The management of Ntarinkon Cooperative Credit Union Limited dubbed NtaCCUL has promised to envisage more beneficial projects to its customers this 2022.
Though the Anglophone crisis and covid-19 have slowed down some of its projects for the past months, the Credit Union promises to stand tall this 2022 and work beyond expectations that will be beneficial to all its customers.
This information was made known during their 35th Annual General Meeting on Sunday January 23, 2022 at the Bamenda Congress Hall.
According to the management report presented by Fru Isaac Taku, Board President of NtaCCUL, there are projects to create a Limbe branch, completion of the Melen branch, rehabilitation of the Foodmarket and Ntarinkon branches and many other enriching projects that are beneficial to its customers. Looking back at some of its successful projects that were realised in 2021, Isaac Taku explained the importance of the prudence in granting loans, the prevalence economic motive behind investment decisions, rigour in recovery, collaboration, hardwork and commitment of all internal stakeholders, the constructive criticism of members amongst others which greatly elevated NtaCCUL to maintain her head out of the water.
"The business plan for the period 2019-2021 was successfully implemented and during this period, the total balance grew by 53% compared with the projections of the business plan. 2022 marks the beginning of the execution of a new business plan that spans through 2022, 2023 and 2024." Fru Isaac Taku highlighted.
Citing the Anglophone crisis and covid-19 to have retarded movement of persons in the crisis hit regions and Cameroon at large, Isaac Taku said they have gone digital by introducing World Remit, Ria, MTN and Orange Mobile collections and especially the Cloud bank application which have been introduced to continually help its customers to do transactions at home or without stress.
For the year 2021, NtaCCUL registered 8153 new members representing a 12% increase with total members of the Credit Union standing at 74,068 as at December 31, 2021 and the management plans on performing market researches in other areas so as to boost more members joining as well as the creation of new branches.
Citing the achievements which NtaCCUL recorded during the past year, the president noted that the Union had an increase in shares of 285,595,964 Frs CFA and a growth rate of 13%.
Talking about the credit Union's loan delinquency which stands at 20.5% the General Manager said they will reduce the amount of money being lent " the first thing to do is to cut down on the lending and master the people who are eligible for the loans. We are going to reinforce recovery for the old loans. Our loan recovery task is at work and we hope to reduce the loan delinquency to an acceptable level," the Union's General Manager, Ade Muma said. While adding that "For the past five years we have been selected the best micro finance institution in Cameroon because we are paying interest of 6% to members , we listen to problems of members and we give them solutions. We want to remain as the number one micro finance institution in Cameroon," Ade Muma said.
With all the successful projects carried out in 2021, the Credit Union also recorded some set backs due to the socio political atmosphere and insecurity in the crisis regions. " We were full of fear when moving in the interior areas for sensitisation," Mambo Delphine, the chairlady of the Women’s Committee said while adding that they succeeded to through their sensitisation activities with over 1000 accounts opened by individuals, groups as well as more women.
At the close of the 2021 AGM, the union's president Isaac Taku assured the members that they will be credited an interest paid on savings for the year 2021 while hoping to step up this 2022.
NtaCCUL recorded an increase in membership of 74,068 in 2021 as compared to 65,915 members in 2020 representing a 12% increase.
By Peter Tasi
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