By Chris Mbunwe
This is the content of a speech delivered at the 38th Annual General meeting of CAMCCUL that held at the Bamenda Congress Hall, Saturday, April 21.Addressing government officials from the Ministry of Finance and delegates from credit unions nationwide, Shey Nfor appreciated all government efforts in promoting the activities of the credit union league.
<img alt="Gov1_koumpa__standing_and_camccul_presid_2" title="Gov1_koumpa__standing_and_camccul_presid_2" src="http://jimbicentral.typepad.com/photos/uncategorized/gov1_koumpa__standing_and_camccul_presid_2.jpg" border="0" />
However, he regretted that problems have impeded CAMCCUL's ability to play its role of a strong, bilingual, devoted and committed poverty alleviator.
"The over FCFA 4 billion caught in the 1990s collapse of BMBC out of which more than FCFA 900,000,000 million was completely lost during government regularisation by the way of State Bonds, "The over FCFA 1.2 billion lost in the 1990s collapse of CAC, which though officially acknowledged, is still unpaid. This is causing untold hardship to Cameroonians," Musa said.
He equally regretted that CAMCCUL has not received any favourable consideration in the distribution of HIPC funds even though it is the leader in the micro-finance sector in Cameroon. These not withstanding, Musa said CAMCCUL is more than ever before working hard to bring its sizable contribution to the attainment of the completion point, especially by complying with COBAC regulations and norms.
He stated further that the position CAMCCUL network has so far attained is a treasure, which necessitates the preservation of CAMCCUL standards, calling for constant revision of its byelaws to incorporate those concepts that meet the changing times.
According to Musa, the CAMCCUL is the biggest single micro-finance network both in Cameroon and in the CEMAC Zone.
"In Cameroon, it accounts for more than 70 percent of the Sector and more than 35 percent in the CEMAC zone. Today, it counts over 191 affiliated cooperative credit unions in the 10 provinces of Cameroon with a membership of over 205,000 members employing from multiplier effect angle of consideration, over 2,680 Cameroonians."
Taking the cue, Northwest Governor Koumpa Issa praised CAMCCUL for improving the standard of living of it members. He promised to channel the problems to hierarchy. He also called on CAMCCUL to continue sustaining economic development.
"The impact of your movement in the mobilisation of capital, poverty alleviation, economic development and improving living standards of your members cannot be over emphasised. Your movement currently serves as a life wire for members and the entire population." Said Koumpa.
He requested the union to open up to women as far as elections into top most posts are concerned. Considering the confidence customers have in credit unions, the Governor exhorted them to protect customers' savings from thieves as well as fight loan delinquency.
This is the content of a speech delivered at the 38th Annual General meeting of CAMCCUL that held at the Bamenda Congress Hall, Saturday, April 21.Addressing government officials from the Ministry of Finance and delegates from credit unions nationwide, Shey Nfor appreciated all government efforts in promoting the activities of the credit union league.
However, he regretted that problems have impeded CAMCCUL's ability to play its role of a strong, bilingual, devoted and committed poverty alleviator.
"The over FCFA 4 billion caught in the 1990s collapse of BMBC out of which more than FCFA 900,000,000 million was completely lost during government regularisation by the way of State Bonds, "The over FCFA 1.2 billion lost in the 1990s collapse of CAC, which though officially acknowledged, is still unpaid. This is causing untold hardship to Cameroonians," Musa said.
He equally regretted that CAMCCUL has not received any favourable consideration in the distribution of HIPC funds even though it is the leader in the micro-finance sector in Cameroon. These not withstanding, Musa said CAMCCUL is more than ever before working hard to bring its sizable contribution to the attainment of the completion point, especially by complying with COBAC regulations and norms.
He stated further that the position CAMCCUL network has so far attained is a treasure, which necessitates the preservation of CAMCCUL standards, calling for constant revision of its byelaws to incorporate those concepts that meet the changing times.
According to Musa, the CAMCCUL is the biggest single micro-finance network both in Cameroon and in the CEMAC Zone. "In Cameroon, it accounts for more than 70 percent of the Sector and more than 35 percent in the CEMAC zone.
Today, it counts over 191 affiliated cooperative credit unions in the 10 provinces of Cameroon with a membership of over 205,000 members employing from multiplier effect angle of consideration, over 2,680 Cameroonians."
Taking the cue, Northwest Governor Koumpa Issa praised CAMCCUL for improving the standard of living of it members. He promised to channel the problems to hierarchy. He also called on CAMCCUL to continue sustaining economic development.
"The impact of your movement in the mobilisation of capital, poverty alleviation, economic development and improving living standards of your members cannot be over emphasised. Your movement currently serves as a life wire for members and the entire population." Said Koumpa.
He requested the union to open up to women as far as elections into top most posts are concerned.Considering the confidence customers have in credit unions, the Governor exhorted them to protect customers' savings from thieves as well as fight loan delinquency.
Cogratulations mr. Musa. You are doing an incredible job. Keeep up the good work.
Posted by: Ivo Ngala | Friday, 28 April 2006 at 07:38 PM
Anothe piece of shoddy journalism on The Post. How can you write a whole article about CAMCUL or whatever without ever explaining what this means? Is it a bank, a pressure group and NGO a public corporation. This is becoming quite alarming!
Posted by: Aloga | Friday, 28 April 2006 at 09:14 PM
Can somebody tell me how this amount of money FCFA 900,000,000 million, can disappear in a blue. Did I even see the figures clearly? Let me write it out for comprehensibility. it should be something like FCFA 900,000,000,000,000. Somebody help me. I can't pronounce it.
Posted by: samleyin | Monday, 01 May 2006 at 10:04 AM
The Acronym is Cameroon Credit Union Limited. Its probably the only reliable financial institution in the country, as far as I am concern. Some of the money the Cameroon government owes were loans. Some of it was money too old to circulate and was returned to the central bank or that empty house sitting in Yaounde and occupied by Mamalopot and other fools. The money was to be burnt and replaced with new currency. You know the rest of the story. The Old currency went and the new one never surfaced. Its Cameroon folks.
Posted by: Che Sunday (Dr.) | Wednesday, 03 May 2006 at 03:58 PM