An imposing edifice to house the Douala-Bonaberi branch of Ntarinkon Cooperative Credit Union Limited, NtaCCUL has officially be launched in Douala. The 16-apartment storey building was inaugurated in a ceremony in Douala recently.
The inauguration which coincided with award of medals to some meritorious workers of some workers of the microfinance institution was presided by Littoral Governor Samuel Ivaha Diboua.
While inaugurating the eye-catching building, the senior civil administrator saluted NtaCCUL’s unmatched poverty alleviation efforts through the granting of loans to members at lowest interest rates as well as paying interest of 6% on savings.
Ivaha told the huge crowd of members and potential members who gathered for the event that NtaCCUL is the only microfinance institution in the entire CEMAC Sub Region that offers the highest interest on savings and lowest interest on loans.
He said NtaCCUL aside transforming members who joined the credit union as roadside vendors to multi-million businessmen and women; thanks to the lowest interest rates the microfinance institution charges on loans also a pays civil servants’ salaries.
“…I can say it loud and clear that the Ntarinkon Cooperative Credit Union Limited is the pride of the nation. The government of Cameroon has been closely monitoring NTACCUL’s poverty alleviation efforts and its contribution to economic growth…the government is, indeed, proud of the landmark achievements of this credit union that started with a membership of three people…” Ivaha declared.
Addressing members and potential members as well as a cross-section of the who-is-who of the region that gathered for the event, the Union President, Fru Isaac Taku, said the massive and cheerful mobilization of all and sundry is testimony of the interest and concern Cameroonians have in promoting and accompanying the institution.
Fru Taku disclosed to the crowd that the union is envisaging the opening of new branches in Nkwen, Bamenda and Limbe. Fru Taku reminded all and sundry that NtaCCUL is affiliated to Rainbow Cooperative Credit Union of Cameroon, one of the umbrella organisations charged with the supervision of Category One microfinance institutions in Cameroon.
The union, the president revealed, started with savings of 5 FRS, 10 FRS and 100 FRS. He said the financial institution today boast of individual members’ savings and deposits that have grown and stands at 32 369 580 416 FCFA with outstanding total loans amounting to 22 858 228 765 FCFA.
He revealed that over 50 000 members have been benefiting from various loan schemes offered by the union including among others businessmen, farmers, ‘buyamsellams’, bike riders, civil servants.
Fru Taku explained that the Bonaberi-Douala branch was created and the 16 apartment building erected thanks to the 7 000 FCFA contributed by all members of the union with sole aim to decongest their services following growth in membership that was witnessed in less than two years in first branch that was created in Douala in September 2005.
“Motivated by this unexpected growth in membership and the demand for our services, another branch was opened in Camp Yabassi in 2007 and is today located at Douche. Many members continued to join the union in Douala and the two branches became very congested,”
He added that in an attempt to further decongest, the union opened another branch in Cite de Palmiers, Ndokotti,
“These branches as of today register 13 661 members. With total deposit of 12 607 368 380 FCFA. Loans have been granted to 7 132 members amounting to 10 132 348 101 FCFA,” he revealed.
Harping on NTACCUL’s infrastructural growth, the Union President revealed that in 2005 a 14 apartment building at was constructed at Ntarinkon which now plays host to the Head Office and the Ntarinkon branch.
He added that a 12 apartment building was constructed at Mile 17 Buea in 2017 which currently host the Buea branch office, a six apartment building acquired at the Bamenda Food Market for the Food Market branch in 2018.
“It is the contribution of poor Cameroonians that have led to realization of this giant structure. This 16 apartments is hosting the Bonaberi branch but also serves as archive for all the branches in Douala and part of it given to tenants in order to diversify the revenue sources of the Union,” he disclosed.
Created in 1972, NTACCUL, as revealed by Fru Taku, started as a discussion amongst farmers in Ntarinkon, Bamenda, with founding farmers including Pa Elias Nde Wara (President), Pa Nchamsi Martin (bookkeeper) and Pa Nche Wilfred Abegly (treasurer) with other persons mostly farmers and traders joining alongside their wives after realizing the advantages.
The sole activity, he revealed, was a weekly savings (Njangi) of 5 FRS, 10 FRS and 100 FRS. The group would later become popular in the neighbourhood, attracting many other persons with activities like offering small loans for fees and farm inputs.
The growth of lending and savings culture which is the forerunner of NTACCUL permitted its members to send their kids to school to excel in different walks of life who later joined the union.
NTACCUL, according to the union president, at the moment has membership of 70 191 spread across the national territory managed from 14 branches located in the North West, South West, Littoral, Centre, West, East regions. Of the 14 branches, two are found in Bamenda, one in Bafoussam, three in Douala, three in Yaounde, one in Buea, one in Kumba and one in Bertoua.
Source: TGP