The Ntarikon Cooperative Credit Union Limited has emerged as the leader of the Category 1 Microfinance sector in Cameroon.
Counting a membership of 92,210, the union was able to mobilize 9633 new members in 2023.
With its absolute credibility in the handling of members shares, savings and deposits, NtaCCUL raised 319.6 million as additional shares in 2023, taking their total share capital to 3.1 Billion. For savings, it rose from 34.3 Billion to 43.56 Billion in 2023 and deposits from 5.8 billion to 6.1 billion.
Members at 37th Annual General Assembly
Speaking to the Press, the President of NtaCCUL, Fru Isaac, saluted the dedication of the members towards the growth of the credit union and noted that loans have greatly helped members in their different spheres of life.
"These helps the members in their various activities when they require loans to develope themselves, which also helps to finance the economy. Amongst our members are contractors and most of them also need loans to finance their contracts, we also have business persons, civil servants also making use of the housing loan policy we have in building their houses, which is attractive.. "he said
The credit union was able to award loans to 35 734 members. Thanks to the constant follow-up of members, advice on investment opportunities, most of the loans were not delinquent. Deliquency dropped from 24.8% in 2022 to 21.25% in 2023.
This business consciousness led to the creation of two collection offices at Upstation Bamenda and the Douala- Ndobo branch. This to relay the Nkwen Branch and avoid the difficulty going up to Sodiko where the Bonaberi branch is situated. In 2023, NtaCCUL also created the Yaounde- Mendong branch.
Ade Muma Divine, General Manager of NtaCCUL
Ade Muma Divine, General Manager of NtaCCUL counts the achievements of the union on the quality of customer service.
" We have a good customer service that tries to identify the needs of the members and that is why we have been able to move from analogue to digital. we have developed an app which permits members to stay at home and do their banking transactions, a USSD platform that has gine operational and automatic teller machines in all our branches" Ade Muma said.
With a geometric growth in membership, NtaCCUL has upgraded its mobile banking application where transactions can be carried out by dialing a short code on USSD platforms as well as the use of GIMAC cards. This has drastically reduced the long queues who do over the counter transactions.
As the credit union continues to expand its tentacles nationwide, a branch will go active in Ngoundere in 2024, complete the renovation and stratification of the Head office and acquire land for the Bertoua branch.
Members also proposed that with the rapid growth of the union, land should be acquired to ease parking around the head office.
After a successful business year, the Ntarikon Cooperative Credit Union Limited is paying 6 percent as interest on shares/savings.
His Majesty FAN Angwafo IV
His Majesty Fon FAN Angwafo IV, Fon of Mankon and where the headquarters of the credit union is, was visibly satisfied with the performance of NtaCCUL especially the number of micro loans that have not only benefitted the nation but most especially sons and daughters of Mankon.
"When I look through their report and see the number of micro loans they've offered just for this year alone, I must say am proud of them. The community have benefited alot from them"
Mezam SDO, Simon Emile Mooh called on the Board of Directors and Members of the credit union to do everything to protect the union and put the union first in any of their doings.
The union also scored 14/15 on key COBAC prudential norms. These norms are used for the evaluation of all microfinance institutions in CEMAC.
As at 31st December 2023, NtaCCUL has a balance of 57.8 Billion Francs and will run on a budget of 500 million in 2024.
By
Ndi Tsembom Elvis
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