The Pentecost Cooperative Mutual Support and Social Services Society Limited (PENCO) is a cooperative non-bank financial institution established by PENTSOS with overarching objective of building sustainable savings culture among members of the Church and to enhance micro-enterprise growth through the provision of financial services, including micro-loans.

The Executive Council of the Church of Pentecost in 2013 approved the establishment of cooperative financial societies within the Church to help members save and also receive micro-loans to support their businesses and other income-generating activities.

The Pentecost Co-operative Mutual Support and Social Services Society Ltd (PENCO) is committed to ensuring access to financial services by low income earners, providing capital to small businesses and social intermediation to the members of the Church of Pentecost and the general public. This effort is intended to help support members engage in income generating activities and sustainable livelihoods, which would in turn help boost their income levels. PENCO also seeks to build the savings culture among its members in order to ensure that they are able to save to meet their immediate needs and also for future purposes.

PENCO is a primary society built on a mutual co-operative of members of the Church of Pentecost in their respective jurisdiction where members themselves are the owners of the scheme. The objects of the society are:

• To promote thrift among its members by providing a means of savings;
• To provide loans to its members for provident and productive purposes at fair but competitive rates of interest;
• To provide quality financial services to its Members;
• To build the capacity of members in entrepreneurship in order for them to succeed in their businesses.

 Strategic Focus of PENCO APEX

PENCO Apex is a registered umbrella body licensed by the Registrar of Cooperatives to regulate and supervise the operations of all PENCO societies in the Church of Pentecost. PENCO Apex derives its mandate from the cooperative societies decree NLCD 252 of 1968 and regulations 604 of 1968.

The mandate of PENCO Apex is to provide the overall leadership for the set up and running of an effective and efficient Church-Based financial cooperative society. It also exists to ensure that PENCO societies established within the church operate soundly within the regulatory framework and environment and to set up the right structures that can ensure the achievement of the institution’s set objectives.

PENCO Apex’s strategic focus is to build strong internal and external structures and implement key activities that would enhance the capacity of PENCO as a whole. It is envisaged that PENCO in the next 5 years would become the leading Church-based Co-operative Non-bank Financial Institution in Ghana.

The Strategic Focus includes:

• Build sound and solid governance structures with clearly established policies and procedures at the PENCO National Level and also within the individual PENCO affiliates;
• Build the capacities of the staff of PENCO and its affiliated Institutions across the country through training to ensure productivity and efficiency of services provided;
• Implement effective monitoring and evaluation systems by

1. Undertaking on-site visits to provide technical backstopping support to PENCO           member Institutions.
2. Undertake Internal audits to ensure compliance with preset risk standards, internal control policies and report on financial performance.

• Internal performance rating and benchmarking the results against the industry standards to ensure growth, improvements in portfolio quality, profitability and sustainability of PENCO member Institutions.

This is intended to protect the interest of shareholders and also maximize their dividends in all PENCO affiliate Institutions within the Church by standardizing the activities and operations of PENCO Institutions across the country.