Wednesday, July 2, 2014

CamCCUL Resolves to Check the Phenomenon of Money Laundering, Terrorism, Others

The Annual General Meeting of the Cameroon Cooperative Credit Union League-CamCCUL LTD holding in Bamenda at the Pastoral Center, Up-Station this 28th Day of June, 2014, having discussed and deliberated on various issues featuring on the Agenda, hereby adopts the following resolutions.
1)    The various reports as presented are discussed and amended including the appropriation of the financial results for the year ended 31st December 2013, the 2014 operational and investment (CAPITAL) budgets are hereby adopted. Quitos is thus given to the Boards, Management and Auditors on the said reports and their implementation.
2)    The CamCCUL network thanks H.E the minister of Finance and the Government of Cameroon for laudable efforts of the Director General of Taxes to resolve burning tax issues related to our sector. We again humbly appeal to government to create a specific and simplified tax regime for microfinance institutions. Management should ensure that Tax seminars and trainings are envisaged in 2014 going forward.
3)    In view of the urgent need to reorganize the CamCCUL network, from the affiliates through the chapters to the Apex organ, in line with current realities of membership, volume of transactions, financial weight of credit unions, geographical and compliance considerations, the Board of Directors (BoD) and Management of CamCCUL are mandated to fine tune a new organigram and putting in place a five year development plan (2015-2020) with the help of experts assistance.
4)    An Ad Hoc Strategic Reflection Committee is hereby created and placed under CamCCUL BoD whose assignments amongst others will be to reflect  on the five years development plan, the organogram, facilitate in the review of the various policies and also to act as Think Tank on various other important issues affecting the CamCCUL network.
5)    Following the growing delinquency in the CamCCUL network, the BoD and Management are mandated to take urgent measures to put in place new recovery strategies to curb delinquency in the CamCCUL network using available resources at their disposal. They are also required to organize more recovery sensitization and workshops within the CamCCUL Network.
6)    The delegates positively appreciated the finished work of the CamCCUL building at the Bamenda Commercial Avenue and urge Management of CamCCUL to take all necessary measures to get electricity and its accessories connected into the building to make the same fully habitable.
7)    The Board of Directors and Management are mandated to urgently ensure the restructuring/revision of some key policies of the network, notably in the domain of lending and recovery, the Internal Rules and Regulations, money laundering and fight against terrorism and risk management. In this vein and following the resolutions of the G37 meeting in Bafoussam in 2012, risk management rates are reduced down from 80 to 65 per one thousand.
8)    The CamCCUL network takes cognizance of the recent COBAC conditional approval for the entry of a new investor from South Africa into the capital and management of UBC. CamCCUL BoD is mandated to continue to negotiate with other shareholders/stakeholders of the bank, the new investor, COBAC, MINFI and other administrative authorities, taking necessary measures to protect the bank and our investments.
9)    Credit unions are encouraged to participate in the relevant international and national conferences especially those organized by WOCCU, PROXFIN, ACCOSCA etc and to sensitize their members and take adequate measures to participate massively during celebrations marking International Credit Union Day and other such events locally. It was resolved that the International Credit Union Day be celebrated this year in Bafoussam.
10) The CamCCUL network is appreciative of the kind gesture from our various partners, including SOWEDA, ADPAM, the German International cooperation(Giz), MINEPAT, CAT-CAMEROON, PADMIR, the AGRIFIN INITIATIVE and the Belgian Raffeisson Foundation (BRS) who have in the last few years supported CamCCUL intellectually, financially, materially and otherwise, to the upgrading of its internal processes.
11) The CamCCUL Board of Directors and Management are instructed to ensure that the necessary corrective measures recommended by the last COBAC controls are implemented in the entire network with emphasis on the network discipline as contained in CEMAC/UMAC/COBAC regulations on microfinance activities
12) The recommendations in the audit report of CamCCUL and the credit unions on issues and irregularities identified by the COBAC control and CamCCUL audits should be strictly followed up in order to ensure the proper functioning of the CamCCUL network.
13) The delegates take recognizance of the numerous applications presented for the affiliation into the CamCCUL network and mandates the BoD and Management to follow up these in line with the applicable procedures of CamCCUL. On the issue of disaffiliation, members resolve and reiterate that credit unions wishing to withdraw their membership should do so in strict respect of the various regulatory and statutory provisions and in particular the instructionof H.E The Minister of Finance vis-avis the disposition of the CEMAC/UMAC/COBAC regulations on microfinance activities.
14) In order to mitigate the various risks encountered by CamCCUL and its affiliates in the various aspect of their operations, the BoD should constitute a risk mitigation committee at CamCCUL and at the level of its affiliations, to help mitigate these risks.  
15) CamCCUL should lead a delegation to meet with mamangement of CDC in a bid to resolve the issue of non-payment of Receivables to CamCCUL affiliates.
16) Validates the election of Mr. Fongu Julius Atanga, President of Bayelle Cooperative Credit Union by the Bamenda Chapter in replacement of the vacancy in the Supervisory Board of CamCCUL.
17) Members note with dismay, acts of insecurity and organized blackmail against CamCCUL , its credit unions and officials. The BoD, Management and the Strategic Reflection Committee are hereby mandated to take all necessary legal and other actions against such individuals and their sponsors.

Done in Bamenda this 28th day of June 2014
Secretaries: Fombin Raphael,  Nzoupet Lemou Merlin
Scrutinners: Nzegge Joseph,   Guietang Bernard,  Nello Francios

Chapter Representatives: Bamenda, Fako, Kumba, Douala, Fundong, Kumbo, Nkambe, Mamfe, Bafoussam, Garoua

When News Breaks Out, We Break In. (The 2014 Bloggies Finalist)

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