Credit Union Mov’t and the Collective Drive Towards Poverty Alleviation; MGVCCUL Scale Up Customer’s Services and Interest to 3.5%

 

✓Barrister Awah Fidelis Penn Now New President of MGVCCUL

The acting President was overwhelming voted into office on Saturday the 24^th of February 2024 on the occasion of the union’s 10^th annual General Assembly Meeting playing host at CamCCUL Building.

The 2023 annual report session was on second call to review the financial transactions and activities of Menka Green Valley Cooperative credit union Ltd. for the last fiscal year budgeting for 2024.

In the accounts presentation session 11 points made up the agenda running from; a welcome address, presentation of annual reports for 2023, presentation of annual accounts, audit reports and 2024 draft budget, Discussions and adoption, validation and admission of newly admitted members, prize award and election.

The over eight hours brainstorming exchange session saw the active participation of members who from all indication have the union’s interest at heart. This is additionally seen from the massive show up and turn out.

CamCCUL, which is the umbrella network and the mother supervisory body of credit unions in Cameroon was there to supervise the smooth running and functioning of the AGM.

In the course, the chapter supervisory body and auditors presented a net balance sheet of the union giving her a 14 on 14 score on the strict exercise and observation of COBAC norms.

This was to confirm the fact that MGVCCUL's management, it’s President, it’s board of directors, it’s members and the financial services or transactions they offer are all in order following the laws and the rules of financial management.

As we report, MGVCCUL’S budget stands at over a Billion and some 14 millions francs CFA, with interest rate of over 3.5%.

Speaking at the participatory and highly animated AGM at the end of all deliberations;

The union’s newly elected President Barrister Awah Fidelis Penn, first thanked God for his official election as President, taking firm commitments to take Menka Green Valley cooperative credit union limited to another level.