CamCCUL/Credit Union Crisis, Finance Minister’s Verdict Out!

 

The Minister of Finance, Ousmane Mey issued a ministerial letter instructing CamCCUL officials to implement some dispositions with a view of ending the crisis and restoring serenity within the credit union movement. Ousmane Mey’s letter instructed CamCCUL officials to initiate the process for the revision of the CamCCUL by-laws by inviting all credit unions to each declare their positions on the by-laws and notably on the following two essential points: the duration and number of mandates of elected officials and the condition of eligibility of the Presidents of each credit union. However, the most interesting thing is that those who were talking of mismanagement were shocked and their ill intentions exposed because the minister’s final verdict did not talk about that. More so, it rather empowers CamCCUL to re-launch the process it started before the crisis.

In view of implementing these instructions from the Minister of Finance, CamCCUL officials on July 7, 2012 organized a Press Briefing with Media Organs based in Bamenda to unveil CamCCUL road map.

During the Press briefing, CamCCUL President Musa Shey Nfor said that when the credit union started, they were subjected to 1992 co-operative laws and with time many innovations took place especially the coming into force recently of the OHADA laws on cooperatives.

He said the governance of the league within that period also sort to see that all was well managed in the setup. That is why “the management, the BOD met on July 1^st to deliberate on the roadmap for CamCCUL, whereby the GM , his team and Board chair were mandated to follow-up and make sure that the process and instructions from the Minister are respected” he told journalists. He said during the 44^th AGM that took place at Azam Hotel in Bamenda, the representative of the minister talked of some directives that will come from the supervisory authority in connection to the issue of February crisis. Musa Shey Nfor used the occasion to express gratitude to the Minister of Finance for his reactions and added that CamCCUL ready and available to integrate these directives into the movement. “You should all understand that the promptness is indicative of the Minister’s understanding of the crisis because money does not like noise, so, where there is money there should be serenity”. He said the letter from the Minister of Finance addresses the crisis situation that prevailed in the network. “It has brought down the matter to two main issues, which are: 

·        The determination of term of office

·        Condition of legibility of BOD

“It therefore means once affiliated credit unions say what they think of the two issues, in an extraordinary General Assembly, it will be printed in five copies and forwarded via CamCCUL to the supervisory authority”.  Musa Shey Nfor said the issue was whether OHADA is applicable and with already a time logical time frame from the Minister that gives them up to May 15, 2013 to comply, there is every indication that CamCCUL was not on the wrong track before the crisis. He said CamCCUL has already put in place a road map for the process. This road map, he reiterated with the instruction of the minister gives CamCCUL the leeway to continue with the process started. CamCCUL he observed has gone through many laws, 1953, 1972, and 1992 cooperative laws respectively. “All what has happened had happened, it not about history but about compliance” he continued.

According to CamCCUL President, the issue was not on mandate and term of office but rather CamCCUL had realized that legal recovery has become more and more complicated because in villages people do not have landed property. “After the Buea meeting, we had a complete debate and discussion after day 3, they were channeled back to the credit union. The idea was that as financial institutions we comply with the financial year. So our practice needed people who have a mandate and considering our network we also need enough time to get to the peculiarity of our affiliates”.

The Minister’s letter according to CamCCUL President re-launches extraordinary GM, for credit unions to decide on the two instruments. “In my capacity as President, we are expected to bring a comprehensive kind of calendar to these extraordinary meetings and we are happy that as indicated by the Minister, all these actions will take place under the supervision of the Ministry of Finance, Agriculture and local administrative authorities. “The only difference is that it will come with some stress, we have now a situation where in one year we will have to complete all, this circular states the latest date for total compliance. Coming at a shorter notice, we will be deploring our maximum effort to succeed. The mandates are not to be determined by another law but by the credit unions” he emphasized. At the end of the briefing, he also told journalist that CamCCUL also received a delegation from IFAD and had also signed a convention with the World Bank (AGRIFIN) to empower farmers. Besides, he also made mentioned of the collaboration between SOWEDA and CamCCUL as well as the loan scheme to fisher men which has also registered great improvement both quantitative and qualitative.

When News Breaks Out, We Break In. Minute by Minute Report on Cameroon and Africa