16, June 2016
Yaounde: Credit Unions go on the offensive to attract customers 0
Financial experts say the wrongdoings of Micro Finance Institutions in Cameroon of late with shutdown and swindled live savings of customers has prompted the rush by many Cameroonians to embrace the services of credit unions. A credit union is category one micro finance institution; Its characteristics are different in terms of ownership, experts say. A credit union is owned by members while a group of shareholders owns bigger microfinance institution explains Albert Ndikwa, a Chief Accountant.
The Melen-Biyem Assi neighbourhood is a typical example of the sprouting of credit union with roots from the North West Region. “I once counted and had over 20 of such banking institutions from between Total Melen and Carrefour Biyem-Assi,” Albert Ndikwa said. The Manchok Credit Union, the Bamenda Police Credit Union, the Mve Credit Union, the Kumbo Credit Union, Santa Credit Union, Awing Credit Union, Bambili, Bambui and Bessi-Awum credit union are just few of the many. Proximity to clientele, tribal affiliation and other advantages are just few of the driving factors of the structures that reportedly offers enticing products.
Opening an account at the Bessi-Awum Credit Union Limited in the Biyem-Assi requires a sum total of FCFA 32,000 of which shares count for FCFA 25,000, building fees for FCFA 5000, registration fees of FCFA 1,500 and pass book at FCFA 500, Abigail Efang revealed. The union’s interest rates stand at 1.85 and drops as the loan reduces. Other credit unions have more enticing services like daily collectors charged with collecting savings and deposits from members with busy work schedules free of charge.
Some credit union managers explain that customers unable to open accounts but save on daily or weekly basis are charged FCFA 1,000 monthly for the services of daily collectors meanwhile duly registered members only require to locate their addresses for their savings to be collected and saved free of charge. Risks are covered by the office after due investigation, it was revealed.
Albert Ndikwa revealed that buying a share or belonging to the credit union automatically makes you a member/shareholder with end of year dividends, making it comfortable for many to belong to such financial institutions. The micro finance (small bank) have banking systems of operation meanwhile credit unions have less traditional banking stress. Just the fact that credit unions are governed by a Board of Directors voted by the General Assembly with micro finance bodies controlled entirely by Board of Directors who are the shareholders, has given the more people the encouragement to belong to the former, as many fear collapse and the eventual sinking of their savings.
Cameroon Tribune
16, June 2016
Bodies of three dozen refugees found in Niger Sahara Desert 0
The bodies of nearly three dozen refugees, including women and children, have been found in Niger’s Sahara Desert, where they were apparently abandoned by smugglers en route to neighboring Algeria and eventually Europe. “Thirty four people, including five men, nine women and 20 children, died trying to cross the desert,” Niger’s Interior Minister Mohamed Bazoum said in a statement on Wednesday.
He said two of the victims have been identified as Nigerians but the nationalities of the others were not immediately clear. Bazoum said the bodies were found near the northern desert town of Assamaka, at a border post between Niger and Algeria. The refugees, he said, had died between June 6 and 12. Thirst was described in the statement as a probable cause. Temperatures currently stand at 42 degrees in the region.
The International Organization for Migration (IOM) has estimated that 120,000 people crossed through the Niger desert last year and 60,000 between February and April this year. The IOM also recorded 37 refugee deaths in the desert in 2015. Libya used to play host to the majority of the refugees in Sub-Saharan Africa on their way to Europe, but since the North African country plunged into political chaos in 2011, Algeria has become the new route.
Thousands of illegal migrants and refugees have recently arrived in Algeria on their way to Europe, mostly from neighboring Mali and Niger. More than 7,000 Nigerien migrants, mostly women and children, were turned back from Algeria to their home country in 2015 as part of an agreement between the two countries’ governments. Meanwhile, Europe has recently curbed the number of illegal arrivals from Africa, after a deal with Ankara in March reduced the number of people trying to cross from Turkey.
Presstv