In a bid to alleviate poverty in communities through members, Bangu Thadeus Mbah, President of Tadkon Cooperative Credit Union, TACCUL, has declared that the credit union support all levels of business schemes; be it small or big entrepreneurs.
He said there is a loan scheme for small and large scale farming through the Agricultural Financing, AGRIFIN, package under CamCCUL. He thus called on members to make good use of this product to improve on their livelihoods.
Throwing light on the high delinquency rate recorded by the end of December 2014, the President said the delinquency rate which has moved from 17.8 to 25.5 percent instead of going down, is under control.
According to him, contractors who took big loans to execute projects which have been completed are yet to get paid by government and more so payment shall be made through the credit union so there is a guarantee that the loan would be paid.
Speaking after a fruitful deliberation at the union’s general assembly meeting that was held on Sunday February 15, in Bamenda, the President congratulated the members for supporting him, management and the Board of Directors. Some members were rewarded with prizes for best borrowers and prompt repayment of loan.
In 2014, about 889 loans were granted to the tune of FCFA 1.8 billion. Savings increased from FCFA 1.3 billion to over FCFA 1.5 billion. Some FCFA 76.1million was shared to members as interest for 2014.
Membership has increased by 408 making a total membership of 5,057. The general assembly deliberated and voted a proposed budget of FCFA 367,536,648 said to be balanced in expenditure and revenue for 2015.
In an overall assessment of operations, the President said though 2014 was very challenging especially with loan recovery from members. TACCUL, he said, is growing from strength to strength and that the newly created branch office in Tombel is growing by leaps and bounds.
