services to its Members.
d) To build the capacity of members in entrepreneurship in order for them to succeed in their business
BENEFITS OF PENCO TO MEMBERS AND THE CHURCH AS A WHOLE:
PENCO Societies have granted credit facilities or Loans to Individual Members and Some Districts or Churches in the areas of:
1. Payment of school fees
2. Business start-up capital and expansion
3. Loans for acquisition of assets,
4. Loans for rent to avoid possible ejection by landlords.
5. Loans for purchase of Land, completion of church buildings, and purchase of District Car.
Ministers of the Church have been advised to take the appointment of church officers, particularly Elders, very seriously because it is esse read more