Ntambeng Cooperative Credit Union, NTAMCCUL, is the best in the handling of affairs relating to poverty alleviation and grassroots empowerment.
This is the verdict passed by a jury of civil society actors, lawyers and reputable statesmen during an award night at the Hilton Hotel,Yaounde Cameroon last Thursday under the distinguished chairmanship of Minister Rene Emmanuel Sadi of communications. The award night is a brain child of Cameroon English Language Newspaper Publishers’ Association, CENPA, whose principal objective is to unite English language newspaper publishers within the national territory and contribute to nation building through peace reporting. The CENPA awards on 25th July was an opportunity for the association to commend the role of actors cum, statesmen on the one hand and institutions on the other for their drive towards concretising the living together ideology through provision of services befitting to the taste and desires of the Cameroonian people.
It emerged at the Hilton-CENPA conclave that NTAMBENG Cooperative Credit Union outpaced her colleagues by dint of her management style. She was crowned “Poverty Alleviation & Grassroots Empowerment Champion” for “its uniqueness, consistency and matchless professionalism in alleviating poverty and empowering grassroots population”.
According to Barrister Akere Muna, president of jury, the team alongside Esther Omam, renowned civil society actor amongst others, employed a rigorous scrutiny before conferment of the awards on the latter. He told journalists the choice of the laureates met with the jury’s standards.
According to Ngah Khristian, CENPApresident, though CENPA is a young association her members are renowned and seasoned publishers with over a decade of experience and well grounded knowledge .The knowledge therefore influenced the shortlist of nominees prior to the announcement of the laureates.
What Next?
Reacting on the symbolism of the award to the credit union, the Board Chair Ndonwi Derrick Shu who received the recognition accompanied by NtamCCUL General Manager, Eveline Awah and branch heads and workers, explained that “the recognitions we are having are a booster to make us do more work. I think we also discovered the need to upgrade our services because having the opportunity to be recognised amongst award winners, and also in the category where we have competitors, we also admire others who were recognised in certain areas and I think that we can emulate. In a nutshell we are going to step up and to do more”.
Amongst the more to be done by NtamCCUL, Ndonwi Derrick told reporters that “We are digitalising Ntambeng Cooperative Credit Union and we have new products that actually depend on devitalisation. We have already started the program. We have paid for one of the most sophisticated software in financial management, and we think that by the end of the year, we will be digitalised and interconnected. And once that is done, I think that with the other services that we are putting in place, we will be the best”.
Justifying how NtamCCUL merits the award, the Board Chair of the credit union drew attention to the functional vision and mission of microfinance institutions which he thinks many have deviated from it, and rather operating like banks.
“For people to understand how Ntambeng Cooperative Credit Union is functioning based on the mission and vision upon which category one microfinance institutions were created. It was to serve the poor and rural masses who were more or less, the farmers, or small business owners. Most microfinance institutions have deviated from that and they become banks in cover. For Ntambeng, we try to bring back this vision on real by giving micro loans to farmers who may not necessarily have collaterals but they use their products as warrant which means we can actually support agricultural production and we can alleviate poverty through our services in micro lending”.
At the moment, Ndonwi Derrick disclosed that Ntambeng Cooperative Credit Union has the highest national coverage with the institution operating in the ten regions of the country. “We may not have the highest number of branches but we have a greater coverage”.
On August 3, 2024, the Batouri Branch is expected to be inaugurated.
Within Cameroonian microfinance space, the record-breaking NtamCCUL has distinguished itself with a risen membership from 7,000 to 26,000 between 2022 and 2024, growing a balance sheet from 1.1 billion to 4.5 billion. Over the past two years, the category 1 microfinance structure soared from six to fourteen branches; Ntambeng, Food Market Bamenda, Bonaberi-Douala, Mbopi-Douala, Limbe, Kumba, Simbock-Yaounde, Ebolowa, Batouri, Lom Pangar, Ngaoundere, Garoua, Yagoua and Bafoussam.
During an Annual General Meeting (AGM) that took place in Bamenda, earlier this year, members were presented with a comprehensive overview of the Union’s financial health, showcasing its growth and stability. The 56th AGM which brought together members, staff, and stakeholders from far and near featured insightful presentations highlighting NtamCCUL’s impressive financial performance, impactful community initiatives, and exciting plans for the future.
The AGM also provided a platform to discuss NtamCCUL’s ongoing commitment to social responsibility through various community development projects.
The NtamCCUL Board led by Ndonwi Derick was commended for its vision of growth and development, exceptional performance in 2023, dedication to empowering members and serving the community and also its sense of optimism and excitement for the future.
During the AGM, it was revealed that a total of 13,871 new members registered with NtamCCUL representing a 97.4% growth and making Union the fastest growing in the country. Total membership grew from 14,237 to 28,108. NtamCCUL’s savings equally witnessed an increased from FCFA 1.59 billion in 2022 to FCFA 3.36 billion in 2023, witnessing a growth rate of 111%.
According to Ndonwi Derick, from a microfinance institution that needed liquidation to one that is the fastest growing, attests to the fact that “the motivation behind the expansion and extension of NtamCCUL branches across the country is because of their veritable partners in the execution of agro-financing projects”.
With a whopping balance sheet of over FCFA 4.028 billion with a probability to rise further in 2024 considering the signing of other partnerships with other organizations, Ndonwi said the future of the Ntambeng Cooperative Credit Union bright and promising.
“Our objective is to design goals and follow the goals. I keep reminding ourselves that credit unions were not limited to save regularly, borrow wisely and repay promptly. Most credit unions operated under this notion where they raised income through the issuance of loans but I have introduced in credit unionism, alternative sources of income. This has added up to the normal routine that credit unions follow for the benefit of members,” Ndonwi Derick said. He revealed that NtamCCUL is paying an interest rate of 3.5%, up from 3% last year and below their expected 7%.
While regretting that they could not pay up to 7% because the Credit Union almost folded up some few years back and needed external servicing from sister credit unions, he said NtamCCUL is on the track of working to improve the lives of its members through a better interest on their shares/savings.
To accelerate the work of the various branches, three Toyota Yaris were handed to the Limbe, Melong and Yaounde branches. Branches that did exceptionally well in 2023 were compensated and recognized. Founding fathers of the Credit Union were equally applauded for bringing forth such a wonderful idea that is thriving.
In 2024, the microfinance institution envisages to complete the computerization of its transactions by linking all branches through the software known as Teksol. The Union also plans to increase its balance sheet by at least 40 percent, intensify recovery, and reduce external debts to zero amongst others.
NtamCCUL is currently executing projects with six governmental and non-governmental organizations seeking to create an impact in the agricultural sector in Cameroon. On August 5, 2023, NtamCCUL was honoured by The Voice with a “Resilience & Grassroots Supporter Award” for its flexibility and for being the number one grassroots supporter in poverty alleviation. Ndonwi Derick equally was distinguished with a “Trailblazing Credit Union BoD President of the Year Award” for raising the Ntambeng Cooperative Credit Union from grass to grace and transforming the Union into a prestigious and fast-growing microfinance institution in Cameroon.
