Fighting Poverty: Ntarinkon Credit Union Provides Loans to Over 35,000 Members

By Martial Gnoukapasi 

Board president(top left), GM(top right), Cooperators(bottom)

Members of the ntarinkon credit union, Ntaccul has appreciated efforts made by the union to take them far away from poverty despite the difficult business environment and other challenges

They lauded the efforts of those they entrusted the structure into their hands to manage, Sunday January 28th in Bamenda, at the 2023 Annual General Assembly Meeting.

The union in an effort to combat poverty amongst members and helping them grow in their various sector of activities, granted loan to a total of 35,734 members, which according board president Fru Isaac Taku in his management report, benefited both male and female creditors and over one thousand groups.

"These helps the members in their various activities when they require loans to develope themselves, which also helps to finance the economy. Amongst our members are contractors and most of them also need loans to finance their contracts, we also have business persons, civil servants also making use of the housing loan policy we have in building their houses, which is attractive.. "he said

Ntaccul board president Fru Isaac Taku

Despite the huge number of loans granted, the delinquency rate of the union rather witnessed a drop of 4.6%, thanks to the loan recovery measures and task force put in place to ensure that those who contract these loans pay them in record time. 

Membership according to the board president swelled to 92, 210 persons by the end of 2023, which helped in raising the total balance sheet value of Ntaccul to over 62billion, an amount he said, is higher than that of any other credit union in the country.

"The deposits are increasing and because we pay 6% interest on people's savings, every body wants to be a member of Ntarinkon Credit Union, and when they save, we loan the money, collects interest from these loans and pay as interest to those who save the money"

Shares, deposits and savings in 2023 also witnessed significant increase by 12%, 5% and 25% respectively, with membership at 12%.

The board president said it was thanks to growth in membership, that the union was able to do the kind of business it did, that yielded the positive results.

The General Manager, Ade Divine Muma said the strategies pit in place which is causing the union to grow at the speed of light, are the constant  innovations in their banking services.

" We have a good customer service that tries to identify the needs of the members and that is why we have been able to move from analogue to digital. we have developed an app which permits members to stay at home and do their banking transactions, a USSD platform that has gine operational and automatic teller machines in all our branches" Ade Muma said.

Ntaccul General Manager Ade Divine Muma

He added that the digitalization process will be completed this 2024 and "at that level we expect about 70% of members to be Abel to do transactions with ntarinkon credit union, using their mobile phones".

Ntaccul, which recently saw their gigantic Yaounde edifice inaugurated by the center region's governor Naseri Paul Biya was also saluted for their strides and resilience by their guests at the AGM.

The Senior Divisional officer for Mezam Simon Moh Emile was one of the guests, who used the occasion remind the corporators to be proud of those managing the union for them.

He said "In anything to that happens, put the interest of the union first".

The Fon of Mankon HRH. Fru Asaah Angwafo IV who also answered present said he is blessed to have a multitude of credit union within the mankon land, especially Ntarinkon Credit Union which is benefitting subjects of his kingdom.

"When I look through their report and see the number of micro loans they've offered just for this year alone, I must say am proud of them. The community have benefited alot from them"

HRH Fru Asaah Angwafo IV - Fon of Mankon

Ntarinkon for 2024 will operate on a budget of over 500million as adopted by members of the union at the AGM.