Centre Regional Governor, Naseri Paul Bea has assured the public that Ntarinkon Cooperative Credit Union (NtaCCUL) is the surest place where customers can safe their money and go to sleep. Governor Naseri made the assurance Monday, 22 January 2024 as he inaugurated an imposing building housing the Melen Branch of NtaCCUL in the nation’s capital of Yaounde.
The Governor expressed his gratitude to management for the geometric growth the Ntarinkon Cooperative Union has witnessed, and it is reflected in the magnificent building.
He cited the branches found across Cameroon, which is also one of the reasons for NtaCCUL to receive several media awards. He said NtaCCUL is a veritable partner with the state as they are able to pay salaries of over 5,000 civil servants after receiving a salary code from the ministry of finance.
“To this, they are contributing their own fare share in poverty alleviation and financing the economy of Cameroon.” The Governor underscored. He urged the management to use their credit union activities to foster government’s policies, encourage members to be law abiding and contribute to the collective progress of Cameroon.
Six percent interest rate on savings
The Centre Chief Executive Officer was also pleased that despite numerous challenges, NtaCCUL has been able to pay six percent interest rate on savings of members since 2020. He said for that alone, NtaCCUL beats the record in the microfinance sector.
Good managerial skills of the dynamic Board of Directors and Management has scaled NtaCCUL at a height it's peers see as far fetched.
“This structure I am inaugurating today will project you and permit for greater mobilisation of savings. While you must protect the savings of Cameroonians, you must also know that savings remain a development opportunity for the country and it is your duty to participate in such development.” Governor Naseri highlighted.
The Governor took many by surprise when he announce that he was member of NtaCCUL in the Bertoua Branch whilst he served as SDO in the East Region. He assured the Melen Branch Manager that the account should be transferred to the Melen Branch so that it can be more active.
On behalf of the Board of Directors of NtaCCUL, the Board Chairman, Fru Isaac Taku traced the history of the 52-years-old credit union, which started as a saving scheme (Njangi) where the pioneer members contributed from FCFA 5, 10 and 100.
The pioneer three men were later joined by their wives. It gathered steam in the Ntarinkon neighbourhood and attracted many people from other areas.
“Today, Ntarinkon Cooperative Credit Union has a total of 92,210 members spread over the national territory and managed from the network of branches. We currently have 14 branches: four of them in Bamenda (Food Market, Ntarinkon, Nkwen and Up-Station); Douala has three branches (Bonaberi, Akwa-Douche and Ndokoti); there is a branch each in Bafoussam, and Bertoua.
The South West Region has two branches: Buea and Kumba. And here in the nation’s capital, Ntarinkon Cooperative Union counts four branches; Melen Ekounou, Nlongkak, Mendong and of course, Melen.” The President of the BoD stated.
He continued that from the little savings that started with FCFA 5, individual savings today has grown a million folds and the total members’ savings stands at over FCFA 43.5 billion while outstanding loans amount to over FCFA 35.8 billion.
These loans according to Fru Taku Isaac, are granted to businessmen, farmers, ‘buyam-sellams’, bike riders, civil servants and so on, giving a total of more than 50,000 members that have benefited the various loan schemes offered by NtaCCUL.
According to him, it is their own way of accompanying the state in her efforts to improve on the living standards of poor Cameroonians.
The Melen-Yaounde Branch of NtaCCUL, which today has an imposing structure of its own started in September 2000. Because of its attractive services, it registered so many members in just two years.
The unexpected growth led to the opening of the Ekounou Branch in 2007. Many members of the public were getting interested in Ntarinkon Cooperative Credit Union and the two branches became congested and two more branches were created in Nlonkak and Mendong.
The Yaounde branches today have a membership of 28,285 with total deposit of over FCFA 13 billion with over FCFA 9.1 billion granted as loans to 17,132 members.
Digitalising NtaCCUL Services
With the rapid changes in the financial landscape, with the introduction of digital banking and electronic banking, Ntarinkon Cooperative Credit Union is resolute in her determination to adapt to this changing environment.
“I am very happy to let you know, … we have introduced ATM machines in almost all our branches together with prepaid Visa Cards; we have an online banking APP that permits members to deposit and withdraw money while at home with the use of their mobile phones and more recently, we acquired the USSD platform to facilitate operations offline and even with the use of analogue phones. Our project to open our digital and card payment to interbank transactions via GIMAC is near completion and in the days ahead holders of GIMAC cards issued in any CEMAC country will be get served from our ATM machines.” The Board Chair told the population.
Infrastructure
Ntarinkon Cooperative Credit Union first constructed its head office in 2005. The 14 apartment building is host to the Head Office and the Ntarinkon Branch. In 2017, a 12 apartment building was constructed in mile 17, Buea and it is host to the Buea Branch; in 2018, a six apartment building was acquired at the Bamenda Food Market for the Food Market Branch and in 2021, a 16 apartment building was constructed in Douala – Bonaberi.
The Melen – Yaounde branch which has been inaugurated is a 16 apartment building with 24 specious rooms for the staff.
The building according to the BoD is the fruit of contribution of members that have been nurtured and matured in order to realise the giant structure. The Melen Building of NtaCCUL will also serve as storage for archives from all the branches in Yaounde. Part as well will be leased to tenants in order to diversify revenue sources for the sustenance of the credit union.
Decoration of Staff
During the colourful ceremony that brought a cream of the Centre Regional Administration, traditional and religious leaders, some 27 workers of the Union were given various Medals of Honour. There were 13 Vermeil, 11 Bronze and three in Gold.
Among the recipients were Madam Leke Loveline, Branch Manager of Melen who received Vermeil as well as Achu Caroline and Marcilinus Nde Tabifor. Maurice Takuhli, Lum Musu Grace and Albert Atuma received the Gold Medal and the recipients of the Silver Medal included Nsoh Conrad, Manager of the Ntarinkon Main Branch.
The event was spiced by the Yaounde Branch of the Mankon Cultural & Development Association Mbaghalum dance and the Nkoue dance of Elig-Efa – Yaounde as there were also some artiste on to grace the occasion.
Culled from The Herald Tribune