Mmockmbie Credit Union wins Fastest-growth, Digital-friendly Microfinance Award.

The microfinance institution’s latest decoration is that of the: “2023 Fastest-growing and Digital-Friendly Microfinance Institution Award”.

The award is a recognition of at least 18,000 readers of the leading newspaper in the Economic Community of Central Africa, ECCAS, The Guardian Post. 

It was handed to the management of MmoCCUL during the 21st edition of The Guardian Post Achievement Award ceremony. 

The remarkable ceremony had in attendance some of the nation’s best minds in different endeavours of life. 

Towering institutions among them representatives of MmoCCUL that has continued to climb the success ladder with astonishing speed, lived the historic occasion.

According to the jury of The Guardian Post Achievement Award, MmoCCUL, was voted: “For its exceptional growth and use of technology to ease transactions; thereby emerging as the leading microfinance institution with the best customer service in Cameroon”.

MmoCCUL constantly breaking grounds eight years on

MmoCCUL has remained a marvel in the microfinance sector nationwide, given its growth speed and adaptation to best practices and raising service delivery to rare heights. 

The General Manager of MmoCCUL, Ngezem Fortsomo Skyly, told The Guardian Post that the recognition, which is one among many received in recent times, is an encouragement.

Ngezem said the rating from outside will renew their energy level to work to get MmoCCUL to where it should be in future.

“We must underline here that MmoCCUL is just about eight years in existence. This award is dedicated particularly to our valued members, who are the people who own and manage the Credit Union,” he told The Guardian Post. 

The MmoCCUL General Manager said the institution is glad to be changing levels and covering new grounds.

"Our secret is customer service"

On what makes MmoCCUL distinct, Ngezem declared that: “The secret of Mmockmbie Credit Union is simply customer satatistfaction”. 

He explained that “if Singapore is what it is today, it is simply because of the quality of service it offers”. 

“Our strength at Mmbockmbie is service quality. We try to use the limited resources we have to pool in more to enable our members to be happy. We are constantly working to improve on the quality of services we offer our members,” Ngezem explained before also disclosing that: “We have a tradition of building the capacity of our staff at least four times a year”.

He assured members that, in the nearest future, MmoCCUL will become the best microfinance institution in Cameroon, the Economic and Monetary Community of Central African States, CEMAC, and “why not Africa”.

Ultramodern head office construction in view

In terms of further making real its development vision, Ngezem said MmoCCUL has acquired land at Rond Point Damas in Yaounde for the construction of an ultramodern head office. He said construction works have been planned for January 2025.

Beyond the announced structure, he said: “We have a lot in store for members and the future is very pregnant”.

Nine branches, 10th in Kumba next month

MmoCCUL already counts nine branches nationwide.  The 10th branch which will be in Kumba, Meme Division of the South West Region is expected to go operational in the month of March.

‘Proud of our digitalization drive’

In terms of fitting technology into the running of the microfinance institution, Ngezem looked back in amazement what has MmoCCUL has achieved digitally. 

“We are proud to say that this year, we did not only centralize our data base, we have gone completely digital. Members can completely pull and push money into their accounts. I think we can only thank our devoted staff who are extremely young and determined in the assignment given to them,” Ngezem declared.

MmoCCUL’s inspiring growth path

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 as at January this year had over 8,500 members. 2,178 accounts created were created in 2023 alone.

The General Manager of the establishment, told members during their Annual General Assembly, AGM, on January 29 this year, that Mmockmbie Credit Union now counts nine branches.

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. 

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

Inspiring figures that speak

When members of the financial institution converged on Douala on January 29 this year, it was revealed that from January to December 2023, MmoCCUL 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, currently stands at 2,526, 1 53, 2 16 FCFA while members deposits at 251,403,312 FCFA. 

For the period January 1 to December 31, 2023, MmoCCUL generated a total turnover of 416,2 10,002 FCFA as compared to 309,126,644 FCFA as at 1st of January 2023.