Despite Anglophone crisis, COVID-19: Ntarinkon Credit Union Registers Outstanding Growth, Plans Big For 2021

 

Despite Anglophone crisis, COVID-19:

NtaCCUL Registers Outstanding Growth, Plans Big For 2021

By Peter Tasi and Mboh Promise

Cameroon’s leading microfinance institution,  Ntarinkon Cooperative Credit Union Limited, NtaCCUL registered  outstanding  growth in 2020  despite  COVID-19 and the lingering  Anglophone crisis.

Meeting in an annual general assembly meeting Saturday February 7, in  Bamenda, the members  of the credit  union  endorsed an ambitious  program for  2021.

According to  Fru Isaac Taku, Board President of NtaCCUL, there are projects to construct a four storey building at Melen, Yaounde branch, the creation of a new branch in Nkwen Bamenda, the purchase of a car for the Bonaberi-Douala branch, restructuring of the Ekounou-Yaounde branch among  others. Taku also talked of many other enriching projects that are beneficial to its customers.

In 2020,  the Board  President explained the importance of CLOUD-BANKING which he said “it is a centralized system, which is customized for micro finance institutions in the CEMAC zone, which ensures effective control and supervision of NTACCUL at the level of the head office”

He said, the institution has one digital by introducing World Remit, Ria, MTN and Orange Mobile Collection which have been and will continue to help its customers to do transactions at home or without stressing.

Talking about the credit union’s delinquency which stands at 20% the General Manager said they will reduce the amount of money being loaned.

“…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 5% to members, we listen to members problems and we give them solutions. We want to remain as the number one micro finance institution in Cameroon,” Ade Muma noted.

With all the successful projects carried out in 2020, the Credit Union also recorded some setbacks due to the socio political crisis 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.

Covid-19 which has been a major problem to many businesses in Cameroon did not allow NtaCCUL go free. Many of the union’s activities stopped immediately as the government restricted movement across the country.

At the close of the 2020 AGM, the union’s president, Isaac Taku assured the members that they will be credited a 5% interest paid on savings for the year 2020 while hoping to step it up  to 6% this 2021.

He also talked of plans to rehabilitate businesses of all those affected by the crisis immediately normalcy sets in.

NtaCCUL recorded an increase in membership of 65,914 in 2020 as compared to 58,253 members in 2019 representing a 13% increase.