The Sacred Heart Ex-students’ Association Cooperative Credit Union, ShesaCCU, is already reaping from the fruits it sowed less than four years with its opening.
In this last two years, it has been recognized by admirers for the feat it attained in breaking even within three years of operation.
But the 25th July coronation by some 37 publishers as the “Fastest-Growing and Innovative Microfinance Institution” was an indication that it was already carving a niche for itself in its area of operation by beatings records to attain profitability.
The award ceremony was organised by the Cameroon English Language Publishers Association, CENPA, at the cozy Yaounde Hilton Hotel.
The award was received on behalf of ShesaCCU by the indefatigable President of the Board of Directors, Mboh Patrice Lumumba, who led a high-powered delegation comprising the General Manager, Julius Abueh Agha Ngeondoh, and a supervisory board member, Nangu James.
They were accompanied in lifting the trophy bestowed on them by a no-nonsense jury headed by the renowned Barrister Akere Muna by Minister Felix Mbayu who as an ex-student of Sacred Heart Mankon is also a shareholder of the credit union.
According to the Jury, ShesaCCU, one of the youngest cooperative credit unions in the country, was distinguished as the fastest-growing microfinance institution in the country for its clean records and balance sheet and the feat of breaking even in just three years of existence.
It was an event full of celebration, not just for hard work but the attainment of uncommon heights for the ShesaCCU team.
While expressing delight following the recognition, ShesaCCU’s President of Board of Directors, Lumumba, said: “This award speaks a thousand words to us; Fastest-Growing Microfinance of Category I”.
The elated Lumumba reiterated that: “You know it is not easy to take a Category I microfinance institution off the ground”, specifying that “even when you do, life span and durability are not always a guarantee”.
ShesaCCU has carved a niche for itself as a rising force in the world of microfinance and poverty alleviation and beating records to attain profitability, just within three years of its operation.
In addition, as from December 2023, it was already operating a second branch in Douala as a concrete testimony of that growth.
Encouraged by a positive balance sheet in 2023, the ShesaCCU Board resolved at the 2023 AGM that held on 16 March 2024 to pay 2.5 percent on members’ savings with effect from 2024.
The credible financial institution has also respected most of the prudential norms outlined by the Central African Banking Commission, COBAC.
Founded in line with the guiding principles of the prestigious Sacred Heart College Bamenda, ShesaCCU holds dear the principles of integrity, entrepreneurship, solidarity and the promotion of excellence in all aspects of life. It is on this premise that its management and members alike have been working on innovative principles and styles that have resulted in the provision of outstanding and matchless services to the public and its ever-increasing membership.
The services of ShesaCCU are: national and international money transfer services, payment of bills, bank standing orders, granting of loans for businesses, real estate agriculture and other purposes, payment of salaries for civil servants and private sector workers, special withdrawal slips, shares accounts, saving accounts, group accounts, minors’ accounts, deposit accounts and daily collection among others.
With membership open to members of the public, those who join ShesaCCU enjoy multiple benefits. Among the benefits are; guaranteed security, access to loans at lowest interest rates, free financial counseling and possibility of carrying out savings from any part and do withdrawals using special slips. ShesaCCU members are automatic shareholders of the microfinance institution.
