At BAPCCUL AGM: Musa Shey Nfor Explains …..

By Fai Cassian Ndi

Musa Shey Nfor: BAPCCUL President

Secrecy, they say is what governs the finance sector but seemingly it may be a partial half baked endeavour in the microfinance sector. This is so because members are not only users of the numerous services but co-owners of the business. Unconditionally, they would always love to have not patches of truth, but the way their business is managed. The 40^th Annual General Meeting of the Bamenda Police Co-operative Credit Union Limited that took place on January 24, 2014 at the PCC Ntamulung Hall also confirmed this established perception. With a membership of about 25,807, members who took the pains to attend the 2013 Annual General Meeting of BAPCCUL wanted to be assured that their savings were in very quiet place since money doesn’t like noise. Judging from statistics presented at the AGM, BAPCCUL has total assets estimated at about FCFA 12,366,425,199 as of December 2013, reason why the little secrets in the microfinance section must not be kept as a shelf. But since members rely mostly on the performance analysis reports and to some extend media reports, and education meetings to be informed during the year, Musa Shey Nfor BAPCCUL President was categorical that the year 2013 was a very successful one. To him, the fact that BAPCCUL succeeded in establishing an interconnectivity service in its six branch offices, the Automatic Teller Machine, and generated FCFA 1,372,097,398 up from FCFA 1,236,494,071 the performance is perfect. Yet the un-deciphered steams out that other expenses such as league dues, ANEM-CAM dues, staff salaries, Insurance premiums consumed 21.10% amounting to about FCFA 287,421,919.   

However, the blind percentage of loan consumption as well as recovery rate leaves impressionists wondering whether saving and not borrowing and or borrowing and not paying with the grease priod wasn’t a problem.  For instance, the 2013 report states that men accounted for more than 70% of the loan contracted and more than 84% of delinquent loans. But yet BAPCCUL recorded an alarming delinquency rate of 10.35% as compared to 8.62% in 2012. After all, BAPCCUL Musa Shey Nfor said ended up the year 2013 with distinctions such as the first credit union to operate an Automatic Teller Machine in Bamenda and Yaounde. More so, BAPCCUL he revealed was also rated as the most stable credit union and above all, the first credit union with the highest rural membership.

Notwithstanding, all these explanations were roughly digested by some members who were very inquisitive during the question and answer session. In responding to one of the numerous worries in relation to newspaper articles on the infamous CamCCUL Saga, Musa Shey Nfor revealed that at one point in time, one of those who have been writing against them came to the office to ask for huge sums of money. The money he said was for the media organ to publicize the union. And in return the union was going to receive only one copy of the newspaper every week. He then proceeded to tell cooperators that he rejected the offer because he can not take members’ saving to give to journalists.  Harping on the CamCCUL Saga that ended with some credit unions withdrawing their membership, BAPCCUL Union President reiterated that the Credit Union started only with 34 members and today they are more than 200. To him, it makes no sense for a credit union member to take his/her withdrawal to the counters of the market place of information. (To be Continued)

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