At 2023 AGM: MITANYEN Credit Union raises interest on members' investment to 6%.

The announcement was made by MITACCUL's President of the Board of Directors, Barrister Muluh Stanly. 

He broke the news to the mammoth crowd of members who turned out for 2023 Annual General Meeting.

"The first thing I would like to talk about is the dividends that we paid at 6%," he announced.

It was extraordinary, he noted that within the context of the armed conflicts and insecurity reigning in the North West and South West Regions of Cameroon, the credit union could go an extra mile by moving dividends up from 4 to 6%. 

In that regard, the General Assembly saw that the right thing was done and applauded it.

One of the landmark products also introduced in MITACCUL that helped to keep members far away from financial stress was the introduction of digital transactions.

The Board President who passionately spoke about digital transformation said Mitanyen Co-operative Credit Union Limited was moving from analogue transactions at branches to go to purely digitalized services whereby, with their phones, members can do push and pull. 

“They can equally do remittances and access all services offered by MITACCUL on their mobile devices,” he concluded.

The General Manager of MITACCUL, Khan Justice Fon, on his part, highlighted that the credit union does not envisage creating many more physical branches, but rather thinks of fully embracing digitalization so as to ease members' transactions and also bring the services of MITACCUL closer to the members. 

Because the credit union is fully into digitalization, he said people would be able to access and do transactions even while in their bedrooms. 

“They must not go to cash points or branches before they transact,” he stated. 

This project, he added, is aimed at reducing queues in offices and cash points.

Comparing high interest rate of 6% in 2023 against the 4% in 2022, the GM emphasised that MITACCUL BoD and management put in a lot of efforts to be able to make this marked difference. 

Explaining further, he said the financial statement pronounced during the AGM, gave a figure in absolute terms which was commensurate to the rate of 6% echoed in the management report. 

It should be noted that Mitanyen Co-operative Credit Union Limited that saw the light of day in the 2000 with just one branch, could at the end of 2023, boast of 23 different digitalised points of sale in some major towns of the national territory. 

Its net total assets are said to have witnessed a tremendous increase in 2023 from 2022 figures depicting a 12.7% growth rate. 

Delinquency, considered as a canker worm that is gnawing into the fabric of most microfinance institutions was one of the key issues MITACCUL leadership at AGM promised to combat and reduce to an acceptable standard. 

CAMCULL, the umbrella credit union league encouraged MITACCUL to relent no effort in fighting delinquency and reducing it to the barest minimum rate.