BAPCCUL beats records at 41st AGM

The massive turnout pinpointed the earnestness members append to the credit union movement. The Bamenda Police Co-operative Credit Union Limited-BAPCCUL, one of the leading microfinance in West Africa with Headquarters based in Bamenda, North West Region held its 41st Annual General Meeting at week end.

The Annual General Meeting which took place on January 24, 2015 at the PCC Ntamulung Hall witnessed the presence of over two thousand members. Members traveled as far as Douala, Kumba, Yaounde, Bafia, Ndu, Nkambe, Foumbot and Makenene to be part of the groundbreaking event. Also present were representatives of the administration and Presidents of sister credit unions.

Welcoming members and special invitees at the AGM, BAPCCUL President Musa Shey Nfor disclosed that the year 2014 witnessed very transformative, exciting and sometimes challenging events. He revealed that BAPCCUL was rated as the most reliable, dynamic and fastest growing credit union in Cameroon with more members registered in a single year than the total members registered in BAPCCUL in all its first twenty seven years of existence; more shares/savings mobilized in one year than all the first 32 years put together.

More income generated in one year than all the first 30 years put together, and more interest paid to be paid on members savings than the total interest paid to members in the first 34 years. According to the Musa Shey Nfor BAPCCUL was awarded a certificate of recognition following its coming out as the best credit union in members mobilization during the International Credit Union Day in Bafoussam and it also retained its first position as the credit union with the highest rural membership, highest rural operational branches and highest number of branches operating on Sundays.

In his report, he further revealed to the deafening applauds of members that as of December 31st 2014 membership stood at 28,882 with 3295 new members registered. “This comprises of 17,073 males, 9,662 females and 2,146 groups”, he emphasized. He also noted with satisfaction that members’ shares increased to FCFA 799.7 million as against FCFA 698.7 in 2013 showing a net increase of FCFA 101 million representing 14.5%. He used the opportunity to call on members who have not raised their shares to FCFA 50.000 as required by law to do so.

Harping on the level of savings, Musa Shey Nfor said that members’ savings increased to FCFA 10 billion, 514 million up from FCFA 8 billion, 854 million in 2013 registering a net increase of FCFA 1billion, 650 million or 18.62%. Besides, Musa Shey Nfor also revealed to the General Assembly of members that deposit balance at the end of the year stood at FCFA 1 billion, 276 million up from FCFA 1billion, 864 million. This he added clearly reflects the high confidence that members have bestowed in BAPCCUL as custodian of their funds.

On loans and Loans defaulting, BAPCCUL President indicated that a total of 7272 loans amounting to FCFA 10 billion, 912 million were outstanding up from 7090 loans worth FCFA 9 billion, 632 millions.

He however emphasized that the coming into effective of the legal implementation of the Amended OHADA Uniform Acts on security and guarantees has considerable implications/ impact on many loan practices and recoveries given that the loans follow-up, loan recovery task force and in certain extreme cases only resulted to court actions which were very lengthy, time consuming, costly and a permanent source of conflict including sometimes threats of life on those following recoveries.

As at December 31, 2014 indicators on the rate of consumption revealed that women account for only 15.85% of the portfolio and 11% of delinquency while men on the other hand account for about 69.74% of the loan contracted and close to 80% delinquency. Men in rural areas are more willing to repay their loans while those in townships do not.

On the various projects, partnership and external relations, Musa Shey Nfor also told the General Assembly that the AGRIFIN project that was earlier initiated as a joint venture between World Bank and CamCCUL has continued in empowering farmers with BAPCCUL being an important beneficiary.

He also reiterated the fact that BAPCCUL has being a great beneficiary of the PADMIR project especially through its branch offices in the project zone such as Bafia, Makenene, Foumbot and Yaounde. Apart from the construction of offices, BAPCCUL he added also benefited from other materials such as motor bikes, computers, safes, capacity building and lots of others.

He said the construction of the Makenene branch office is near completion thanks to the support from PADMIR. This he said has led to an increase in membership, savings and deposits given that members continue to have more confidence in their services.

Actions Projected for 2015

In line with previous resolutions and by-laws, BAPCCUL envisages the following main points for 2015;

• Finalization of the process of Head Office and branch representation in various elective organs and Branch Promotion Committees

• Effective engagement into meaningful partnership with credible members in order to transform some landed collaterals into productive assets as means of loan recoveries, service quality improvement, reduction of dependence on funded income

• Security improvement in the wave of increasing organized crimes like armed robbery, institutional and personalization blackmail from the delinquent etc.

• Caution expansion into feasible areas accompanied by replacement of worn out assets like some vehicles etc.

In presenting a realistic budget of FCFA 1,843,569,608 for 2015.the General Manager of BAPCCUL Ngum Godlove said that it is a picturesque of its members nationwide given that there are 12 branches spread both in towns and rural areas.

With staff strength of 92 complimented by 19 others on probation, Ngum Godlove said budget for 2015 was projected taking into consideration the various parameters of growth. It should be noted that BAPCCUL has two branch offices in Douala at Bonaberi and Camp Yabassi respectively.

Apart from the head office in Bamenda, there are two other branches located at Mile 3 Nkwen and Nkwen Ghana Street. Other branch offices are found in Yaounde at Carrefour Biyem-Assi, Bafia, Nkambe, Kumba, Ndu, Makenene, Mbot, and Foumbot. Three of these branches went operational in 2014. These branches are Mbot, Foumbot and St. Paul Junction Brach office at Mile 3 Nkwen.