Economy

Azire Credit Union Praised For Best Practices

 By Chris Mbunwe

The Board of Directors of Azire Cooperative Credit  Union Limited, AziCCUL, has been praised for maintaining its position as the leading union based on her financial strength within the Category I Microfinance sector in Cameroon. This was done publicly at the recent 52nd Annual General Meeting held at the multipurpose hall of the Presbyterian Church Ntamulong in Bamenda. From government officials and Rennacenc Cooperative Credit Union in Cameroon, RECCUCAM, were all praises as far as growth and best practices are concerned.  In a keynote address, the President of the Board of Directors, Barrister Divine Nde Momuluh, highlighted that the Union, in 2020 – the year under review – witnessed tremendous growth in the following; liquidity situation, membership, ordinary shares, savings and deposits. As concerns outstanding loans and delinquency, Barrister Momuluh said the total outstanding loans with members as of December 31, 2020, increased to FCFA 19 billion compared to 18 billion last year, an increase of 508 representing an increase of only 3 percent as compared to 8.55 percent last year. “It is worth noting that, though the portfolio of loan increased during the year, the patronage remains low, representing a possible danger, because the loans are concentrated in the hands of few members whose defaulting to repay will reflect a high delinquency rate and hence, a set back to the collection of supposed loan interest and capital.

“We strongly encourage the contracting of smaller loans by the huge number of members who hadn’t loan balances as of December 31 2020,” Momuluh stated.          

All the branches in the country were also praised for teamwork and commitment. He said CamCCUL continues to respect the reimbursement schedule of the uncontested funds owed to AziCCUL. As of December 31, the balance of the uncontested amount stood at FCFA 1.179,847,452 down from 2,169,847,452 while the contested amount is 1,216,278, 919.

“As earlier resolved, we shall continue to observe CamCCUL’s respect and good faith in the reimbursement of the said uncontested amount,” Mumoluh said.

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