At 59th AGM: Bafut Credit Union puts members first, plans big for 2024.

Deliberations during the AGM unfolded under the watchful eyes of the Divisional Officer, DO, of Bafut, Forku Djokem Andelys.

Also present were the mayor of Bafut, Ngwakongoh Lawrence, the General Manager of BafCCUL, Neba Louis Atahsi, and a cross section of members of the credit union.

During the meeting, BOD President, Chenwi Samuel, told members of BafCCUL to rate themselves at the same level with members of the Board of Directors. 

He added that it is thanks to the members that the credit union is growing.

"The growth of BafCCUL depends on you members. Never feel like you are different from us the BOD members. All of us are the same, because this credit union cannot grow without you. Don't feel left out, always bring anything that you feel it's not going well to us. We are readily available to attain to you,” Chenwi said.

The BOD President equally called on members of BafCCUL to take matters serious and always represent the credit union positively, wherever they go.

For his part, the Marketing Officer of BafCCUL, Kamdem Lionel, said the credit union has a lot of respect for members. He said members of the credit union are considered as kings.

"BafCCUL is one of the best and most trusted financial institutions when it comes to the category 1 microfinance. We stand with our policies that are very favourable to our members. If you come to BafCCUL, you will discover that we have what we call integrity. We treat our members with respect. For us, members are our kings, you can never come to BafCCUL and go back without smiling," Kamdem said.

BafCCUL in 2023

The 59th AGM was also an avenue for members of BafCCUL to be briefed on what the credit union did in 2023, as they look forward to a fruitful 2024.

While presenting the management report of BafCCUL, the BOD President, Chenwi Samuel, revealed that the credit union successfully obtained the salary code in 2023.

This, he said, is advantageous to members of the credit union who wish to always receive their salaries from BafCCUL.

The president equally revealed to members that land has been purchased in Yaounde for the construction of the Yaounde branch.

He added that BafCCUL went digital in 2023 and members can access their accounts and withdraw or make deposits wherever they go.

"One major innovation we had in 2023 is the digital centralization of Bafut Cooperative Credit Union. This means that you can now access your account directly in any branch office without necessarily having to call your account inter-branch office for reference," Chenwi said.

BafCCUL also renovated some of its offices and relaunched the Nsoh office. BafCCUL also acquired the services of Western Union, RIA, MTN and Orange mobile money transfers, which are operational in all their branches.

It was gathered that BafCCUL realised a total income of 609,756, 508 FCFA, witnessing an increase of 179, 681,172 FCFA, which represents 48% increase from that of last year.

Total shares of BafCCUL increased from 484,815.491 to 522,123,857 FCFA, witnessing 7.7% growth rate and 91% on budget realisation.

The membership of BafCCUL witnessed an increase of 1038 members in 2023. That is from 15,453 to 16,491, which represents a 6.7% growth. BafCCUL has budgeted a total of 174,880,000 FCFA for its projects in 2024.

BafCCUL plans for 2024

Created since 1964, the Bafut Cooperative Credit Union has clocked 60 years of existence. The union has as plans to celebrate its diamond jubilee this 2024.

BafCCUL also has as plans to commence construction works on their newly acquired land in Yaounde.

"We are now looking forward to begin construction in order to avoid the ever-increasing exorbitant rents and why not become landlords," said BOD President in his report.

In order to consider the interest of members, BafCCUL is considering adjusting interest rate on overdraft to 3.5% instead of 4%, collateral loans at 1.4% instead of the usual 1.8%, and civil servant loans maintained at 1.2% interest rates.

It was also revealed that the union shall extend the installation of solar energy to the Kumba and Nkwen branches to avoid the usual electricity problems.

The BafCCUL Douala-Bonaberi and Bafut branches have been envisaged to be renovated. BafCCUL also looks forward to engaging in an aggressive marketing to bring in new members, source for income generating activities and put in place a more aggressive recovery plan for loans and other debits.

Members, authorities hail BafCCUL

At the end of the meeting, some of the members and authorities saluted BafCCUL for their member-friendly nature. 

According to the Mayor of Bafut, Ngwakongoh Lawrence, BafCCUL has proven to be one of the best by always considering its members.

On his part, Tumentang Joseph, one of the BOD members of BafCCUL, said the prospects of the union are high.

"You can see from the turn out that we are moving forward. The prospects of Bafut Cooperative Credit Union are high. The friendly staff and BOD of Directors are clear examples. We are looking forward to a more productive 2024," Tumentang said.

Bafut Cooperative Credit Union is one of the oldest credit unions in Cameroon. The credit union has branches in Bamenda, Douala, Buea, Kumba, Ndop and Kribi