RainbowCam unveils new enticing services to members, affiliates.

The services unveiled Saturday May 6, 2023, in Bamenda in the North West Region of the country. This was during the 2022 Annual General Meeting, AGM, of RainbowCam network. 

The AGM was chaired by the President of the institution’s Board of Directors, BOD, HRH Fon Angwafo IV, together with the General Manager, Bih Rose Fru. It unfolded in the presence of some authorities and representatives of affiliate members.

The new enticing services includes a project to develop a mobile phone trading application to manage agricultural finance and to engage with international partners amongst others.

With barely three years of existence since its creation in July 2020, RainbowCam has introduced services like the online application, where members can make withdrawals and depots from the comfort of their homes.

Last year, they introduced Momokash, an investment platform which allows members to easily transfer money from their mobile money accounts to RainbowCam accounts.

Speaking during the AGM, the General Manager, Bih Rose Fru, elaborated on the projects earmarked for the year 2023. 

She stated that through a project called 'My Eafat', they are going to develop a mobile phone application to manage agricultural finances within their network. 

Bih Fru revealed that through this app, farmers will be able to get farm inputs and also market their outputs by simply placing an order or making their goods available for sale.

According to her, the system will be made accessible to all Cameroonians who want to sell or buy farm products online at the comfort of their homes.

“We have a project called My Eafat project. It stands for the enhancement of agriculture and transformation. We want to make it possible for farmers to get their products easily and market them to the world. On this app, farmers will be able to get seeds easily by placing an order on the app and it is delivered to you after payments have been done. We are hoping that by the end of 2023, the first phase of this project will be complete,” Bih Rose said.

The General Manager added that one of their key project which is also beneficial to members is to register with MAIN, Microfinance African Institutions Network because Rainbow-Cam is growing fast and needs international recognition and wider audience to bring in more benefits for all affiliate members.

“MAIN is a network for African microfinance institutions. We think that we are growing very fast and we need international recognition. And also to benefit from so many trainings that this institution offer, which will be beneficial to our members. So many of our members are asking for trainings, I think this will be a great opportunity for them,” she added.

Other projects highlighted for the year 2023, include getting all affiliates computerised, reconstruction of the head office, follow up and trainings amongst others.

Enter RainbowCam BOD President 

On his part. The President of the Board of Directors of RainbowCam, HRH Fo Angwafo IV, appealed for collaboration in order to sustain growth of the institution.

“The first challenge has been for Rainbow-Cam to mobilise the sources to make control. Also there is non-compliance of the affiliates. We are calling on collaboration between the Board and management of all the affiliates in order to sustain growth,” BOD president said.

For 2023, Rainbow-Cam budget projection stands at 189, 875,000 FCFA as income, expenses at 189, 817, 581 FCFA and capital budget of 39,190,000 FCFA.

The category 1 microfinance institution, which is said to have started with just five affiliates, today has more than twenty affiliates with big financial institutions like Ntarinkon Cooperative Credit Union, Bafut Cooperative Credit Union, Bamenda Central Cooperative Credit Union and others.