Ntambeng Credit Union Scores Exceptionally High in 2022, Cancels charges on withdrawal on savings

Ntambeng Credit Unions smiles as 2022 ends with Ground Breaking results

The members of the Ntambeng Cooperative Credit Union Limited have applauded the Board of Directors and Management staff of the credit union for an exceptional performance in 2022.

The Union which till 2022 have gone for Eight years without breaking even, have made significant profits.

According to the President of the Board, Ndonwi Derick Shu, the achievements is thanks to the Board that thought out of the box and won an agricultural project.

In partnership with FODECC, the credit Union has been able to finance Cocoa and Coffee farmers in the Mungo Division of the Littoral Region.

Songs of joy from the union rejoice 

The implementation of this project has greatly improved the performance of the credit union to the smiles of its members.

Elected into office in March 2022, Ndonwi Derick and team were able to mobilize 7008 new members and increase the balance sheet of the credit union to 2.1 billion francs.

Working with reliable partners, the credit union was able to meet the aspirations of its members and those who had dormant account, the President says, have reactivated them.

Ndonwi Derick, Board President 

NTAMCCUL's loan delinquency has dropped from 59.1 percent in 2021 to 35 percent in 2022.

This was reassuring to members who sang songs of praises to the credit union leadership. Members thanked the Board for using other strategies than force to recover such monies that was termed bad debts.

While the population rejoiced, their voices became loudest as withdrawal charges on savings was announced to have been scrapped off. 

The President explained that the union is looking for alternative sources of income and it is their wish not to stress members further.

Some of these new avenues include a Partnership agreement signed with Exotic Group from Delaware USA. This project will ensure loan granting through NTAMCCUL to producers whose product shall be bought 100 percent by the group and again paid through the union.

While hoping to mobilize no fewer than 30,000 members in the next five years, NTAMCCUL plans to operate DIASPOVEST which will allow people to work abroad, save and invest back home, free of scam.

They're also going to operate a micro-loan support program for young Entrepreneurs. This will help bring out and expose innovative young people by giving them non-collateral micro-loans for their projects.

Wafa Cash is another new service that will allow national and international money transfers.

With 30,000 members anticipates in 2027, the credit union wishes to have a balance sheet of 10 billion francs, which will help them to effectively carryout business.

The extraordinary achievements of NTAMCCUL means its 55 years of existence is one of renewed hope for it's members.

The Union will officially launch its Yaounde branch office on April 1, 2023.

By Ndi Tsembom Elvis

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