Wednesday, February 11, 2015

Administration Hail BAPCCUL for Economic growth

The Assistant Divisional officer for Bamanda II Njobinka Yenika Daniel D.O for Bamenda II  who represented the administration at Bamenda Police Cooperative union  has given  kudos to BAPCCUL  administration for the rapid and stable expansion of the Credit Union.
He made the appraisal at as  Presbyterian Church ( PCC)  Ntamulung multipurpose during Bapccul  41st AGM on Saturday January 24. Commenting on the strength of the Union, the first assistant DO attributed the success story  of the union to the dynamism and forethought of , the unrelenting Shey Musa Nfor whose  managerial zeal  and experience in Credit Union business is worth emulating by others.

He observed that it was due the president general’s transparency, accountability  and probity that BAPCCUL now counts over 28882 members . He however frowned  at  the  loan  delinquency  rate which stood at  over 12% ochrestrated by some uncultured  members.

He said it was not encouraging and blamed those members for not respecting the norms of “saving regularly, borrowing wisely and repaying promptly”. He entreated the delinquent members to repay their loans as fast as possible if they want the credit union to remain on top as the best in the country.

Paradoxically, it was remarked that the same delinquent members were those blackmailing BAPCCUL management because they are called upon to repay loans Addressing members at the AGM, the present general Shey Nfor Musa said Bapccul was hire the services of  Police and  Private Security  for use in their various their offices  to reinforce security of members money.

Giving the appalling rate of loan delinquency, the president announced that the credit union was going to intensify Loan Recovery drive to ensure the Growth and Stability of the union. In the report of BAPCCUL board of directors, the union president, Musa SheyNfor, who considered the unremitting attacks of credit union offices in the Northwest and beyond, said they will improve security with the continuation of hiring armed policemen services in the various offices and train BAPCCUL security through private security company for all the BAPCCUL branch offices to guarantee financial solidity, sustainability, growth of the union in conformity with COBAC  norms.

He went further promising to  improve  on members education and  productive transformation of some collateral through private public partnership. On the BAPCCUL 2014 report, members were told that the union was rated as the most stable, dynamic and fastest growing union in Cameroon with more members registered in the single year (2014) more than the total number of members registered in all its first 27 years of existence, more shares/savings mobilized in one year than all the first 32 years put together, more income generated in one year than all the first 30 years put together,more interest to be paid on members’ savings than the total interest paid to members for the first 34 years.

That notwithstanding BAPCCUL was awarded a certificate of recognition following its coming out as the best credit union in members mobilization during the international Credit Union Day in Bafoussam on October 18 2014.” He equally stressed that BAPCCUL retained its position as the credit union with the highest rural membership, highest number of branches operating on Sunday.While the external auditors’ report of BAPCCUL indicated that financial transaction was satisfactory with all accounts balanced, they exhausted delinquent members to make the situation good by paying back the loans they took to enable other members take. The  union’s  budget of for 2015 stands at FCA 10 342 842 600 against 10. 912. 328.815 of last year.

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