AziCCUL Pays 4.5 percent interest, plans to complete Obili edifice in 2024

Bar Divine Momuluh, President of AziCCUL 

The Azire Cooperative Credit Union Limited has set as major priority in 2024, the digitalization of its products and services.

The President of the cooperative took the commitment at the 55th Annual General Meeting of AZICCUL.

Barrister Divine Momuluh  noted that to facilitate this process, some innovations have been made.

" We want to expand our digital banking system and we want to enforce our branding. You know brand is already marketing for the institution.

" We have created special withdrawal slips. This is to make business easy for members. Members can sit at the comfort of their homes and send someone to help withdraw for them. This will also aid the old and the sick." Divine Momuluh said.

The credit union was able to mobilize some 4,216 new members in 2023, taking their active membership to 55,598.

Savings for 2023 increased from 36.7 Billion to 39.8 Billion francs CFA 

As concerns other projects for 2023, the union plans to complete their building in Obili Yaounde. While the team will house a branch office, it will also have hotel facilities and a conference centre.

Members were also encouraged to make use of the AziCCUL internal Money Transfer. This according to management has the cheapest rates in money transfer and involves non-members to members and members to non-members.

To increase the competitiveness of the credit union, members were urged to respect the increase of their shares to 100,000 Frs meanwhile an interest rate of 4.5 percent will be paid as interest rate on shares/savings.

Some of the issues the credit union has got to dabble with is the high loan deliquency which currently stands at 48.4%.

Bar Divine Momuluh has promised that there is a close follow-up of members who took loans and the recovery process is ongoing.

Also, some delinquent loans will in the days ahead see the mortgages being liquidated.

As the credit union continues to exert itself in the microfinance landscape in Cameroon, some members who dragged the union to court were outrightly dismissed by the General Assembly. The assembly voted 651 for their dismissal as against 3.

The Azire Cooperative Credit Union Limited, an affiliate of the Renaissance Cooperative Credit Union League, received 84.8 million from CamCCUL as part of their disaffiliation dues meanwhile there is a constested 1.2 Billion and the union says they're doing everything to recover the money.

Present at the 55th AGM, Mezam SDO, Simon Emile Mooh congratulated them for their positive balance sheet in 2023. He went further to appreciate the dismissal of the members who caused the union or loose a whooping 100 million francs to the courts.

He encouraged all and sundry to continue banking with the credit union as a means to alleviate poverty.

To ensure that disputes are resolved internally, a reconciliation committee has been created. The committee will have five members, made up of former presidents and two members of the General Assembly. AziCCUL will not entertain any matter in court if it has not passed through this chamber for amicable settlement.

The balance sheet of the credit unions stands at 50.98 Billion Francs CFA.


Ndi Tsembom Elvis

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