NtaCCUL: 5% INTEREST RATE ON SAVINGS, A CHANNEL TO ALLEVIATE POVERTY

A Cross section of Members at the AGM

The over 60 thousand members of Ntarinkon Cooperative Credit Union Ltd, NtaCCUL will henceforth benefits a 5% interest rate for savings. This increase is as result of the total shares in the Credit Union which is in an creasing rate.

This increase was one of the high points applauded by the members of cooperation at the Bamenda Congress hall on Sunday February 7, 2021, during the 34th Annual General meeting, Chaired by the board president, Fuh Isaac Taku.

NtaCCUL President Chairing the AGM

The cooperation in 2020 recorded a 15% increase in its shares, 33% increase in savings, a 35% increase in deposits and a 13% increase in membership with a total assets increase of 29% as reflected in the annual report of the cooperation.

Overflow of Members outside

A Member who decided to remain anonymous expressed his satisfaction with the work done so far by the Board of Directors; 

"I appreciate the Board of directors for the hard work they put in to the Credit Union this 2020 despite the crisis. I am very happy if we can receive 5% interest on savings within this crisis then I most say kudos to the Board".

Despite the remarkable process made in other domains, the delinquency of the Cooperative stands at 20%, a situation the Board President thinks can be overcomed in 2021. 

Board President, Taku Isaac

"The first thing to do is to curb down in lending, and to be able to master the people who are eligible for the new loans and for the old loans we are going to reinforce recoveries, which we learnt in the management report that we have a loan recovery tax force that is at work. And we have done some restructuring on the recovery service of the cooperative so that in 2021 we will be able to reduce the loan delinquency to an acceptable level. In 2021 we have a program to digitalise and do electronic banking, connect our banking with the GIMAC network. So that we can have ATM Cards that can connect with the Account of our Members, that they can use it around the CEMAC Region".  Said Fru Isaac Taku.

The handing over of Award to NtaCCUL 

Ade Divine Muma lifting the award.

Being one of the best and most active Cooperative Credit Union in Cameroon, Ntarikon Cooperative Credit Union NtaCCUL during the AGM received a Press Award from the Confederation of Cameroon Anglophone Journalists for a united and Stable Cameroon (CCASJUSCAM) for her outstanding performance in the 2020 despite the advert of the Corona Virus and the migration of her members out of crisis areas.

By Toh Clinton and Arnaud Kouamo


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