Ntarinkon Credit Union wins prestigious award for offering highest interest rates on savings.

The Ntarinkon Cooperative Credit Union, NtaCCUL, acclaimed as the largest, leading and best customer-service microfinance institution in Cameroon in particular and in the CEMAC Subregion in general, has won the 2022 Most Reliable & Distinguished Microfinance Institution Award. 

The microfinance institution was awarded the recognition by The Voice newspaper. This was during the seventh anniversary of The Voice Media Group, which took place in Yaounde, Saturday August 5. The ceremony brought together a cream of personalities from across the country. 

Organisers said NtaCCUL was recognised “for providing the best customer and digital services and offering the highest interest on savings (6%) and lowest interest on loans (1.5%)”.

The microfinance institution has also been consistent in pioneering new ways of digitalising services to its ever-growing customers. 

NtaCCUL has also been hailed for its drive towards digitalisation and the fact that it is the credit union that pays the highest interest on savings. It pays 6% interest on savings.

A delegation from NtaCCUL, to the ceremony, was led by the manager of the Melen branch in Yaounde, Leke Loveline. 

After receiving the award on behalf of the Board and management of NtaCCUL, Leke Loveline, said she was overwhelmed and happy to have received the award, on behalf of the microfinance institution “for the best customer service and digital services and offering the highest interest rate on savings and the lowest interest rate on loans”.

“I think it is just fair for us to receive this award, because all what is mentioned here is what we practice. We practice what we say and so our members are really proud to belong to Ntarinkon Cooperative Credit Union. This is because they receive the best customer service. I can say, like a member that I am and a manager, that we give the best, we are the best and the largest,” she said. 

“I want to encourage our members to continue to trust us and to even encourage their friends and family members to join us so that together we will build Ntarinkon Cooperative Credit Union to be the best credit union even in the world,” Leke added. 

The award is coming ahead of the golden jubilee of Ntarinkon Cooperative Credit Union. Leke said it is important to NtaCCUL that the recognition is coming at this moment.

“It is really important to us, because Ntarinkon Cooperative Credit Union is 50 years old. It is matured enough, and so receiving this award makes us know that whatever we are offering to our members is being recognised and that we are going to offer them the very best in the years to come. They should trust us,” she said. 

The NtaCCUL Melen Branch Manager continued that: “Our digital products are very much available. We are working on them so that in the days ahead, members can start doing business even on their phones wherever they are. Distance will not be a problem. Wherever you find yourself you can become a member, you can save and do your withdrawals with ease, even at the comfort of your home”.    

NtaCCUL’s proximity to members

Meanwhile, with a membership of over 82,000 and deposits of over 60 billion FCFA, NtaCCUL is located in five Regions of Cameroon. With its Head Office in Ntarinkon, Bamenda, there is a branch in Ntarinkon, Food Market, Bamenda; Nkwen and Up Station, Bamenda. 

In Yaounde, there are branches in Melen, Ekounou, Nlonkak and Mendong. In Douala there are branches in Bonaberi, Douche, Cite de Palmier and Ndobo cash office. Buea has a branch at the Mile 17 Roundabout. 

In Kumba, there is a branch opposite CamCCUL, Buea Road; Bertoua, opposite Gendarmerie Legion and Bafoussam, Marche B. There are plans to extend to Limbe and Ngaoundere. 

Laudable digitalisation drive 

It should be noted that in 2021, NtaCCUL undertook digitalisation and included electronic banking into its system. Through the electronic banking, NtaCCUL is able to connect its banking to the CEMAC Network. 

It has the opening to having ATM cards. With these cards, members have the leeway to connect directly to their accounts. This facilitates the usage of the ATM cards in the entire CEMAC zone.

With the successful digitalisation, NtaCCUL members are now able to carry out transaction by ATM and prepaid Visa cards, Western Union, World Remit, RIA, MTN and Orange mobile money transactions. 

The Most Reliable & Distinguished Microfinance Institution comes to add to several others that have been won by NtaCCUL over the years. This include The Guardian Post’s 2021 Best and Most Reliable Microfinance Institution Award; Most Digitalised Credit Union award by The Herald Tribune and Cameroon’s Best Credit Union award, presented by an association of journalists known as Confederation of Cameroon Anglophone Journalists for a United and Stable Cameroon. 

The journalists had said NtaCCUL was awarded because it pays interest rates of 6% on members' savings, its reliability, fastest-growing nature and offers laudable customer-friendly services that are not common with most credit unions in Cameroon.

Increase in interest rate swells NtaCCUL’s membership

It should also be noted that NtaCCUL’s decision to increase interest rates on savings from 3% to 6% has caused its membership to swell.

Following its annual and audited accounts for the year 2020, it emerged that membership in the microfinance institution rose from 58,253 in 2019 to 65,914 in 2020. In 2020 alone, the credit union registered 7,661 new members

NtaCCUL has also seen its financial performance skyrocket.

The microfinance institution has not only witnessed a rise in membership but also a sharp increase in interest rate. 

Digital transformation

NtaCCUL has embarked on a digital transformation in order to make its services available to all members, irrespective of their geographical location.

The first step it took was to empower and build the capacity of its staff since there was need for manpower development and training and then introducing digital products. 

With NtaCCUL’s digital project, members do not necessarily have to visit any of their branches before carrying out any financial transactions.

Unlike what used to obtain in the past, members can save, withdraw and carry out any financial transaction with the credit union, simply by using their mobile phones from their comfort zones.

With this huge development, NtaCCUL is the first and only microfinance institution in Cameroon to have gone fully digital.

NtaCCUL, it should be recalled, is the first-ever microfinance institution in Cameroon to provide ATM machine services in its branches nationwide. Some of the digital services include Western Union, World Remit, Ria, MTN MoMo, Orange Money and Visa card operations.

“Though there has been a sharp increase in the use and output of these digital products, there is the need for a digital shift. The credit union has embarked on digital transformation in order to make this service available to all members, irrespective of their geographical location,” Fru Isaac, Chairman of  NtaCCUL Board of Directors, had told The Guardian Post in February 2022.

He had added that this digital shift entails the broadening of the product base in order to provide a foundation on which modern financial services can be hinged.

“This foundation is nothing but a strong, performing and reliable core banking software that facilitates operations, secures data and can anchor not only current digital financial services, but future services,” Fru noted.

NtaCCUL changing lives

Operating in Cameroon since 1972, the credit union has satisfied thousands of people, transforming lives. Many have become successful thanks to NtaCCUL.

According to a member, Ekom Ekili Martin, national president of Mission and Enterprise Cameroon, he is what he is today thanks to NtaCCUL.

"I must say that this credit union has been of great help to me as a person and the community in which I live," Ekom Ekili said.

"When I became a member, and started getting loans, I contacted the then mayor of Buea and we built shopping spaces at Mile 17 and a guest house, which is of great help to the people," Ekom Ekili added.

NtaCCUL is the most committed credit union with micro-credit schemes, outreach services, giving school fees loans, special operations for customs clearance, mortgage loans for civil servants, line of credit for civil servants, micro-credit for ‘buyam sellams’ ‘Njangi’ financing, agricultural loans, buy a house equipment loan and many others.