Musa Shey Nfor re-elected CamCCUL president

Musa Shey Nfor has been re-elected President of the Cameroon Cooperative Credit Union League, CamCCUL.

He was re-elected recently during the 48th Ordinary elective General Assembly that held in Bafoussam.

The GA, which brought together executives of credit union chapters in Cameroon, was supervised by representatives from the Ministries of Finance, Agriculture, Livestock and the Economy.

In his welcome speech, the President of CamCCUL thanked Governor Agustine Fonka for accepting to preside at the occasion.

He reminded members that the key motive of their activities and analysis is to improve CamCCUL network, through innovative pathways for the reduction and elimination of poverty amongits members.

In an elaborate report, Musa Shey Nfor, talked about CamCCUL network investment in Union Bank of Cameroon, World Council of Credit Unions, African Confederations of Cooperative Savings and Credit Associations, among others.

He laudedthe efforts of MINEPAT, MINEPIA and MINADER for the projects they have been sponsoring and the pledge taken for the benefit of credit unions affiliated to CamCCUL.

The CamCCUL President pleaded with Government to put in place a special tax regulation to meet the needs of microfinance institutions.

He said, while discussions concerning disaffiliation and affiliation are on-going in the Ministry of Finance to determine the exact financial obligations and rights of all parties, “applications from other credit unions are pouring in for us to affiliate five credit unions and their applications were granted by the General Assembly.”

Three other preoccupations that surfaced were; attacks on credit unions, loan delinquency and organised insecurity, which he said, is carried out through blackmail. “This insecurity requires deterrent action in 2016.”

The CamCCUL President said the 2016 operational and capital budgets were drawn taking into consideration the five year Development Plan, the downward revision of the League dues, the need to increase and improve on staff manpower, improve and upgrade network security, celebrations of international and national days and resolutions previously adopted considered.

West Regional Governor, Augustine Fonka Awa, said for 48 years, CamCCUL and its affiliated Credit Unions have been contributing significantly to the socio-economic development of Cameroon.

“The impact of your movement in capital mobilisation, poverty alleviation and improvement of living standards of people in the West Region in particular, and Cameroon in general cannot be overemphasised.”

The Governor advised CamCCUL to be prudent in management decisions and protect its members’ savings from embezzlers and mismanagement.

Governor Fonka said Government will continue to ensure the strict application of necessary regulatory framework required to promote the development of enterprises.

He warned detractors of CamCCUL, “may I seize this opportunity to sound a note of warning to all those who pose a threat to our financial institutions. Necessary measures have been taken to combat armed banditry and to assist you recover your loans from those who borrow and refuse to repay,” Fonka noted.

Earlier, the Secretary General to the Bafoussam Council, Victor Souop, said the choice of Bafoussam to host CamCCUL’s GA was fitting, given that, the West Region is a fertile economic environment for CamCCUL to invests in development projects.

Ahmadou Bouba from MINFI, Oumarou Ousmanou - from MINADER Dagobert Djakou from MINEPAT and Florence Bopola from MINEPIA lauded CamCCUL’s drive to fight poverty and misery in Cameroon.

Speaking to the press after his re-election, Musa Shey thanked all for their renewed confidence in him and promised to carry the network to greater heights.

Installing the newly elected officials, the representative of the Minister of Finance, Ahamadou Bouba described the elections as democratic and transparent.

“I am fully convinced that you have chosen the best people to serve the interest of CamCCUL, which the Government and reputable international organisations hold in high esteem. Swing into action immediately as I install you because you can only be re-elected if the results are appreciated by all.”