Members of Ntambeng Cooperative Credit Union have given a round of applause to the Board of Directors for an exceptional performance in 2023.
A total of 13,871 new members registered with the credit union signalling a 97.4% growth, making NtamCCUL the fastest growing credit union in Cameroon. The total membership grew from 14,237 to 28,108.
Faced with enormous difficulties over the years, members attest that the current management board under the chairmanship of Ndonwi Derick Shu is the most performant.
Growing membership
The rapid change of events, from a credit union that needed liquidation to one that is the fastest growing, Ndonwi Derick Shu attested to the fact that "the motivation behind the expansion and extension of NtamCCUL branches across the country is because of their veritable partners in the execution of agro-financing projects."
Ntambeng Cooperative Credit Union limited is currently executing projects with six governmental and non-governmental organizations seeking to create an impact in the Agricultural sector in Cameroon. This has led to the creation of six new branches as the projects require in Ebolowa, Lom Pangar, Ngoundere, Garoua and Yagoua.
Ndonwi Derick further attest that in some of these places, NtamCCUL is the first and only existing microfinance institution, reasons for their massive growth.
This has increased the savings of the union from 1.59 Billion in 2022 to 3.36 Billion in 2023, witnessing a growth rate of 111%.
Ntambeng Cooperative Credit Union now has a balance sheet of 4.028 billion with a probability to rise further in 2024 considering the signing of other partnerships with other organizations.
"Our objective is to design goals and follow the goals. I keep reminding ourselves that credit unions were not limited to save regularly, borrow wisely and repay promptly. Most credit unions operated under this notion where they raised income through the issuance of loans but I have introduced in credit unionism, alternative sources of income. This has added up to the normal routine that credit unions follow for the benefit of members." Ndonwi Derick told The Observer.
Despite the rapid growth, Ntambeng still faces serious issues with loan delinquency. A rate which His Majesty Fo FAN Angwafo IV of Mankon noted that is too high and should be reduced without further delay.
Ndonwi Derick quizzed as to why there is a high rate of delinquency and some steps taken to redress it, he told The Observer that "we took over the credit union when the delinquency was really high. We have battled with some of the people who did business with the union and were delinquent. While others have come back for loan rescheduling, others have started repaying what they owed. For those with complete bad faith, we have battled with them and some properties will be liquidated this year."
Fo Angwafo IV blessing newly acquired NtamCCUL vehicles
Ntambeng Cooperative Credit Union is paying an interest rate of 3.5%, up from 3% last year and below their expected 7%. The President of NtamCCUL regretted that they could not pay up to 7% because the credit union almost folded up some few years back and needed external servicing from sister credit unions. These loans are being repaid. "... I wish to promise you all that what we owe sister credit unions will be paid to the last franc this 2024.." this will place the credit union on the track of working to improve the lives of its members through a better interest on their shares/savings.
To accelerate the work of the various branches, three Toyota Yaris were handed to the Limbe, Melong and Yaounde branches. Branches that did exceptionally well in 2023 were compensated and recognized.
Outstanding staff and branches rewarded
Founding fathers of the credit union were equally applauded for bringing forth such a wonderful idea that is thriving.
In 2024, NtamCCUL envisages to complete the computerization of its transactions by linking all branches through the software known as Teksol.
The union also plans to increase its balance sheet by at least 40 percent, intensify recovery, and reduce external debts to zero amongst others.
In the course of 2023, the credit union received awards from The Scoop, The Voice and The Lifetime Newspapers.
By
Ndi Tsembom Elvis
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