RECCU-CAM celebrates FCFA 30b savings,68,000 members

The Renaissance Cooperative Credit Unions In Cameroon, RECCU CAM LTD has declared that within one year of existence it can boast of savings amounting to FCFA 30 billion as well as over 68,000 members amongstthe credit unions that make up its network.

The declaration was made by the General Manager of RECCU-CAM, SunjoSuh Samuel on Saturday 11 October 2014 while inaugurating the new head office of the Ntambeng Cooperative Credit union, which is one of its affiliates.

He said upon creation in May 2013, RECCU-CAM had savings of FCFA 27 billion from members of its network. This has moved to FCFA 30billion, meaning an increase of FCFA 3 billion savings in one year. The movement has also increased loans granted to members from FCFA 17 billion to FCFA 18.5 billion while membership has moved from60, 000 to 68,000 members.

One of the achievement that RECCU CAM has realized, he noted is the new head office of the Ntambeng Cooperative Credit Union which he said is the brainchild and the biggest project that RECCU CAM has realized in its one year of existence.

The project, Sunjo explained was tailored to meet the office needs of the credit union and also pursue the main objective of RECCU CAM which is to improve access to finance for those on the fringes of society.

He said this policy of inclusive finance is clearly demonstrated in the NTAMCCUL head office project which seeks to bring access to finance closer to poor people .To him; the members of NTAMCCUL are now closer to finances than before since they can have more loans at cheaper interest rates.

The president of NTAMCCUL, Mumandam Che Valentine for his part said the credit union was created some 47 years ago and moved from a one room office to a five room apartment from where it has been operating for the past several years. He went on to recognize RECCU-CAM’s nurturing role that is reaching thousands of poor people who hitherto had been ostracized from their own money by opaque management. Hear him” today, we celebrate a new look ,new vision in which NTAMCCUL takes great detail interest of the people. This vision comes with the new slogan of growing with members”.

The president of RECCU CAM, Bih Judith Anye used the occasion to reassure members that the network has come to stay given that article 23 of the micro-finance law provides that upon fulfilling the required conditions, such networks can deposit their files at the ministry of finance ,and thereafter the Central African Banking Commission for another three months.

All of these, she said have been done, and the network is in full operation. She condemned “demagogues” who have all along wanted to promote monopoly in a set up where pluralism is enshrined in the laws.

The Divisional Officer for Bamenda II, Itoe Mbongo Peter who personally chaired the event marveled at the progress that RECCU CAM and its affiliates have made within so short a time. He said the entrepreneurial community spirit that RECCU CAM and it affiliates like NTAMCCUL are promoting is what the head of state actually needs at this point in time to make Cameroon an emerging nation by 2035.

He went on to laud the respect of the law by all concerned ,pointing out that since money does not like noise, it is important for all the cooperators of NTAMCCUL to maintain decorum in all their transactions and maintain public peace.

The personally representative of Fon SAN Angwafor III of Mankon in his address said the Fon was particularly delighted by the strides that members of NTAMCCUL have made in fighting poverty .He said the paramount ruler of Mankon whose palace is less that a kilometer from the new head office of NTAMCCUL was proud that his people are fast developing the entrepreneurial spirit that they need for development.

The General Manager of NTAMCCUL Mokum Glynn Atanga used the occasion to announce that some 100 applicants for the “NTAMCCUL RIDE” initiative have been selected and their names were available. Each of them will receive a collateral free loan of FCFA 100,000 for small poverty alleviation initiatives.

In all, FCFA 10 million will be given out next week to these recipients. A one week period of grace for the general public to open accounts free of charge at the credit union was also announced.