At inauguration of institution’s Melen-Yaounde office: Centre Region Governor says Ntarinkon Credit Union nation’s pride.

Governor Naseri made the landmark observation Monday January 22 during the historic inauguration of NtaCCUL’s office in the Melen neighbourhood of Yaounde. 

The crowd-pulling ceremony had in attendance administrative and traditional authorities among them the Paramount Fon of Mankon, His Majesty Fo Fru Asaah Angwafo IV.

The Governor said the magnificent and spectacular structure only attest to the success story NtaCCUL has had over the years. Today, he said, the institution is a frontline actor in financing Cameroon’s economy and alleviating poverty among millions of citizens.

He singled out the credit union for being a law-abiding institution nationally and at the level of the Central African Economic and Monetary Community, CEMAC.

Such influence beyond the shores of Cameroon, Governor Naseri said, brings pride to the nation. 

He said NtaCCUL’s broad-based and inclusive financial services added to the payment of the salaries of 5,000 civil servants, makes it a unique financial institution.

NtaCCUL example of living together, national unity

Beyond NtaCCUL’s unrivaled expansion in six regions of the country, the Governor said, having over 92,000 members drawn from across the different parts of Cameroon, makes the microfinance institution symbol of unity.

Rallying people from across the nation and empowering them through attractive financial services without obstacles, the senior civil administrator said, speaks of a unique message of how Cameroonians should live together.

With such a salutary record, the Governor said, government looks forward to NtaCCUL’s management in fostering its policy of ensuring every citizen remains law-abiding. 

For being a state-compliant institution, the Governor said, NtaCCUL must ensure all its members practice same.

Gov’t hails record interest pay rates, multiple awards 

The representative of the State also used yesterday’s event to salute NtaCCUL for staying atop as the only microfinance institution in Cameroon and beyond that pays 6% interest on savings. 

Naseri Paul Bea saluted NtaCCUL’s management for keeping such a promise since 2020 and still counting.

The construction of the Melen modern office, attractive and grassroots services among others, the Governor said, gives meaning to the unending number of awards that NtaCCUL, has won over the years.

NtaCCUL standing tall amid shocks 

The Governor also saluted NtaCCUL for showing its wittiness in guaranteeing the safety of members savings and staying profitable amid a global economy that has been hit on several fronts. 

Added to this, he thanked the management of the microfinance institution for playing a key role in assisting the State to improve the living conditions of Cameroonians.

Everyone should be a member of NtaCCUL

Given its multiple successes and reliability, Governor Naseri said, the name NtaCCUL has made for itself makes it the best credit union for members of the community to belong to. 

He promised to strengthen his commitment and reactivate an account he opened with the institution while serving in the East Region. 

On this note, he advised everyone to join the financial institution to benefit from its services.

Mobilise more resources for national development

Given the weighty financial portfolio of the Ntarinkon Cooperative Credit Union, the Centre Region Governor, urged its management to also continue to remain an active player in mobilising resources for national development.

He said, NtaCCUL’s right standing with the Ministry of Finance, Organisation for the Hamonisation of Business Laws in Africa, OHADA, and other CEMAC institutions among others, gives it the required leverage to power both private individuals and national development initiatives.

Naseri Paul Bea also urged the institution to remain focus in revitalising grassroots development. 

He talked about the need to accompany the Ministry of Agriculture and Rural Development, MINADER, through other government initiatives to end poverty and boost yields.

Before touring the 16-apartment structure, the Governor promised to channel any challenges the credit union is facing to the appropriate quarters for solutions.

Small beginning, unrivaled growth over 50 years on

Speaking at the inauguration ceremony, the President of the Board of Directors, BOD, of NtaCCUL, Fru Taku Isaac, retraced the early days of the credit union. 

Taku said a few persons started off the institution in 1972 with savings of 5 FCFA, 10 FCFA and 100 FCFA. From those minimal savings and ‘Njangi’ schemes, he said cash flow increased and farmers were able to boost yields. 

In addition, Taku said many have educated their children, started off businesses and more are still benefitting. Today, he said the institution counts 92,210 members spread in its branches across the country.

For the city of Bamenda, there are branches viz; Ntarinkon Mankon Head Office; Ntarinkon Branch, Bamenda Food Market Branch; Nkwen Branch and Bamenda Up-Station Branch. 

In Yaounde, there is Melen Branch; Ekonou Branch; Nlonkak Branch and Mendong Branch.

In the economic capital of Douala, NtaCCUL has the Douala-Bonaberi Branch; Akwa-Douche Branch and the Cite De Palmier Branch. It also has branches in Bertoua, Buea, Kumba and Bafoussam.

These branches and more to be opened in the days ahead in Ngaroundere and Limbe, the Board of Directors President said, is part of the institution’s commitment to support the state in curbing poverty.

Savings hit 43.5 billion FCFA, loans at 13.5 billion FCFA

Detailing the strength of NtaCCUL in powering growth within Cameroon and beyond, Taku said deposits and savings from members stands at 43.5 billion FCFA. 

Meanwhile, as part of its policy of financing the economy and alleviating poverty, the President said loans granted stand at 13.5 billion FCFA. 

Most of the money, he said, has been loaned to small businesses to sustain growth. 

In Yaounde alone, NtaCCUL, he disclosed, has 28,285 members spread across its branches in the city with a deposit of over 13 billion FCFA. He said 17,132 members in Yaounde have been given loans worth over 1.9 billion FCFA.

NtaCCUL, shinning the light in digitalisation

To further consolidate its leadership position in meeting up with technological drifts, Taku said, advancements are being made from all ankles to satisfy NtaCCUL’s clientele. 

He said the credit union has introduced an application that now allows members to do deposits and withdrawals through their mobile phones.

For those who have analogue phones, Taku said, NtaCCUL is working on getting Unstructured Supplementary Data Service, USSD code, to enable them enjoy similar services wherever they are. 

Automatic Teller Machines, ATM cards, the NtaCCUL Board of Directors President said, are now available in almost all branches to satisfy customers.

“We have introduced ATM machines in almost all our branches together with prepaid Visa Cards. We have an on-line banking App that permits members to deposit and withdraw money while at home with the use of their phones,” Taku said.

For interbank services, he disclosed that, engagements are almost through with the Interbank Payment Systems Group of Central Africa, GIMAC, to permit NtaCCUL members to start benefitting from such services.

Modern facilities to boost services, reduce congestion

Recounting the modernisation agenda of NtaCCUL, Taku said constructing modern structures such as the one inaugurated in Melen yesterday is to boost services. 

With the new structures, he said, there is more space while new counters have been opened to reduce congestion. 

27 meritorious workers knighted

Besides the inauguration of the ultramodern facility, Governor Naseri also decorated 27 staff of Ntarinkon Cooperative Credit Union. 

They received labour medals in the rank of bronze, silver and gold for their meritorious services. 

The President of the Board of Directors, congratulated the staff but urged others to work hard for similar decorations in future.