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Cameroon: Governor Exhorts Camccul to Fight Loan Delinquency
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The Post (Buea)
25 April 2008
Posted to the web 25 April 2008
Chris Mbunwe
Northwest Governor, Abakar Ahamat, has called on the Cameroon Cooperative Credit Union League, CAMCCUL Ltd, to check against loan delinquency, moral decadence, laxity and self-centredness which are serious ills that hamper progress.
Speaking Saturday, April 19, while opening the 40th General Assembly of CAMCCUL at the Bamenda Congress Hall, Abakar said in order for the Credit Union League to sustain its reputation and attain greater heights in the domain of micro-finance, it should continue with the level-headed and dynamic management and spirit of corporate governance.
The Governor lauded the efforts of the President of the Cameroon Cooperative Credit Union League, Musa Shey Nfor, and his team for the successful implementation of the poverty alleviation strategy at the grassroots.
He said CAMCCUL's weakness and strengths experienced over the years have served as a solid platform for a better future of the movement.Abakar said at the international level, CAMCCUL's spirit of cooperation is a major pillar for its successes over the years. Notably, "your collaboration with your partners in development including the World Council of Credit Unions, WOCCU, Proxfin, the Canadian International Development Agency, CIDA, and the Development International Desjardins, DID, serves as a booster for the recognition of your efforts and makes your movement renowned. You should, therefore, uphold this sense of unity as embedded in your adage for the International Credit Union Day celebrations - Credit Unions Together We Are Better."
In his speech, CAMCCUL President said at 40, CAMCCUL networked in all the ten provinces of the country, with about 300,000 members in close to 200 affiliated cooperative credit unions.
Musa Nfor lauded the efforts of the Vice Prime Minister in drafting a cooperative version of OHADA which, unlike the purely business-oriented OHADA, proposes to carry out, improve and protect cooperative values.
He also expressed gratitude to the Minister of Finance in addressing some of CAMCCUL's taxation problems especially VAT exoneration in member operations, extension of the application of Article 546 (5) of GTC to micro-finance, etc.
Convinced that unresolved problems remain problems, Musa tabled again the unpaid FCFA 1.25 billion owed CAMCCUL and its affiliates since the collapse of Credit Agricole du Cameroun in the 1990s.
"This money belongs to poor farmers, women and generally the underprivileged. There can be no better way for alleviating poverty than paying these hard-earned savings of hundreds of thousands of Cameroonians," Musa noted.
He appealed for a reasonable allocation of funds and projects to CAMCCUL for micro-credits/capacity building from the HIPC-I fallouts following the attainment of the completion point.
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He urged the Ministry of Justice to intervene in the alarming delay in exercising justice when it comes to recovering loans owed CAMCCUL. "This is deplorable as a few rich people with legal protection take it big from credit unions, fight us big in courts with big means," said Musa.
While welcoming paid security provided by government, Musa appealed to it to review the rates which are not affordable for the poor. Finally, he called on the government to protect credit unions from increasingly organised insecurity.
Musa Nfor and lawyer Collins Teku were re-elected for the second term into the board.
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