As growth vision expands: Mmockmbie Credit Union unveils attractive services to Kumba population.

This was during a colourful ceremony in Fiango, Kumba II Subdivision, on Wednesday March 20. 

The event saw the official launching of the Kumba branch of the microfinance institution, in the economic city of the South West Region, owing to rising customer demand.

The Mayor of Kumba II Council, Mbachu Jacob Kay, alongside other officials, joined a teaming crowd of members and potential members of the credit union, to live the event.

Speaking at the event, the Chairperson of the Board of Directors of MmoCCUL, George Changeh, took delight in the microfinance institution’s growth speed.

Reiterating the slogan of MmoCCUL which is, “Where dreams become reality”, Changeh urged the population of Kumba and beyond to join the credit union as the gateway to tackling poverty.

Changeh said the microfinance institution, which started on March 16, 2016, in the Alou Market in Alou Subdivision, Lebialem Division of the South West Region, today has an inspiring success story.

He said it is that success of today counting over 9,000 members and its ever-increasing number of branches that MmoCCUL has come to share with the people of Kumba, Meme Division and beyond.

The Board Chairperson said through its attractive services, MmoCCUL has expanded to Kumba, to play a key role in alleviating poverty.

Changeh reassured all that no stone will be left unturned by MmoCCUL in giving members the best of services. He said MmoCCUL is committed to making the difference in quality services. 

Mayor opens account with MmoCCUL, urges population to do same

Moved by its attractive services, the Mayor of Kumba II Council, Mbachu Jacob Kay, opened his account to become one of the enthusiastic persons who are now bonafide members of MmoCCUL.

He urged the population of his municipality and beyond to make use of the attractive services of MmoCCUL, to change their living conditions.

Mbachu Jacob Kay expressed delight that the management of Mmockmbie Credit Union chose his municipality to serve as host of the microfinance’s Kumba branch.

He also assured MmoCCUL of his collaboration and that of the Kumba II Council. Jacob Kay also saluted the fact that most of those powering the microfinance institution are sons and daughters who have lived in Kumba.

MmoCCUL reliable financial partner

Speaking during the event, the General Manager, GM, of Mmockmbie Credit Union, Ngezem Fortsomo Skyly, told the population of Kumba and beyond that MmoCCUL is a reliable financial partner.

He assured the population of the microfinance institution’s best services, disclosing that the expansion of MmoCCUL to Kumba, was based on the number of people in the municipality who were joining the microfinance institution.

Ngezem noted that: "Our key performance indicators prompted us to come to Kumba, because more than 100 accounts have been created by sons and daughters of Kumba in other branches”.

He added that “being the economic capital of the South West Region, it was imperative for MmoCCUL to have a branch in Kumba”. 

He said the institution has acquired a software that makes transactions possible, even in the absence of electricity supplier. 

The GM also said with the software, “members can access their accounts in any branch of their choice".

Affiliated to the Rainbow network, he told the population that the speed of MmoCCUL’s growth accounts for the multiple award it has won in recent times.

He said in the nearest future, the interest on savings, currently at 4%, will be increased to 6%, while interest on loans will decrease from 1.5% to 1.2% for civil servants.

Ngezem said the interest of MmoCCUL is to support citizens in all social strata to make the best of the top services and offers at the microfinance institution. He said staff capacity will be strengthened continuously to sustain quality service.

Gov’t partnering with MmoCCUL

The General Manager also announced that government has selected MmoCCUL in the FODEC project in the interest of the population. 

Ngezem said the Kumba branch has been chosen as the pilot branch in the project.

 He told the population to be ready for seasons of unending success stories as they continue to collaborate with MmoCCUL. He said the microfinance institution will also be a major economic driver in the economy of the Kumba, Meme Division and the South West Region.

Other branches

With its administrative head office at the Mmockmbie Market Square in Alou Subdivision, MmoCCUL has branches in Yaounde, Bafoussam, Buea, Douala, Dschang and Bamenda.

The Kumba branch, which is the latest, is located in the heart of Fiango. The branch has taken off with three professionals of class. 

The Branch Manager is Mumfor Elizabeth. The facility has a standby solar system to ensure service continuity in case of blackout.

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 were created created in 2023 alone.

Its 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.

Figures that speak

When members of the financial institution converged on Douala on January 29 this year, during their AGM, 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. 

Member’s savings currently stands at 2,526, 1 53, 2 16 FCFA, while members deposits is at 251,403,312 FCFA.