NtamCCUL: Members applaud Board for steering Union to safer shores

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By Martial Gnoukapasi
NtamCCUL board president Ndonwi Derick Shu speaking to the press

At the 56th General Assembly Meeting of the Union Sunday February 25th, members of the NtamCCUL applauded the board of directors headed by president Ndonwie Derick, for for not only steering the credit union to safer shores but also doubling it's membership within a period of one year.

With exceptional management skills, NtamCCUL for 2023 was able to register 13,871 new members alone, taking up membership of the union from 14,237 in 2022 to 28,108 in 2023, marking a growth percentage of 97.4%.

This numbers led to an increase in savings from 1.59billion in 2022 to 3.36billion in 2023, giving a percentage of 111. This increase in savings also contributed in the increase in the number of loans coughed out to members to carry out their various projects.

According to the board president Ndonwi Derick Shu, the credit union was able to attain this height because it tilted a little bit away from the credit union motto of saving regularly, borrow wisely and pay promptly

"we keep reminding ourselves that credit unions shouldn't be limited to save regularly, borrow wisely and repay promptly. Most credit unions operated under this notion where they raised income through the issuance of loans but I have introduced in credit unionism, alternative sources of income. This has added up to the normal routine that credit unions follow, for the benefit of members."

Faced with enormous difficulties over the years, members attest that the current management board under the chairmanship of Ndonwi Derick Shu is the most performant.

Ndonwi Derick Shu indicated that "..the motivation behind the expansion and extension of NtamCCUL branches within the national territory also stems from the fact that the Union, was able has been found worthy and has been involved in the execution of agro-financing projects"

Ntambeng Cooperative Credit Union limited is currently executing projects with six governmental and non-governmental organizations looking to create a huge impact within the agricultural sector in the country.

Reason why six new branches have been created, to meet up with the aspirations of the project. NtamCCUL now boost of branches in Lom Pangar, Ebolowa, Ngoundere, Garoua and Yagua, that is helping in the full implementation of these projects.

The board president confessed that at NtamCCUL is the first and only existing microfinance institution in some of the above mentioned areas, hence reasons for their massive growth.

With a balance sheet of over 4billion, the union has taken a commitment to increase that figure, considering they have been able to sign and conclude other deals recently.

Also present at the 56th AGM of NtamCCUL was His Majesty Fo Angwafo IV, who called on the management to work extra hard in curbing the delinquency rate as soon as possible.

On delinquency which rate is still a little bit above the bar, Derick Shu told MNews that "we took over the credit union when the delinquency was really high. We have battled with some of the people who did business with the union and were delinquent. While others have come back for loan rescheduling, others have started repaying what they owed. we have also battled with those with bad faith and some of their assets seized will be liquidated"

NtamCCUL currently pays 3.5% from the 3% they paid in 2022. The union had hopes of paying 7% in 2023 but the president said they were still working towards that, as loans obtained from friendly credit union to support NtamCCUL in its difficulties some years back are still being paid.

He assured members that ".. what we owe sister credit unions will be paid in full and we'll do all to place this credit union back on rail of working to improve the lives of members through a better interest on their shares/savings"

Fon of Mankon Fo Angwafo IV blessing the two cars

Three Toyota Yaris were handed to the Limbe, Melong and Yaounde branches to help the them speed up work. Branches and staff that also performed well were compensated with an award.

NtamCCUL in 2024 plans to complete the computerization of its transactions by linking all branches through a software known as Teksol

The credit union also plans to intensify recovery, and reduce external debts.

In 2023 alone, the credit union received awards from The Voice and The Lifetime Newspapers.


Another outstanding distinction that took place at the 56th Annual gathering of the union was the recognition of it's founding members. applauded for an idea that is now helping many in the country.

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