Bangladesh’s Dhaka Credit Recognized as Cooperative Success Model

The Christian Cooperative Credit Union Ltd., Dhaka, popularly known as Dhaka Credit, was recognized as a model of success during the 104th International Day of Cooperatives celebration held in Agargaon, Dhaka, the capital of Bangladesh, on July 4.

Representing Dhaka Credit, President Michael John Gomez highlighted the institution’s growth and contributions to Bangladesh’s cooperative movement.

The event was organized by the Department of Cooperatives and presided over by Md. Selim Fakir (NDC), registrar and director general of the Department of Cooperatives. Mir Shahe Alam, state minister for the Ministry of Local Government, Rural Development and Cooperatives, attended as the chief guest.

Other guests included Bir Muktijoddha Md. Abdus Salam, president of the Bangladesh National Cooperative Union and administrator of Dhaka South City Corporation, and Mohang Shawkat Rashid Chowdhury, secretary of the Rural Development and Cooperatives Division.

Speaking on behalf of cooperative societies in Bangladesh, Gomez shared the history and achievements of Dhaka Credit, which began with 50 members and a capital of BDT 25 and has grown into an institution with nearly 50,000 members and assets of about BDT 17 billion.

He also highlighted Dhaka Credit’s healthcare initiatives, including the establishment of Bangladesh’s first cooperative hospital with a 300-bed capacity. The institution also operates a nursing institute and is working toward establishing a medical college.

Gomez requested government support for the medical college project and urged authorities to reconsider applying the Companies Act to cooperative societies, saying it could negatively affect the cooperative sector.

The celebration was attended by Dhaka Credit Secretary Manju Maria Palma, Chief Executive Officer Jonas Gomez, cooperative officials from districts across Bangladesh, and representatives of various cooperative organizations.

In his keynote address, State Minister Mir Shahe Alam called on cooperative officials to work closely with communities and strengthen the cooperative movement across the country.

“Your efforts should be directed toward advancing the country through cooperatives,” he said, adding that he would visit cooperative societies in different regions to understand their work firsthand.

The state minister said strengthening cooperative societies was among the commitments outlined in the government’s election manifesto and assured participants that steps would be taken to address challenges facing the sector.

During the discussion session, cooperative officials raised concerns, including delays in promotions, staff shortages, and limited cooperation from other government departments. The state minister assured them that appropriate measures would be considered to address these issues.

Dhaka Credit is one of Bangladesh’s largest cooperative credit unions and has played a significant role in expanding cooperative financial services in the country.