Synergy is needed to urge youths and women to be interested in credit unions.

While many rush for loans from microfinance institutions, hardly do they comply with the Cameroon Cooperative Credit Union League, CamCCUL slogan, “Save regularly, borrow wisely, and pay promptly.” Loan delinquency, said to be the inability to pay loans on time, has become common with most microfinance institutions, MFIs, in Douala.

Together with other challenges of management, taxes, membership, and how to bring youths and women into credit unions, this has delayed the granting of loans to more clients. The result has been the late completion of some projects and challenges in job creation, considering the significant impact the sector plays on the national economy.

However, the Central African Banking Commission, COBAC, has declared Pectin Employees Cooperative Credit Union, PECCU, as the only Douala institution free of loan delinquency in 2015. While making the disclosure in Bonanjo, Douala on February 24, 2016, the President of PECCU, Fon Akenji, highlighted that it has maintained below the 5 per cent loan delinquency level.

Fon Akenji, who was speaking during activities to mark PECCU’s 30th anniversary, underscored that MFIs should work in synergy to spur the interest of more youths and women in credit unions. Other issues including offering placement opportunities for students on internship, donating to orphanages, organising a charity walk, marked the event.