Model Credit Union By-laws Go Operational this Year, Musa Shey Nfor Confirms

Musa Shey Nfor

The President of Cameroon Co-operative Credit Union League-CamCCUL has declared that the final count of option of mandate and term of office of elected officials of Credit Unions in the CamCCUL Network was officially done in conformity with recommendations of the Minister of Finance.

In a Press briefing today December 4, 2012 at the CamCCUL Head office in Bamenda, Musa Shey Nfor revealed that the voting took place in 197 credit unions out of the 199 that make up the CamCCUL network. According to the President of CamCCUL, 159 credit unions voted for a three-year mandate renewal twice (representing 80.7%) while 38 credit unions voted for three years renewable once (corresponding to 19.3%).

According to Musa Shey Nfor, all the chapter of CamCCUL nationwide voted overwhelmingly for three years renewable twice and a “yes” for mandates to be brought to zero except the Nso Chapter that voted against the two options to harmonize the system.  

On the condition of eligibility of elected officials and on whether the existing mandates should come to zero and fresh elected organized, Musa Shey Nfor told the Press that out of the 199 credit unions, 171 credit unions voted for the mandates of all election officials to come to zero and for fresh elections to be conducted. He added that the MODEL CREDIT UNION BY-LAWS go into effect as of January 1, 2013, which implies that the harmonization process will go on inline with the adopted majority.

Fresh elections he said will be organized in all the credit unions under the supervision of CamCCUL while elections of the Board Members of CamCCUL shall be conducted under the supervision of the Ministry of Finance.

He noted that considering the nature of the process, which required constant movements in the field, it is resulted to some members not paying their loans at the agreed moment. He also revealed that some clauses that hindered members to go in for elective positions would be harmonized to give all members equal opportunities to contest for elective positions. On the new approaches and modalities that come along with the harmonization process, he also talked elaborately on the ADR, (Alternative Dispute Resolution) which is intended to dialogue with delinquent members. He regretted that this committee is coming to wipe-off the notion of the credit unions knowing lawyers. “we will move from know your lawyer to neigbour” he added. Musa Shey Nfor also added that following the harmonization process, the biggest credit unions affiliates of CamCCUL shall be grouped under what would henceforth be known as G36.

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