The Ntarinkon Cooperative Credit union Limited, NtaCCuL, has again won the award for the best microfinance institution in Cameroon.
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Widely celebrated as the fastest growing and best customer-serving microfinance institution in Cameroon, NtaACCUL last Saturday was declared the winner of the 2021 Guardian Post Best and Most Trusted Microfinance Institution award. .
Speaking at the 19th edition of the Guardian Post Achievement Award ceremony, which took place at the Talotel hotel, in Bafoussam, the secretary of the jury for the award, Ri-chard Nde Lajong, who is also an editor/editor chief of the Herald Tribune, said: “NtaCCUL has been voted overwhelmingly by readers of The Guardian Post for drastically reducing interest on loans and increasing interest on savings by 6% with the aim of combating poverty and improving the well-being of members”.
Those who elected NtaACCUL as the best microfinance institution in Cameroon, he said, “were unanimous that the services offered by NtaACCUL could only be compared to those offered by the main commercial banks in Cameroon. . In my opinion, there is no exaggeration in what they said. The possible incredulous who doubt can visit any branch of the NtaACCUL to corroborate their assertion…”. Thousands of voters, Nde La-jong said, added: “They said they not only had great faith in the Ntarinkon Cooperative Credit Union, but they could sleep with their eyes closed with their savings hard won in NtaCCUL.
According to Chifu Philip, a member of NtaCCUL based in Yaoundé: “I prefer to save my money at NtaCCUL because they offer several services which are even lacking in some commercial banks in Cameroon. For example, at NtaCCUL, I can now withdraw money easily and at any time of the day thanks to the ATM system that was introduced by the management. Secondly, I feel safe to save my money with NtaACCUL due to their presence in almost all major cities in Cameroon…”
According to Cheng Rosette, a member of NtaCCUL in Douala, “their services are second to none. As a businesswoman, I particularly appreciate their flexibility in providing loans to members at near interest-free rates. I started my store of provisions with the sum of 200,000 FCFA but today, my capital is estimated at no less than five million FCFA. I owe the rapid growth of my business to NtaCCUL…”
For his part, Nfor Julius, an entrepreneur based in Buea, told us that he now makes payments and purchases easily, thanks to the introduction of checkbooks by NtaCCUL, of which he is a member. According to Mr. Nfor Julius, “We, the lucky members of NtaACCUL, no longer run the risk of moving with physical money. Management has greatly simplified and modernized transactions at NtaCCUL.”
In addition to having won several other media awards for providing unparalleled services to its members, NtaACCUL, it should be remembered, is the very first microfinance institution in Cameroon to provide ATM services in its branches at the national scale. Speaking to reporters in Bafoussam, after receiving the NtaCCUL award, Chairman of the Board, Fru Isaac Taku and its revered Managing Director, AdeMuma Divine, both thanked the jury members of the Guardian Post Achievement Award , and those who voted for the first microfinance institution. NtaACCUL Board Chairman, Fru Isaac said, “At NtaACCUL, improving the well-being of our members and financially empowering them to boost their economic activities are among our top priorities. It is for this reason that the Board has decided to drastically reduce the interest on loans and to increase the interest on savings by 6%. No microfinance institution in the entire CEMAC sub-region offers such interest…”.
ATTRACTIVE OFFERS, INNOVATIONS
It is worth recalling that it was during its 35th Annual General Assembly held in Bamenda, on January 23, 2022, that the Council unveiled attractive offers and innovations aimed at better serving members and future members.
The credit union announced a big step forward in going fully digital and embracing financial transactions via mobile phones. Among the flagship projects highlighted during the AGM for 2022 were the digital shift, the creation of new branches in Limbé in the South-West region, Ngaoundéré in the Adamaoua region, Mendong in Yaoundé and the purchase of land for the construction of the NtaCCUL agency in Bertoua.
According to the Managing Director of NtaCCUL, Ade Divine Muma, the fund is embarking on a digital transformation to make its services accessible to all members, regardless of their geographical location.
“The first step we have taken this year is to empower and build staff capacity. We are going digital and introducing digital products. There is a need for workforce development and training,” he said. “We are taking Ntarinkon Credit Union to the next level. We are committed to digital transformation. So, in the coming days, members will be able to transact via mobile phone, which is one of the key aspects that young people are calling for,” added Ade Divine. With NtaACCUL’s digital project, members will not necessarily have to visit one of their branches before carrying out any financial transaction. We understood that unlike what was done before, members can save, withdraw and carry out any financial transaction with the caisse, simply by using their mobile phone from their comfort zone. With this huge development, NtaACCUL becomes the first and only microfinance institution in Cameroon to have gone completely digital.
THE DIGITAL TRANSFORMATION ALREADY UNDERWAY
Also speaking on the digitalization of NtaCCUL’s services, Chairman of the Board, Fru Isaac Taku, said that the digital transformation within NtaCCUL started with the diversification of the credit union’s products with the aim of make it a one-stop-shop for members’ financial services. service needs.
“In addition to traditional savings, mobilization and credit granting activities, the fund has embarked on the acquisition of certain digital products as well as automatic teller machines,” he said.
“Today, making NtaACCUL a one-stop-shop for members’ financial needs requires a digital shift that will enable the union to provide cutting-edge financial services to members…” he added.
EXISTING DIGITAL PRODUCTS
Meanwhile, NtaACCUL already has existing digital services such as Western Union, World Remit, Ria, MTN MoMo, Orange Money and Visa card operations.
“While there has been a surge in the use and production of these digital products, a digital shift is needed. The credit union has embarked on digital transformation to make this service accessible to all members regardless of their geographic location,” said Fru Isaac. He added that this digital shift involves broadening the product base to provide a foundation upon which modern financial services can be built.
“This foundation is nothing but solid, high-performance and reliable basic banking software that facilitates operations, secures data and can anchor not only current digital financial services, but also future services,” noted Fr Isaac.