The Renaissance Cooperative Credit Unions in Cameroon Limited (RECCU-CAM) has announced major reforms aimed at improving its management, strengthening financial control, and ensuring better supervision of its growing network.
These measures were presented during the organization’s 13th Annual General Meeting (AGM), held on Saturday, April 25, 2026, at the VTIME Conference Hall in Bamenda.
During the meeting, delegates approved the admission of nine new cooperative credit unions from Yaoundé, Douala, and Bamenda. However, the new members were given strict conditions. They must meet all legal and operational requirements within six months or risk being suspended. Officials said this decision shows a stronger commitment to discipline and compliance within the network.
Financial reports presented at the AGM revealed that RECCU-CAM recorded a net loss of 2.39 million FCFA in 2025, compared to a smaller loss of 927,558 FCFA in 2024. Leaders explained that the situation was caused by ongoing restructuring, weak income in some areas, and irregular practices by certain member institutions. They also noted that the loan delinquency rate stands at 61 percent, far above the recommended 5 percent, raising concerns about loan recovery and financial stability.
The President of the Board, Ndonwi Derick Shu, described the current situation as a turning point for the institution. He said the AGM was one of the most important in recent years because of the reforms being introduced. According to him, new policies have been put in place to improve transparency, accountability, and internal control. He admitted that some members have resisted the changes but insisted that the reforms are necessary to stop bad practices and restore confidence.
He also revealed that RECCU-CAM is expanding its presence internationally. Representatives of the network recently attended a summit in Accra, Ghana organized by the African Confederation of Cooperative Savings and Credit Associations. The organization is now seeking special membership status and has also been invited to take part in a global conference organized by the World Council of Credit Unions in Australia later this year.
Despite the financial challenges, RECCU-CAM continues to grow. Membership increased from 168,854 in 2024 to 181,280 in 2025. The number of affiliated institutions also rose from 45 in 2024 to 49 in 2025, and now stands at 58 after the admission of the nine new unions. The General Manager, Louis Yefeh Sanyi Ngong, said this growth is due to the organization’s strong governance system and close supervision of its members.
The AGM also approved the development of a five-year strategic plan covering the period 2026 to 2030. This is the first long-term plan of its kind for the organization. One of the key projects under this plan is the creation of a vocational training institute known as the Vocational Training Institute for Microfinance and Entrepreneurship (VTIME), which is expected to build skills in the microfinance sector. The institute is currently awaiting government approval. In addition, RECCU-CAM plans to introduce an internal “affiliate banking” system that will allow members to pool resources and access loans more easily without relying heavily on commercial banks.
However, the organization still faces several challenges. These include security issues in some parts of the North West Region, limited staff for auditing activities, and weak compliance by some member institutions. Financial difficulties caused by unpaid dues and loan defaults were also highlighted.
Speaking at the event, the Divisional Officer of Bamenda II, Ibrahima Moussa Ballo, encouraged the RECCU-CAM Board to continue promoting good governance for the benefit of all members. He assured them of the government’s support, stating that any problem affecting RECCU-CAM also concerns the state. He urged the organization to remain committed to transparency and responsible management.
Looking ahead, RECCU-CAM says it will focus on strengthening compliance, improving digital systems, and mobilizing more investments. Despite the current challenges, the leadership expressed confidence that the reforms being implemented will help stabilize the institution and ensure its long-term growth.
0 Comments