MINFI by the move encouraged unity of credit unions to fight poverty and create wealth.
Credit Union delegates and stakeholders in Cameroon have validated the harmonisation process within the network of the Cameroon Credit Union League (CamCCUL), which takes credit as the largest network of the credit unions in the sub-region with a mission to fight poverty by creating wealth.
Representatives of the Ministers of Finance, Agriculture, Territorial Administration and Decentralisation and that of Justice were in Bamenda on December 29, 2012 when delegates emerged with a majority position of the network, now applicable to all on the strength of Article 14 of the CEMAC/UMAC/COBAC regulations. The landmark decision at the extra-ordinary general assembly of the CamCCUL network now opens a new chapter with a re-organisation exercise expected to drop curtains on May 15th, 2013. CamCCUL is expected to emerge from this phase of the process stronger and more prosperous.
In effect, on the thorny issue of mandate, 159 credit unions voted for three years renewable twice which represents 80.7 per cent of total votes (197) and 38 voted for three years renewable once representing 19.3 per cent. On the conditions of eligibility of elected officials, 171 credit unions voted Yes, while 26 voted for No. The harmonisation process is all about adjustments in governance, lending procedures, recoveries, control and supervision.
It was against this backdrop that the representative of the Minister of Finance, Patrice Lumumba challenged CamCCUL to continue to rise to expectation in its transition into the current OHADA uniform Act of Cooperatives. He stressed that as the supervisory authority, MINFI intervened in the recent controversy rocking CamCCUL to guarantee financial balance and equally to ensure that rules are respected to check any crisis that could crumble the giant network. Patrice Lumumba saluted maturity, democratic and transparent principles demonstrated by CamCCUL during recent consultations with grassroots credit unions to decide the way forward on crucial and sensitive issues of mandates and eligibility of officials.
It also emerged from the assembly that loan delinquency in credit unions, insecurity from arm robbers, corrective measures following COBAC recommendations, investments in UBC, and taxation issues constitute speedbrakes to the network. That is perhaps why, the President of CamCCUL, Musa Shey Nfor, appealed for members to bury their differences, check blackmail and backstabbing and stand by the position of the majority for a fresh start from January 1, 2013 with mandates that run for three years, renewable twice. He hailed the administration for tact, time, security and resources that guided the network during the sensitive process towards harmonisation.