Over 1.6 Billion for Nkambe town

NKaTCCUL approved 0ver 1.6 billion budget for 2018

By ABANDA Marcel
The Annual General Assembly of the Nkambe town Cooperative credit union took place Saturday 3rd February 2018, at the Nkambe community Hall.
The 49th AGM brought members of the credit union, the Administration of Nkambe, CAMCCUL Technical services and others. According to the presentation of the President of NkaTCCUL, Talishi Oliver Yinyu, membership as of 31st December 2017 stood at 3768, with 256 being new members who joined the movement in 2017 with 2472 males, 936 females and 360 groups. Total shares for 2017 stood at 99.387.000F as opposed to 94.423.000f for 2016, given an increase of 4.964.000F, which represents 5.6% in relative terms. The total savings for the year, the President said stood at 1.04.868.000 as against 1.057.763.000F.
He continued that the total income was 109.806.000F as against 122.563.000F for 2016. The balance sheet as of 31st stood at 1.864.188.000F. Members savings will receive interest rate at the rate of 2.4% or 2F per thousand, amounting to 24.585.862F.
With the Anglophone problem, the president said, it has affected the business of the union with high delinquency i.e 30% the supposed interest not collected. Despite the challenges, the credit union acquired a building worth 27.500.000F in Nkambe town opposite the guarantee traveling agency formerly called Fantacia. The old NkaTCCUL building was disposed at 6.500.000F.


Summarily, Talishi said,
-       - Membership increased from 4125 to 4269
-       - Shares increased from 94.423.000F to 99.387.000F
-       - Savings decreased from 1.029.214.000F to 1.014.880.000F
-       - Loan portfolio decreased from 756.570.000 to 693.636.000F
-       -  Expenditure drop of by 44.222.000F

With this, Oliver continued that, they plan to increase the membership to 4569 and mobilized savings, train elected officials, build staff capacity in 2018 among others.
The President also announces the Express Cash Service for money transfer a CAMCCUL Product service to start this year. Despite the Anglophone problem, he said the credit union had a surplus of over 1.4million, regretting that 914 accounts have less than 1000f savings.
Being in the 3rd year into their five year strategic plan, the president said, by 2020, they must have counseled or erased the 209million losses incurred by the credit union since 1968, improve on equity, solidarity fund and bring down delinquency to less than 5% as required by COBAC.
There was also election of new board member Kongor Walter and new Vice President Jackson Serkwi Budi. The newly elected board members were installed by the Divisional Officer of Nkambe Subdivision. 
The members also adopted the new loan policy with some few adjustments during the extra-ordinary Annual General assembly.
The President called on the government through the Divisional Officer Nkambe to revisit and reverse the 2018-finance law putting VAT on interests as from two million upward.

Closing the AGM, the Divisional officer of Nkambe Sub Division assure the support of the administration to the credit union any time they need assistance. Angola Patrick said, any one who attempts any sort of embezzlement would not go free. For that, the DO said, “you can trust me”

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