CEMAC Sub region: Ntarinkon Credit Union wins Most Digital-Friendly & Highest Interest-Paying Microfinance Award.

The award was bestowed on the acclaimed microfinance institution on Saturday February 17, at the esteemed Bengo Hotel in Ebolowa, South Region. 

At the heavily-attended event, NtaCCUL topped the chat as the microfinance institution leading the way in terms of innovation, digital transformation and migration in meeting members’ needs in a constantly changing world.

The recognition, through thousands of votes collated from millions of voters of The Guardian Post across the globe, gave NtaCCUL a prestigious seat in the community of microfinance institution in Cameroon. 

On this score, the jury of the 21st edition of the The Guardian Post Achievement Award, based on the rating of readers, awarded NtaCCUL the choice prize in the microfinance sector. 

The jury submitted that the recognition is for NtaCCUL’s “leading role in digitalising microfinance services, through the introduction of NtaCCUL Mobile App and for being the only microfinance institution in the entire CEMAC Subregion that pays 6% interest on savings”.

Akere Muna hands award to NtaCCUL delegation

To match up the quality of the award, it was global lawyer and transparency advocate, Barrister Akere Muna, who handed the award to the NtaCCUL delegation that stormed Ebolowa to receive the distinction.

The delegation comprised the Deputy General Manager of NtaCCUL, Maurice Chenelum Takuhli, and Ngang Christopher, Board Member and Secretary of Education and Promotion Committee. 

Results of over 50 years of dedication to serving members

Takuhli, who headed the NtaCCUL delegation, told reporters that the recognition is dedicated to the over 92,000 members of the Microfinance institution.

According to the Deputy General Manager, the award “is testimony that the Ntarinkon Credit Union is growing by leaps and bounds. It is sustainable and it justifies our more than 50 years dedication to improving the lives of many; of growth and sustainability, reliability and alleviating poverty within the rural and urban communities of Cameroon”.

Nonstop expansion

Takuhli urged members of NtaCCUL to remain loyal and committed given the credibility and reliability of the microfinance institution. 

The Deputy General Manager said the institution will continue to expand to meet the growing need of its exploding membership. 

He disclosed plans that are about to see the light of day through the opening of branches in Limbe, Fako Division of the South West Region and Ngaoundere, in Adamawa Region.

“As you are aware, we recently inaugurated an ultra-modern building for the Melen branch in Yaounde which was like a golden jubilee gift to the members of the Ntarinkon Cooperative Credit Union as a reward to their loyalty,” the Deputy General Manager stated.

NtaCCUL moving from glory to glory

The Ntarinkon Credit Union has across the years immersed its self in a spirit of excellence, success and integrity. It has known distinctions successively for several years. 

Thus, that which has come this season, stakeholders in the financial sector are saying and rightly so, shows NtaCCUL is moving from glory to glory.

On Monday January 22 this year, NtaCCUL inaugurated its Melen Branch office in Yaounde, receiving accolades from government. 

The 16-apartment ultramodern building is the latest of several high-rise structures NtaCCUL has raised across the country.

When the Melen Branch Office was being inaugurated, government through the Governor the Centre Region, Naseri paul Bea, was clear that, NtaCCUL is the pride of Cameroon. 

That pride, most clients say, is also reflected through the award which thousands out of the millions of readers of The Guardian Post have made of NtaCCUL’s position in CEMAC and Cameroon in particular.

NtaCCUL’s proximity to members

Meanwhile, with a membership of 92,210 as at January 22, 2024, 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. 

NtaCCUL, shinning the light in digitalisation

On January 22 this year, the President of the Board of Directors of NtaCCUL, Fru Isaac Taku, had laid bare a fresh vision to further digitalise services.

Taku said advancements are being made from all angles to satisfy NtaCCUL’s clientele. Weeks down the line, the credit union has introduced the NtaCCUL Mopile App. 

The application allows members to do deposits and withdrawals through their mobile phones.

For those who have analogue phones, Taku had said, NtaCCUL, was finalising a deal with the 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.

Unending awards for NtaCCUL

The recent award adds to those of: Most Reliable & Distinguished Microfinance Institution won in 2022; Most Digitalised Credit Union award by The Herald Tribune and Cameroon’s Best Credit Union award from the Confederation of Cameroon Anglophone Journalists for a United and Stable Cameroon. 

Highest interest rate swelling 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. But four years down the line, figures counting over 92,000 members, it is being said, only points to NtaCCUL’s unending credibility and reliability.

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 since been on a never-seen digital transformation drive 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 today 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 services in its branches nationwide. 

Some of its other digital services include Western Union, World Remit, Ria, MTN MoMo, Orange Money and Visa card operations.