Mmockmbie Credit Union announces mouth-watering offers for members.

The enticing offers were announced during the recently held Annual General Metting, AGM, in Dschang, Menoua division of the West region. 

The annual gathering was presided at by the MmoCCUL Board Chair, Changeh George.

It was also attended by the Senior Divisional Officer, SDO, of Lebialem, the Divisional Officer, DO, for Dschang, the Mayor of Alou as well as external auditors from Rainbow Cooperative Credit Union Ltd Cameroon, RainbowCam, network.

Mouth-watering offers announced

Speaking during the AGM, MmoCCUL General Manager, Ngezem Fortsomo Skyly, announced the opening of a new branch in Bamenda in the North West region.

He said the new branch which went operational January 17, is part of the institution’s expansion plan and a strategy to make MmoCCUL a one-stop credit union with information technology innovations.

“Our Bamenda branch has gone operational and it is a strategic branch for Mmockmbie Credit Union given that a cross section of members are from the North West region,” Ngezem said, adding that “this makes the credit union to be closer and user-friendly”.

The recently commissioned branch located at E-square Plaza in the Bamenda Food Market, he disclosed, has qualified and efficient staff.

“Within just two weeks of operation, the Bamenda branch has already created above 50 accounts which is a sign to say the branch is a strategic one and has a dynamic staff ready at any point in time to satisfy customers there,” he told The Guardian Post.

The General Manager also used the AGM to announce digital innovations to better services delivered to members. 

Plan to decongest system

The General Manager said plans are underway to decongest and expand Mmockmbie Credit Union across national territory.

He explained that, for the case of Yaounde where just one branch is in existence, there are plans to create a new branch in the Messasi neighbourhood.

“This will make our members to be more comfortable because of the achievement of last year, the Yaounde branch will create another branch in 2023 just to decongest the ever-crowded Yaounde-Etoug-Ebe branch which has been producing excellent results,” Ngezem said.

He said the new branch office at Messasi is expected to go operational before the end of May 2023. “Our ambition is to comb the entire nation,” the GM said.

Besides its operational Head Office in Yaounde precisely at Etoug-Ebe neighbourhood, the fastest-growing credit union also has branches in Marche Ndogpasi and Bonaberi in Douala, Dschang, Bafoussam, Buea, Bamenda and Mmockmbie in Lebialem, precisely in Alou subdivision.

“We are already thinking of strategies to get into the South, East, Adamawa and Far North regions. Our vision is to satisfy the entire population wherever they are and we know that progressively we will get there,” he assured.

The GM further harped on strides made by the credit union in getting members in the diaspora.

“…in 2022, we created over 150 accounts from the diaspora who have continued to trust and depend so much on our services, given that we have very flexible services with a determined and dynamic staff ready to give them thorough services that meet their expectations,” he disclosed.

Services now offered free to customers

The General Manager also disclosed that other resolutions adopted during the Dschang meeting has rendered certain services free for members of the MmoCCUL.

“Cheque booklets, bank statements and account domestication will be for free in a bid to make the credit union more user friendly to members,” he disclosed, while stressing on plans to make the credit union more IT-friendly to its members.

“We are working hard to see that apart from sending money from abroad, members will have applications that will permit them carry operations from the comfort of their homes before the end of the year,” the GM assured members.

He said the management of Mmockmbie Credit Union also plans to organise, in the course of the year, a series of training seminars to build capacities of its staff to continuously render quality services to members.

Ready to serve Diaspora

The General Manager also said part of their plan in 2023 would be to woo Cameroonians in the diaspora to trust and patronise the credit union by becoming members.

“We are glad that the number increased last year by an additional 150 members and we will continue to give the best of our services,” Ngezem said, noting that “Mmockmbie Credit Union is where dreams are realised”.

“We will continue to give them the best services at every point in time. Mmockmbie Credit Union is where they can collect their money at any point in time and receive very high interest on savings,” the GM stated.

He further assured that: “They can send money through Mobile Money, and Western Union. We are giving them assurance that latest May this year, the services of Ria Money Transfer, MoneyGram and WorldRemit will be operational to make Mmockmbie a one-stop credit union where they can grab any quality service”. 

Unveils achievements of 2022

The massively attended AGM in Dschang, also provided an opportunity for the MmoCCUL management to unveil to members the milestone achievements of 2022 and announce institution’s 2023 roadmap.

According to the Mmockmbie Credit Union GM, despite the crisis in the Anglophone regions that added to the difficult economic recovery from the COVID-19 pandemic, MmoCCUL was resilient and recorded quite some enormous achievements in 2022.

“Despite the crisis that continue to rock the North West and South West regions, we are glad to say that we just created a new branch in Buea which was one for the achievements,” Ngezem stated, adding that the branch located in Molyko neighbourhood went operational on January 12, 2022.

The Buea branch office, he disclosed, also produced spectacular results with over 250 accounts created within the first year of operation. 

The General Manager added that in 2022, they also earned an accreditation from the Central African Banking Commission, COBAC, which oversees and regulates the banking sector of the six-nation Economic and Monetary Community of Central Africa, CEMAC.

He disclosed that the number of civil servants who collect their salaries through his microfinance institution also tripled in 2022 added to the creation of over 1,836 accounts.

“We should be glad to announce to our customers that our balance sheet doubled and during this year we shared the interest at 4% making us the second highest income sharing in the entire CEMAC zone and this in a bid to satisfy our members,” Ngezem noted.

He said thanks to the progress in 2022, Rainbow Cooperative Credit Union Ltd Cameroon, RainbowCam network recognised Mmockmbie Credit Union as the fastest growing credit union in Cameroon.

Similarly, in 2021, MmoCCUL also received an award from the Victoria International Media Merit Award, VIIMA as the fastest growing microfinance institution in Cameroon.

Enticing interest rates on savings, loans

Though just five years in the business, MmoCCUL is among microfinance institutions offering the highest interest rates (4%) on savings and among the lowest on loans (1.5%).

The peculiarity of loans from MmoCCUL is that the interest on loans progressively reduces as payment progresses.

MmoCCUL is owned and managed by its members under Registration No: COOPGIC REG. N° 17/035/CMR/SW/55/290/CCA/360/3601.

With its motto: “Save Regularly, Borrow Wisely, Pay Promptly and Build Self-confidence”, the microfinance institution mobilises savings and grants loans to its members at low interest rates as well as provides members with other financial services aimed at improving their economic status and social well-being.

How to become MmoCCUL member

Membership into MmoCCUL is opened and voluntary to all. Conditions to fulfil includes being holder of a current National Identity Card or passport, have a proper address, three passport size photos (4x4), payment of registration fee and solidarity fund of 10,500 FCFA, building fee of 5000 FCFA and a share of 10, 000 FCFA reimbursable prior to an application of six months in advance.

Hence, with an initial amount of 25,500 FCFA, one can own and operate an account with MmoCCUL.

Accounts for associations

The credit union also creates accounts for meeting groups, cultural associations, schools, NGOs, churches and other associations.

Such is done by simply applying for membership from the chairman which also introduces parties designed to operate the account with their specimen signatures and specification of the number of signatories to be respected during withdrawals as well as an extract of the minutes during which decisions were taken for an account to be open with the union.

Benefits of being MmoCCUL member

MmoCCUL members enjoy all the facilities and advantages offered by the credit union.

Being as member, one can save and withdraw money whenever the need arises, has easy access to loans in good conditions including a low interest rate.

Members also have the privilege to participate in decision-making during General Meetings on the management and future of the institution.

The institution also offers free insurance coverage on money saved and on loans taken and the advantage to withdraw money saved on purpose especially on school fees account, Christmas and anniversary account and children/under 18 account (minor account).

With its special withdrawal slip, members can withdraw money from their account while at home, enjoy fast and safe money transfer between MmoCCUL branches and other networks, operate deposit accounts, mobile money services for deposit and withdrawal through MTN, ORANGE and Express union operators.

Members also benefit the institution’s magazine and can receive their salaries through it for civil servants and private workers.

The credit union also offers house/plot financing and members can access Western Union, World Remit, RIA, MoneyGram services through it.

With the intension to ensure growth of its members, the credit union offers members varied credit schemes including; Agro-pastoral loans, Njangi financing, school fees loans, payment of ENEO and CAMWATER bills, daily savings, over draft, standing orders, SMS banking services, student accounts as well as cash collection.