CAMEROON INFOTREND

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.