MVECCUL set to construct a state of the art Head Office building in Kumbo

At 50, the Mbve Cooperative Credit Union has decided to construct a state of the art building for its Head Office in Kumbo. This decision was taken on Saturday February 10, 2018 during the 47^th Annual General Assembly of the union which took place at the CAMCCUL Building at Mve in Kumbo.

 The members during the strategic annual rendezvous decided to agree on the construction of this edifice which was presented during the event by architects who had been contracted for that purpose. Everyone present was exceptionally impressed by what was presented by the architects. Members were as such called upon to complete their contributions of 10.000 FCFA apiece into the construction fund of the union.

Speaking at the end of the AGM, Tamfu Emmanuel Chin, President of MBVECCUL said the positive result in 2017 despite the multiple challenges was as a result of total sacrifice. The President described 2017 as “a year during which we called for total sacrifice and people sacrificed even themselves. After all the sacrifice and total cooperation we were able to have these positive results for the year 2017”.

Enumerating the challenges faced, Tamfu Emmanuel Chin said “some weeks we do work only for two days and this makes things very difficult and delinquency too seems to have come to remain. I have been doing my best however to drag it lower and lower. I reduced it from 25% to 21%. I promise my members that I will reduce it to the required level; that is 5%. People sometimes present collateral security but when you come you realise these collaterals aren’t really theirs. Formerly we thought members were very faithful so we took a friendly approach but since many decided to misbehave, we have now taken very serious measures to ensure that before a loan is processed or before you are granted a loan, you must have undergone all the conditions necessary. If we are going for the collateral you don’t have to complain but should do everything and register at the Regional Department of Lands in Bamenda, go to Taxation and pay all the requirements before the granting of any loans so we are sure that subsequently we will not have any problems from that direction.”

Tata Franklyn Fondzenyuy, General Manager of MVECCUL expressed his take home impressions in the following manner; “the members have been very collaborative. They have been supportive of the elected officials they put in place and that support has been sent forth to the staff that the elected officials have employed and placed in my hands. We have been serving the members in the best way that we can and I think the members have been satisfied with our output and results. I think if there is any other thing that members of MBVECCUL would have loved that thing would have been that the interest that their savings generate in the union be increased. I equally think that if we are moving from a deficit of 55 Million FCFA to a surplus of 4.700000 FCFA and still sharing the same interests on their savings like when we had a deficit then I think their cry is not completely unjustified and it’s being worked upon because it is a business”.   

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