Tuesday, June 15, 2010

CAMCCUL takes stock of its past activities

By Chifu Edward - The Cameroon Credit Union League CAMCUUL, nerve centre of Cameroon’s Cooperative Credit Unions, recently took stock of its activities to chart a new way forward as a crusader and vanguard for the fight against rural poverty in rural and urban areas. This could be summarized as the assessment of CAMCCUL activities for 2010.

Past and projection
Delegates and other partners met in an Annual General Assembly meeting that took place in Bamenda recently to take stock of past activities and make projection for the future. The 42nd AGM of CAMCCUL brought together delegates from the 10 Regions under one roof.

Travel to Bamenda
The VIPs that took the pains to travel to Bamenda to be part of the 2010 AGM were the South Korean Consul to Cameroon, the Representative of the Vice Prime Minister, Minister of Agriculture and Rural Development, the Representative of the Minister of Finance and many other partner structures.

Addressing CAMCCUL delegates during that AGM South Korean Consul said he was very impressed that as a people-based micro-finance institution, CAMCCUL is leaving no stone unturned in the fight against poverty. The Consul exhorted CAMCCUL President, BOD members as well as staff for the marvellous contribution in the fight against poverty but said as a people-based micro-finance institution it can do more by investing in the domain of agriculture, health and communication.

Success story
CAMCUL network it should be noted is a reference in the CEMAC zone and has been working with the Cameroon Government to implement some of its programmes designed for farmers. According to CAMCCUL President Mr. Shey Nfor Musa, at 46 years old today CAMCCUL has come a long way and needs many innovations to keep pace with its expansions. This success story, he said, has been registered thanks to partners like the Ministry of Agriculture and Rural Development, the Ministry of Finance, MTN Cameroon.

Strict control system
He said savings by members also witnessed marked increase from FCFA 12.934.106.672 in 2008 to FCFA 14.902.873.624 in 2009. But of the FCFA 1.2 Billion owed by the defunct Credit Agricole nothing has been paid to CAMCCUL. Amongst the many resolutions taken during deliberations were the restructuring of CAMCCUL network, the instituting of a strict control system within CAMCCUL, the fair representation in the Board of Directors, etc.

Reduce cost
It was also resolved that the names of delinquent members should be published in order to reduce cost and time in recovering Credit Union debts in court. The Bamenda AGM also empowered the BOD of CAMCCUL to apply to the Ministry of Justice to provide a microfinance code of ethics. CAMCCUL network which has a membership of 203 credit unions in Cameroon has a steady annual growth rate of 2.9% up from 12.9 billion FCFA in 2008 to 14.9 billion FCFA in 2009.

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