By Tayu Innocent in Bamenda
Members of the Bamenda Police Cooperative Credit Union (BAPCCUL) recently had their 33rd Annual General Meeting, AGM. The meeting that took place in the Bayelle Catholic Hall, Bamenda brought together about 12.000 people including members and non-members. After a soul searching prayer led by one of the members, there was the reading and adoption of the 2005 AGM minutes.
The report of the Board of Director's of BAPCCUL was presented to the share-holders. In the report, the Board of Directors (BOD) immediately committed itself to executing the directives and resolutions of the 32 AGM. Their approach was in three forms: preservation of earlier achievements; Preparation for new achievements; and positioning for publishing a new banking culture.
Judging from all the reports and presentations during the annual general meeting, it could be deduced that BAPCCUL remains the second largest cooperative credit union in Cameroon with a stable and steady reputation. BAPCCUL is represented at the highest level in both CAMCCUL and ANEM-CAM.
In its international relations, BAPCCUL recieved a delegation from the Canadian International Development Agency (CIDA) and took part in the world micro credit summit grouping more than 2000 delegates from close to 120 countries. BAPCCUL also actively participated in a two week international seminar orgainised by the Isreali Foreign Ministry through the MASHAV Institute with FORCE-CAM.
In the domain of promotion and marketing, BAPCCUL made an impressive and massive presence at the 20th May Boulevard in Yaounde during the launching of the 2006 International Credit Union day. It is also during the 2006 financial year that the principle of a mediation committee adopted during the last AGM went operational. This committee adequately addressed the main issue against the one time manager and made substantial recoveries of loans. The BOD reiterated that mediation shall continue to be an important focus but shall not exclude court action against any one wanting to sabotage the effort of BAPCCUL'S founding fathers.
Examining the major growth indicators, 1490 new members joined the union in 2006 up from 1199 in 2005 representing a 24.3% net increase from last year. BAPCCUL'S book value of membership registration stands at 11,907 with 11,095 active members comprising 7,085 males, 3,418 females and 592 groups.
In the area of branch expansion, the Yaounde and camp Yabassi Mboppi-Douala offices were opened as resolved in the 2005 AGM. The Douala - Bonaberi office was upgraded to meet acceptable standards. Shares also increased to 254.9 million FCFA up from 120.7 million FCFA in 2005 showing a net increase of 134.2 million FCFA or 111.2% as against 25.5% in 2005. Savings witnessed a jump to 2.76 billion FCFA up from 2.32 billion FCFA in 2005, that is, a net increase of 444.94 million FCFA or 19.2%. Deposit balance for 2006 stood at 239.83 million FCFA down from 249.9 million FCFA in 2005. This drop is explained by the fact that members are having confidence in BAPCCUL and therefore prefer to save and benefit from interest instead saving money on deposits with no interest. Infering at the number of accounts that were closed, BAPCCUL had 78 accounts closed in 2006 down from 103 in 2005, that is, a decrease of 24.3% thus revealing an ever increasing public confidence in BAPCCUL. The income and expenditure statement revealed that a total income of 490.3 million FCFA was realised up from 405.7 million FCFA in 2005, indicating an increase of 84.6 million FCFA or 20.9%.
BAPCCUL'S 2007 draft budget was also presented, taking into consideration the Cameroon and CEMAC environmental peculiarities. The main highlight in the budget included amongst other things; an improved loan management aimed at stepping up loan monitoring, reporting and follow up, intensification of recoveries by maintaining considerable mediation and court presure if necessary, sale of land/property of some members, managing and controlling cost, increasing income especially in the domain of money transfer, civil servants salary payments etc., improvement of services and security in BAPCCUL'S offices, more promotion and marketing of BAPCCUL's services, cost effective capital investment, increased respect for members rights and opinion, observation and interest, and lastly more peaceful resolution of disputes.
Then came election of members into the various autonomous arms of the Union. Following these elections, the incumbent Mr Shey Musa Nfor and Mr Santeh Augustine were elected among others as board members, while Mme Fotivo Justine and Mme Yengeh Delphine were elected as supervisory committee presidents and women's committee member respectively. Finally, Mr Shey Musa Nfor and John Akomando were re-elected as President and vice-President respectively for the next 3-year term.
It should be observed that BAPCCUL stands taller than its peers of financial institutions given their modern services and products to members such as: money transfer, finance guarantee, special withdrawal cheques, trusteeship, school fees loans, christmas loans, njangi financing , agro-pastoral loans, productive credit, housing loans, business counselling, risk coverage, overdraft, FIMAC loans scheme, payment of salary to Cameroon's civil servants and private company employees, saving and deposit accounts.
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