Finance Ministry ranks CCC best microfinance institution

Following the passage of the Central Banking Commission, COBAC, control mission of 2014, at the Community Credit Company, CCC, the Ministry of Finance has ranked the CCC as number one microfinance institution in Cameroon.

The revelation was made during the 12th Annual General Assembly of shareholders of CCC Plc that was held on March 21 in Bamenda.

Welcoming shareholders, the Board Chairman of CCC, Professor Peter Ndifor Teke, thanked the General Manager, Walters Ngoh Tebit, staff and shareholders for working relentlessly to merit the classification from the Ministry of Finance.

“I am proud to inform you that the COBAC control mission of 2014 noted with satisfaction the progress recorded by the company in a bid to conform to their recommendations.

To buttress their findings, the Ministry of Finance, in their quarterly publication, has continued to rank us top on the list of category one microfinance institutions in Cameroon,” Prof. Ndifon said.

Despite these successes recorded last year, the CCC Board Chair identified few hurdles that must be resolved before the end of 2015, in view of the final year of CCC’s three-year restructuring plan. They include; payment of the remaining FCFA 50 million share capital from the FCFA 200 million deliberated and adopted by the assembly in 2013.

The bank has to pay FCFA 133 million of solidarity fund in order to make up with the regulatory 40 percent of equity capital.

To demonstrate that the CCC is on good footing, Ndifon, explained that in 2014, CCC budgeted to make a turnover of FCFA 2.557 million and results before provision and tax of FCFA 537 millions.

“In spite of the challenging business climate that characterised the 2014 business year, we achieved a turnover of FCFA 239 million and results before tax of FCFA 330.9 million, giving a percentage realisation of 62.

Other areas of the business experienced an upward trend, notably, deposit mobilisation, net equity and balance sheet totals. He called on shareholders and other stakeholders to continue repaying the loans so as to avert any embarrassment.

Another achievement, he said was recorded was the installation of ATMs (automatic monitoring services) in some strategic branches in answer to the growing demands from its clientele.

Shareholders were informed that, due to the compelling need to improve on the deteriorating assets of the company, in the course of 2014, some of the obsolete assets were sold and the proceeds used to acquire new ones.

Making projections for 2015, the Board Chairannounced that CCC will make good use of the land in Bamenda by constructing a befitting office this year, as well as explore business opportunities in other towns such as Bambili.

In a bid to improve on the bank network and connectivity, Ndifon said the bank is currently negotiating for the provision of internet via optic fiberfrom CAMTEL, an option which will greatly stabilise CCC’s connectivity.

He said the business plan which hasbeen dubbed “Our journey towards excellence” envisages; injection of fresh capital and solidarity fund to comply with regulatory demands, intensive marketing to improve on profitability, conduct intensive regular field controls to mitigate risks, put in place a permanent recovery and loan monitoring to reduce provisions, carry out staff capacity building and compliance to prudential norms and good governance.

Highlights of the day included the elections in the Board of Directors, where the current Board was re-conducted.