THE INCEPTION OF CREDIT UNION IDEA

The Credit Union idea started in Germany in 1849 by the mayor of Flammersfield in Southern Germany Frederick William H.R. and Lawyer Herman Schultz because of money lending activities at very high interest rates at the time. This unscrupulous activity led to the creation and formation of Credit Unions. From Germany, the journey continued to other countries as follows; After Germany, the idea was welcomed readily in:

• Italy
• Deyalthen in Canada
• Canada in America
• From America, it came to the African continent specifically in Tanganyika .In West Africa, was in Cameroon specifically in Njinikom by a Mill Hill Roman Catholic Priest Rev Father Anthony Jansen from Holland who was the first principal of St. Bede’s College Ashing, Kom in 1964.
• From Njinikom the idea was brought to Kumbo in the North West Province of Cameroon by Rev. Fr. Tony Barnicle an American Mill Hill Catholic Priest specifically in St. Augustine’s College Nso Bui Division. Rev. Tony Barnicle was the then Principal of S.A.C. Nso. At this time, he took up Parish work at Kikaikelaki village in Kumbo and contacted one resource person called Mr. Banseka Michael T. the head master of the school who joint him in the sensitization process as an interpreter. After a series of weekly education meetings by a few people who were convinced of the value of the Credit Union movement, 17 members paid shares on the 12/12/1965 and the first general meeting was convened on the 14th February 1966 in which the Board of Directors was elected. The Union was transferred from the S.A.C. campus to Kikaikelaki, From Kikaikelaki to Kitiwum and finally to Shisong on the 24th of July 1966 by a Roman Catholic Missionary called Rev. Fr. John Haak. Since then, specifically in Cameroon, the Credit Union movement has spread to many villages, towns and provinces to about 200 Credit Unions in number aimed at alleviating poverty through savings mobilization and creation of credit.

1.INTRODUCTION

Shisong Cooperative Credit Union LTD (MFE) (ShiCCUL) situated in Shisong village, Kumbo in Bui Division is a Micro-Finance establishment that offers reasonable products and services to its members at very moderate rates.

1. CREATION

The Union was formed on the 24h /July/1966 by a Missionary Rev. Father John Haak with 55 pioneer members at the time. The first office was in a doctrine house in Shisong Mission premises. It’s official registration under the Inspectorate of Cooperatives Bui Division took place on 1/03/1967 and later took shelter in the Shisong Farmers Co- operative society building before acquiring its present location.

1. MANAGEMENT

ShiCCUL‘s pioneer president was Madam Inosa Odilia Sanguv with Mr. Lavmfu Christopher, Mr. Joseph Roh and the founder Rev Father John Haak who all acted in double capacities as BOD and staff members

Not taking recognisance of the serial order of presidents, the august 14^th 1992 law on Cooperative societies and CIGs (Law no 920061) provoked its registration on December 29^th 1993 with re-registration number as NW/CO/028/93/061 now as 21/083/CMR/NW/34/182/CCA/036004/036004000. The meeting to this effect was attended by 45 out of the existing 50 members. The following Board of Directors after the re-registration were democratically elected:

• President: Tukov Michael
• President: Maikem Evaristus (RIP)
• Treasurer: Moaka Rebecca
• Supervisory Committee Chairman: Nsairun Joseph (RIP)

AFFILIATION

ShiCCUL is an affiliate of CamCCUL and registered under Cobac Decision N° D2001/05; Code N° 19510 of 11th January 2001 and with a Ministerial Decision N° 00395/MINEFI of 20h August 2001. It operates under the Micro Finance Laws and regulations in Cameroon with the aim of mobilizing savings and granting loans to alleviate poverty must especially at the grass root level.

1. MOTTO

ShiCCUL guiding principles are based on a regular psycho business motive of: Save Regularly. Borrow Wisely, and Repay Promptly.

1. MEMBERSHIP

Membership is opened to everybody irrespective of sex, age, religion, race or political affiliation. This requires a photocopy of birth certificate for minors and photocopy of identity card for adults, two passport size photographs each. payment of entrance fee of 2,000frs, building fee of 4,000frs, purchase of 25,000 frs shares of 1000frs each and finally filling of an application form. After fulfilling the above conditions one automatically becomes a full member.

PRODUCTS AND SERVICES

•  SHARES ACCOUNT – A member buys 40 shares (40,000 frs) to become a stakeholder of ShiCCUL
•  SAVINGS ACCOUNT- A minimum amount to save at a time and which yields dividends annually is 500frs. Borrowing is based on the weight of a member’s savings.

 Deposit Account- This is money saved for daily needs and unforeseen. It can be withdrawn at call or short notice.

•  MINOR ACCOUNT-Children under 18 years can be enabled to save. No loan can be taken in this account but annual dividend is granted
•  Group Accounts-Groups can keep money either in the deposit or savings accounts for security reasons.

LOANS

ShiCCUL‘s loan policy carters for social and business obligations of members with an interest rate as low as 12frs per thousand per month. They include: Ordinary loans, productive credit loans, short term loans, Insurance, salary collection services, transfer of accounts etc.