Ntambeng Credit Union Creates History, Doubles Membership in One Year

By Martial Gnoukapasi

NTAMCCUL members at 55th AGM smiles at progress of their Union

The Board and Management of Ntambeng Co-operative Credit Union have been saluted in song and spoken words, after registering more members than targeted for 2022.

The team received a standing ovation from it's members, at the 55th Annual General Assembly Meeting of the credit house on Sunday February 19.

Ntambeng for 2022 alone, registered 7008 new members, moving membership of the Union from 7240 to 14237 members, representing a 97%  growth rate in membership for 2022.

Shares, Savings and Deposits for 2022 as compared to 2021, moved up by 15.6%, 55.7% and 94% respectively. Another saluted milestone in the life of the credit union recovering from a financial surgery.

Loan delinquency which stood at 59% in 2021, was also admirably dropped to 35% in 2022.

According to Ndonwi Derick Shu, President of the board of directors, these strides have been made, thanks to the rekindled confidence bestowed by the members to the new team of Board members, baptized "The Board of Great Expectations."

NTAMCCUL's BOD president - Ndonwi Derick Shu

A team that had pledged from day one to deliver nothing short of the expected results.

Ntambeng Credit Union, through collaboration and hard work in 2022, was able to - according to Mr Ndonwi Derick, shifted a little bit from the traditional source of obtaining income, which involves giving out loans and collecting interest.

The union embarked on a number of projects and was able to bag home and is currently executing through the Melong branch of Ntambeng, the FODECC program - a coffee and coffee subsidy project funded by the European Union via the Ministry of Agriculture.

"As someone with  an agro pastoral background, I ensured we moved out of the traditional means of obtaining income, giving out loans and collecting interest. We embarked on agro pastoral projects to impact the lives of farmers  and poor members of the credit union and by God's grace, we were able to land the FODECC project..," he remarked

Staffs of Ntambeng Co-operative Credit Union

members at AGM

Ntambeng Credit Union, as part of innovations to ensure financial stability of it's members through improved services has decided to scrap out withdrawal charges from savings, which means henceforth members will be able to withdraw their savings at any branch nearest to them for free.

 The president explaining this said " The income coming from other budgetary heads of the Union that has been made possible was sufficient enough to make up for the income generated via the interest on savings withdrawals and there was no need to keep bordering members to pay charges during withdrawals from their savings"

Baptized the "Banner Year", 2022 in the life of Ntambeng Credit Union was definitely worth celebrating according to the president.

With management working daily to secure more funds, the union strives to improve on the interests on members savings.

Ntambeng Co-operative Credit Union with head office in Ntambeng- Mankon and branches in Kumba, Melong, Limbe, Yaounde and collection centre at food market for 2023, plans to, away from the Mungo Division, extends the FODECC project to cover the entire Litttoral and other regions.

members smile at innovations

The Union has also signed a new agro-pastoral project agreement with EXOTIC GROUP Inc. from Delaware USA Company which shall facilitate loan granting through NTAMCCUL to producers whose products shall be bought 100% by the group and again paid through NTAMCCUL.

DIASPOVEST is another product introduced, which permits people to work abroad, save and invest back home, free from scam.

Ntambeng also plans to embrace Wafa Cash into her system for national and international money transfer.