Skip to main content

NTACCUL SOARS WITH JUICY INTEREST RATE

By Mildred Ndum Wung Kum

Ntarikon cooperative credit union NTACCUL has taken the commitment to increase membership, reduce loan delinquency and step up the interest rates for the benefit of members. The commitment was taken during an annual general meeting which brought together thousands of members at the Bamenda Congress Hall. 


Members at NTACCUL 34th AGM

It was the 34th annual general meeting held Sunday February 7, 2021 bringing together members of the Ntarikon Cooperatrive Credit Union NTACCUL. Prominent in attendance were the union’s president Fru Isaac Taku and the General Manager Divine Ade Muma. The main agenda was to review the activities, performance and challenges of NTACCUL. 

The micro finance institution boasts of a 13 percent growth rate with a membership of 65914 in 2020 up from 58253 in 2019. It also boasts of an increase in shares from one billion to two billion and an increase in savings of 21 billion up from 16 billion. During the AGM, NTACCUL was also proud to have been rated as best Micro Finance in Cameroon even in the midst of COVID19 and the socio political crisis. 

“I am comfortable because the union budgeted and they had more than what they budgeted. There are no financial mismanagements, there are no deficits and all the like” a satisfied member told Cameroon Infotrend at the meeting.

The union has resolved to credit members saving account with a 5% interest for savings for the year 2020 and 6% interest for 2021.


           General Manager NTACCUL

“The issue of the 5% that we give on savings is real and this is poverty alleviation.  When somebody comes and at the end of the day it adds, it makes the man feels good so those who are not yet members should come, those who are members should put more money on their savings because they would receive more on it” the general manager of NTACCUL  said.

The micro finance also indicated that it is grappling with issues namely delinquency, closure of accounts by some members and the task to multiply branches. “Delinquency still stands on 20%. We are going to cut down on lending and master the people who are eligible for the loans that is for those with new loans and for the old loans we are going to reinforce recovery. We have a loan recovery task force and we have done restructuring of the recovery service so that in 2021 we would reduce the loan delinquency to an acceptable level” NTACCUL ‘s president revealed the strategy to be embarked on.

              President NTACCUL

It was said at the AGM that to keep the lane of success, NTACCUL shall implement digital and electronic banking with the use of ATM cards to enable clients connect directly with their accounts. 

Comments

Post a Comment

Editor's Picks

CATHOLIC PRIEST CAUTIONS FELLOW PRIESTS TO PRIORITIZE PRIESTLY DUTIES  Compiled by Cameroon Infotrend                Rev Fr Joseph A. Jum In today's world where those in the ministerial priesthood are into multitasking, with many other priests being versatile like a jack of all and others being ubiquitous, a fellow priest in an insightful write up recalls the intrinsic functions of the priest. Reverend Father Joseph Awoh Jum is a Roman Catholic Priest of the Diocese of Buea, currently Vice Chancellor in the Catholic University of Cameroon CATUC Bamenda. In a lengthy but thought provoking write up, the pastor seems to be drawing his fellow brother priests who have become increasingly busy such that the zest for other duties sometimes outweigh the zeal for pastoral issues. Read the article below culled from his Facebook page; the author captions it THE "CORE WORK" OF THE CATHOLIC PRIEST Catholic Christians who work closely with priests know tha...
Post a Comment
Read more
ABDUCTED SENATOR ATTRACTS SOLIDARITY of BAMENDA ARCHBISHOP The Office of the Archbishop in the Archdiocese of Bamenda has published a communique requesting for the release of Senator Regina Mundi, one of Cameroon's Senators wallowing in captivity after she was kidnapped April 30th, 2022. The communique dated May 10, 2022 carries the insignia and signatory of the Archbishop of Bamenda, His Grace Andrew Nkea.    "I am sending out this open appeal to those who are keeping Mrs Regina Mundi to kindly show mercy on her and liberate her from captivity. To those who kidnapped her, Mrs Mundi is a senator but I am appealing to them to remember that, she is also many other things than being a senator" The letter notes The communique goes ahead to note the reputations of the kidnapped official; she is a mother and grandmother, an ex student of the Catholic school -Queen of the Rosary College Okoyong, a devout Christian of the Presbyterian Church and an advocate for rural women. The p...
Post a Comment
Read more
Rapid ID Card Production with 500 Establishment Posts to take effect in Cameroon  By Mildred Ndum Wung Kum  The new process of producing a National Identity Card in Cameroon shall be instant, just like the production of passports which is a forty eight hour procedure.  Five hundred more production posts shall be created throughout the country for facilitation. These reforms in the production of National Identity Cards that would go operational, was announced by the Delegate General for National Security - Martin Mbarga Nguele, at the Second Biannual Governor's Conference that took place from 12th to 13th December, 2022 in Yaounde, chaired by the Minister of Territorial Administration, Atanga Nji Paul. Martin Mbarga Nguele said the challenges currently encountered in the production of IDs is partially caused by constraints inherent in the payment of debt with Thales, the Identify Card service provider which hinders the acceleration of the CNI reform process.  The Secu...
Post a Comment
Read more