CAMCCUL Sails Through Turbulence

The Cameroon Co-operative Credit Union League, an umbrella network that groups affiliated co-operative credit unions and the largest Micro Finance Institution in Cameroon and the CEMAC sub-region is waxing very strong. The network is very much afloat and is bent on fulfilling its mission of offering efficient microfinance services for the growth and economic development of its members, in spite of some turbulent period that has nearly knocked CAMCCUL off its feet. The management of CAMCCUL under the dynamic and proactive leadership of Shey Musa Nfor has been able to tame the raging tides, thus circumventing and navigating through mounted obstacles to successfully pilot the ship of CAMCCUL to safer shores. The 44^th Annual General Meeting of CAMCCUL that held in AZAM Hotel Bamenda on June 30, 2012 marked a serious turning point in the life of CAMCCUL as far reaching resolutions were arrived at. These resolutions are aimed at reforming the functionality of CAMCCUL in a bid to fully prepare the network against prevailing difficult economic circumstances.  Just like gold that can only shine after being properly refined through a burning furnace, so too is CAMCCUL that has come out of its turbulence stronger than before.

CAMCCUL’s Humble Beginnings

It is on records that the credit union idea that is today flourishing in Cameroon was introduced as far back as 1963 in Njinikom, Boyo Division of the North West Region. It was introduced by a Roman Catholic Priest, Rev Father Anthony Jansen when he enrolled 16 members that had a total savings of FCFA 2.100. From these humble beginnings, the idea of the credit union spread like wild fire in the North West and South West Regions of Cameroon. By 1968 there were already 34 credit unions existing in the North West and South West Regions. These credit unions decided to come together to form the Cameroon Co-operative Credit Union League, CAMCCUL, that was registered on June 8, 1968. With the coming into force of Law No. 92/006 of 14^th August 1992 re-organising the cooperative sector in Cameroon, CAMCCUL re-registered its affiliation under the Co-operative law on February 10, 1994. CAMCCUL has also been registered by the Banking Commission of Central Africa, COBAC and today CAMCCUL has 208 affiliated credit unions in the ten regions of Cameroon.

CAMCCUL’s Unbeaten Billboard

It is gradually becoming a truism that success breads jealousy and invites envy. The CAMCCUL network had humble beginnings but is grip in the microfinance sector in the CEMAC sub-region speaks volumes. This success story has come to attract predators and enemies of progress to embark on unorthodox methods to kill the dream of most Cameroonians. There is no gainsaying that CAMCCUL has close to 1.5 million members whose livelihoods depend largely on CAMCCUL. The ability of CAMCCUL to efficiently execute projects and craft reforms that have greatly improved the social and economic development of its members had not met with equal appreciation from some of its detractors. It is no longer news that CAMCCUL has been upbeat about improving its services on a daily basis and has equally executed projects in partnership with international organizations that have raised the standards of livings of its members.

During the celebrations marking CAMCCULs 40^th Anniversary in Bamenda, the then Vice Prime Minister, Minister of Agriculture and Rural Development, Jean Kuete who was in attendance showered praises on CAMCCUL for distinguishing itself as the leading microfinance institution that has succeeded in the fight against poverty in Cameroon. Jean Kuete congratulated CAMCCUL for judiciously managing the FIMAC loan scheme that greatly improved on the agricultural output of Cameroonian farmers.

CAMCCUL’s credibility in managing projects and securing the savings of its members is attracting other partners. The Agriculture Finance Support Facility (Agrifin) which is a US-based World Bank program is co-funding a 2 million dollars project of CAMCCUL that seeks to improve on the agribusiness of its members, train staff and board members of CAMCCUL, establish and update agricultural lending documentation and create a system for client satisfaction evaluation amongst others.

The Abakar Ahamat Deadly Blow

Against popular expectation, the then North West Governor Abakar Ahamat issued a radio communiqué on February 3, 2012 banning CAMCCUL and its affiliate from organizing their general AGMs. The communiqué came on the eve of the AGM of BAPCCUL, where the President of CAMCCUL, Shey Nfor Musa doubles as president. The governor’s move was devastating to BAPCCUL as members had travelled from far and near for the meeting and all logistics including food and drinks had been prepared. Panic gripped members and most of them wanted to rush to their various credit unions to withdraw their savings. However, the proactive President of CAMCCUL and BAPCCUL, Shey Nfor Musa shuttled between members and calmed them down. He immediately took measures that resulted in a happy end as the supervisory ministries rushed in to salvage the situation and restore confidence in the minds of members. In spite of the calm, some detractors who were backing the governor and wanted to use him to achieve their selfish aims of destabilizing the credit union network and thus go scot free with their debts decided to change tactics. Their next aim after their waterloo with the governor was to destabilize any CAMCCUL meeting that could take far reaching resolutions that could sanction them. Here equally they met with failure as CAMCCUL sailed through the turbulence.

The Landmark AGM Of June 30

On June 30, 2012 CAMCCUL held its 44^th Annual General Assembly at AZAM Hotel Bamenda. It was a turning point in the life of CAMCCUL as board members arrived at resolutions that are aimed at putting CAMCCUL on the right rails. Amongst many other things the board members decided to meet with other shareholders of Union Bank of Cameroon in a bid to discuss ways of safeguarding its investment as OCEANIC Bank is moving out from the capital of UBC. The board also decided to abide to the COBAC redressment plan. Board members delegated the management to follow up and implement the corrective measures arrived at by COBAC. It was equally decided that all amendments to the articles of association will follow the Model Bye laws concluded on December 3, 2011 in Buea during the extraordinary meeting of CAMCCUL. Thus the decision arrived at on December 3, 2011 were declared binding and enforceable to the entire CAMCCUL network in a non retrospective manner. CAMCCUL management was tasked by the board to compile the ADR policy and transmit to the credit unions for implementation while at the same time liaising with other microfinance stakeholders to lobby government to adopt a special tax code for the sector.

Other far reaching resolutions included the reduction of Risk Management Premium by 20% with effect as from July 1, 2012 and increased the number of beneficiaries to 10 and the reduction of League dues by 30% over a period of three years taking 2011 as the base year. Also CAMCCUL was asked by board members to deduct from fixed deposits of credit unions that are still to pay their shares.

CAMCCUL Envisages Sanctions

During the 44^th board meeting, CAMCCUL decided to create a Think tank Committee answerable to the Board of Directors to cater for the reorganization and restructuring of CAMCCUL as well as reviewing issues of governance compliance, operations, supervision and discipline. It was in this line that the board tasked the CAMCCUL field inspectors to always present a report of their interventions to the Board of Directors of any credit Union in which they have carried out audit exercises instead of just filing their comments in the Visitor’s Book.

While calling on credit unions to as a matter of solidarity assist in reviving the Njinikom Cooperative Credit Union which is the pioneer credit union from collapse, the board members vehemently condemned cats of blackmail, sabotage and the divulging to the public of Network sensitive information by some credit union officials. Severe sanctions were promised promoters of such unscrupulous acts.