Mmockmbie Credit Union launches mobile banking transactions.

The announcement was made on Sunday January 29. This was during an enlarged Annual General Meeting, AGM, of the institution, which held in Bonaberi, Douala, in the Littoral Region.

The mobile banking transaction service, MmoCCUL officials said, is thanks to a centralised system software, which now makes it possible for mobile members to effectively bank with the credit union. 

The multiple award-winning microfinance institution also used the AGM to announce the opening of another branch in Kumba, Meme Division of the South West Region, to meet the increasing demands of its ever-growing membership. 

They also announced the drastic reduction of interest rate on loans for civil servants.

Officials of MmoCCUL stated that henceforth, civil servants will pay 1.2% instead of 1.5% interest on loans while interest on savings were maintained at 4% with possibility of it increasing to 5% in the 2024 fiscal year. 

The AGM witnessed the presence of the President of the Board of Directors, BOD, Changeh George; General Manager of MmoCCUL, Ngezem Fortsomo Skyly; Board Supervisory Chair, Azekang Deodat; community members, employees amongst others.

It served as an opportunity for management to present the balance sheet of the previous year with regard to shares, savings, deposits, income, expenditure, loans amongst other issues. 

Management also used the AGM in Douala to re-strategise on the marketing strategy of the microfinance and expansion plans for the year 2024.

By reducing the interest rate on loans for civil servants, management intends to increase membership to 10, 000 by the end of the current year. 

MmoCCUL management also maintained interest on savings at 4% with possibilities of it increasing to 5% in the 2024 fiscal year.

This and a lot more are some of the reasons the institution has been "described as a place where dreams become reality".

Over the period January to December 2023, MmoCCUL, it was revealed, witnessed a 33% growth in members shares.

Shares are said to have grown from 54,438,452 FCFA as at January 2023 to 80,616,294 FCFA as at December 2023.

The said increase, it was gathered, came as result of the admission of new shareholders into the union and the recent share increase from 10,000 FCFA to 30,000 FCFA. 

Members savings, it was disclosed, currently stands at 2,526,153,216 FCFA while members deposits at 251,403,312 FCFA. 

For the period January 1 to December 31, 2023, MmoCCUL generated a total turnover of 416,210,002 FCFA as compared to 309,126,644 FCFA as at 1st of January 2023. 

Management said, loan interest constituted a greater part of turnover. It was also revealed that total expenditure for the same period stood at 411,894,449 FCEA as compared to 309,126,644 as at 1st January 2023.

This could be explained by the depreciation of fixed assets and provisional expenses. Provisions for interest on delinquent loans, is said to have contributed significantly to the said expenses. 

Total provisions for the network stand at 120,821,187 FCFA while over 261,551,541 FCFA and 385,146,721 FCEA were allocated as reserves and net equity as at December 31, 2023, respectively.

The institution’s balance sheet as at January 2023, stood at 2,184,452,852 FCFA, witnessing a growth of 1,085,152,385 FCFA. The balance sheet currently stands at 3,269,605,237 FCFA representing 33 % growth. Net equity stands at 385, 1 46,72 1 FCFA.

Positive margin of increase in membership 

From its little beginnings with just 14 members at its launch at the market square of Mmockmbie in Lebialem Division of the South West Region, the microfinance institution now has over 8,500 members. 

This is after in less than eight years of existence. 2,178 accounts created were created in 2023 alone.

The General Manager of the establishment, Ngezem Fortsomo Skyly, said Mmockmbie Credit Union now counts nine branches.

He said the Yaounde branch of the category A microfinance institution saw the light of day on October, 15, 2017, following the departure of MmoCCUL from Lebialem due to security concerns. 

He, however, said the movement of members to other regions, led to expansion from Yaounde to Village neighborhood in Douala, Bonaberi in Douala in the Littoral Region, Bafoussam and Dschang in the West Region, Bamenda in the North West Region and Buea in the South West Region.

Announces opening of Kumba branch 

The General Manager also announced the opening of the Kumba branch of the microfinance institution which will soon go operational. 

Going by the General Manager, the movement to the said towns and cities was motivated by the fact that “our members want a one stop union were their operations are treated with importance. Creating proximity branches is vital for the business ecosystem”.

He added that, just last year, Bamenda branch created 254 accounts with a balance sheet of over 80 million FCFA. 

“This shows prove that, even in the North West Region, things are getting better and most of them are coming towards our credit union because we are simply where dreams become reality,” he stated.

Move to become leading digital credit union

At the AGM in Douala, BOD members and management, told members that, they were on the move to becoming the leading innovative digital microfinance institution in the country. 

Apart from the remittances guaranteed with partners such as Western Union, Ria, World Remit and Money Gram, the Credit Union plans to put at the disposal of members Automatic Teller Machines, ATM, that will be operational at the level of the Yaounde branch.

The institution now has a centralised system software which now makes it possible for mobile members to effectively bank with the credit union.

"We have realised that movement are usually hampered for some members, so they can be at their houses and know information concerning their accounts. They can also do withdrawals...this are some of the aspects that makes us fastest growing Credit Union," he added.

Hard work rewarded

During the Douala AGM, management of the credit union had recognised the efforts of devoted staff. 

Some staff who have been serving the company diligently in the course of the year 2023 were handed awards. 

Awards and recognitions were handed to best branch manager, best branch, best loan officer, best teller, best daily collector, best staff, most influential union members, amongst others. 

One of the recipients, Numfor Elizabeth, who won the award for best loan officer for the year 2023, told reporters that, her motivation to keep working with the institution over the years has been based on the fact that, management has left no stone unturned in equipping them with new skills. Numfor hopes to do more and make hierarchy proud again.