The Bali Central Cooperative Credit Union Limited (BACCCUL) held its 56th Annual General Meeting (AGM) in Bamenda on February 8, 2024 at the Big Mankon Cathedral Hall. Many members from different parts of the country and beyond attended the meeting.
The event started with the registration of members. This showed that members were motivated to participate in the cooperative's decision-making processes. The members' enthusiasm was evident, as they were motivated to participate in the cooperative's decision-making processes.
Reports were presented by the youth, women, and management committees. These reports showed what the cooperative had achieved and the challenges it faced. The reports also highlighted the importance of members working together and participating in decision-making.
Important decisions were made during the meeting. The interest rate was changed to 6%, and the fee for withdrawing money without notice was reduced from 1.5% to 1%. These changes will help members by giving them a better return on their savings and reducing the cost of withdrawing money.
Gabila Abel, GM
The general manager Gabila Abel Foncham, presented a five-year plan to expand the cooperative's services and reach more people. This plan shows that the cooperative is committed to growing and helping its members."We have prepared a 5-year development plan and we are going to carry the credit union to other regions. I will not want to mention them now because feasibility studies are yet to be conducted. But I can tell you that we are going to expand our service outreach, we are bringing proximity banking, and we are investing in digitalization. So we hope that in the nearest future you may not even need to come to the bank. You will be able to sit in the comfort of your home and do your financial transactions and access your account.
"If we look at our performance, we are the highest that we have paid interest within the CAMCCUL Network. We intend that this rate should increase. We are going to come up with products and even digital platforms that will send information to members and non-members who do not know about the existence of BACCCUL. There will be an option where as a civil servant, you can even use your phone to get credit facilities and also it will also help you to mobilize your savings. You will not be obliged to move to the treasury every month to get salary. When the salary comes your account is automatically credited. Come to the bank at your own comfortable time. So this is one of the many advantages that we have."Gabila Abel Foncham told the Observer
As a way of saying thank you, members received customized umbrellas and a transportation allowance. These gestures showed that the cooperative values its members and wants to recognize their contributions.
The Board Chair, Aghem Christopher Feh, quizzed on the plan of action for 2025, warns that actions shall be taken to curb delinquency rates at BACCCUL. "We have to fight against delinquent members who are hiding under the crisis and are not willing to pay their loans. We will use every means possible to ensure those loans are paid. We also intend to dispose of collaterals we have at our disposal; potential buyers can contact the union. Members should go home confident that they have a board of directors determined to sacrifice on their behalf."
President of the Board, Aghem Christopher
To encourage more people to join the cooperative, a referral program was introduced. Members who bring in new members will receive a reward of 2,000 francs.
The cooperative plans to expand its services to new areas, which will help it reach more people and grow its membership. This expansion will also help the cooperative contribute to the development of the region.
Outgoing members were recognized for their contributions and received certificates of appreciation. This was a way of saying thank you for their hard work and commitment to the cooperative.
The 56th AGM of BACCCUL was a success, and it showed that the cooperative is committed to its members and to growing and developing.
By.
Munya Charles Babila
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