Due To Social Unrest Credit Unions Witnessed More Withdrawals Than Saving

                              Shey Ngando Ndzewiyi Peter, President T-CCUL

The ongoing social unrest that cuts across the two English speaking Regions since October 2016 has been blamed for the slow down of activities within the Credit Unions in the two Regions.  The social unrest which was orchestrated by the Common Law Lawyers and Anglophone Teachers and has been taken over by the population is believed to have raised its ugly head following unattended tangible quest for concrete reforms in some of the policies of the country especially in judiciary and English Sub-System of Education.

At the annual General meeting of the Tikar Cooperative Credit Union Limited T-CCUL, accredited to the under the giant umbrella organization CamCCUL network, it was observed that because of the ongoing civil unrest the Union witnessed unusual heavy withdrawals which affected the institution with a drastic down trend on savings and repayment of loans. Despite the unfortunate incidence, the Union witnessed a 5% growth in membership in 2016 raising its total membership to over 8000 in just nine years of existence. The President, Shey Ngando Peter Ndzewiyi, called on members to preach the gospel of T-CCUL and each time bring along a new member and also make sure that members’ shares of FCFA 45000 are completed willfully to fortify the Union’s equity or else the management shall implement the resolution of the last AGM for updates from members’ savings. Total shares of the Union moved from FCFA 55.146.876 in 2015 to FCFA 62.939.694 in 2016.

CamCCUL official told members that in spite the adverse effect of the ongoing social unrest, members did not witness any liquidity problem because of the cover the Credit Union as an affiliate to the umbrella organization. Talking about delinquency challenge faced by almost all the credit unions, it was observed that government unpaid contracts is delaying members from servicing contract loans thereby creating a big gab. Members were encouraged to repay their loans on time to enable the smooth functioning of the Union. Cashiers should equally make sure that they collect first the interest on loans and members’ shares should be complete. Members with complete shares of FCFA 45000 as rated by T-CCUL enjoy loan insurance from CamCCUL and in case of death members with less than a FCFA 1000000 shares the amount would be doubled by CamCCUL and the family would have a share of amount as defined by the credit union.

Members were reminded of the credit union creed of being a credible Credit Union member thus: That member must have paid in full shares, save at least 12 times a year, attend all AGMs and EGMs. Member must know that General assembly is the apex organ and must have a bi-law and loan policy and should participate on Credit Union Days in Uniform.