the total balance sheet of the Mufid Union has increased by 30% in 2 years

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“Together we create wealth” it is under this slogan that opened on October 29, 2022 at the Yaoundé Convention Center, the ordinary general meeting of the Union Union des Mutuelles Financières de Développement (Mufid Union), the umbrella body of the network of Mufid, cooperatives financial institutions operating in Cameroon. This Assembly brought together more than 300 delegates from a hundred Mufid established in the ten Regions of Cameroon. Also taking part in this meeting were the respective representatives of the Minister of Finance, the Minister of Agriculture and Rural Development, Mufid Union partners, including GIZ/ProFinA and the DGRV (Confederation of German Cooperatives and Raiffeisen Banks) and the representative of the National Confederation of Cotton Producers of Cameroon (CNPC-C).

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During this general assembly, which was chaired by Mr. Ally Ibrahilm, Chairman of the Board of Directors, with Dr. Justin Bomda, General Manager of Mufid Union, as rapporteur, the delegates examined the actions carried out since the creation of the Mufid network. on October 30, 2019, the Network’s financial statements and combined accounts as of 12/31/2021 (which they adopted), discussed the Network’s strategic areas of development, and renewed the bodies.

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The Network has 93 MUFIDs with 117 service points distributed in the 10 Regions of Cameroon. As of June 30, 2022, this network had 282,890 cooperators (i.e. a growth rate of 19.0% compared to the end of 2019) and reached more than one million people through groups and associations, net equity of 12.1 billion FCFA (i.e. a growth rate of 18.5% compared to the end of 2019) and a balance sheet total of 76.6 billion FCFA (i.e. a growth rate of 28.7% compared to the end of 2019). Since the creation of the first MUFID in 1992, the Network has granted more than 350 billion FCFA, including nearly 25% to agro-pastoral sectors.

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On the strategic axes of development of the network, the Managing Director of Mufid Union, exposed on the current deployment of the new corebanking, the interconnection and the digitalization of the products and services of the MUFID, the various projects in the fields of the promotion of the agricultural financing and insurance, the project to create the Network’s training and research center for which a site is being acquired in Bafoussam, and the creation of a dispute settlement centre. He also placed emphasis on strengthening the Network’s permanent control and audit system currently being implemented with the technical support of the DGRV (specialized audit structure for Raiffeisen cooperative banks in Germany).

For the renewal of bodies, Professor Nkwi Paul and Ally Ibrahim respectively saw their mandates renewed as Chairman of the Honorary Board and Chairman of the Board of Directors. Ngatchou Gilles was elected Chairman of the Supervisory Board to replace Mr. Louis Handou.

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