The History of Cooperative Credit Unions in Noni

DINCCUL Poised to create Billionaires in Noni!

Story By Francis Ekongang Nzante

Dr. Richard Shey Taba, Vice President of DINCCUL has declared that the Financial Institution will create billionaires in Noni. He made the disclosure recently in a press briefing with Noni Herald in Bamenda. He intimated that the idea of creating the Din Cooperative Credit Union came  up in July 2021. It  went operational on the 4th of January 2022 with Mr.Nforme Godlove Ngai as the pioneer Board President. Back then, a couple of Din people amongst whom notably was Dr. Richard Shey Taba brainstormed on the possible causes of the slow pace of development in Noni. They concluded that one of the major causes of this problem was the lack of Financial Houses which could enable people with good projects to get the necessary finances for the execution of their projects.

Board of Directors, DINCCUL

Dr. Richard said apart from the execution of projects “Noni people needed finances to send their children to school, venture into businesses, maintain good health, venture into Commercial Agriculture amongst other things.”

Dr. Richard explained that studies had revealed that Financial Institutions in the country had not lived up to what was expected of them. Financial Institutions like Credit Unions he said were created to take care of the common man but always ended up not taking care of this basic responsibility. He further said Financial Institutions had not been helpful to the common man because of the stringent conditions put in place to acquire loans.

As a result, most Cooperative Credit Unions ended up satisfying only the rich. This he said was because collaterals such as landed property which are usually requirements for the acquisition of loans can be provided only by rich people.

DINCCUL he said had taken a completely different orientation. Hear him, “With DINCCUL, loans are awarded first and foremost on the bases of trust, character and the ability to repay. Considerations such as landed property are Secondary.”

Another push factor to create DINCCUL he said was the realisation that Noni people needed better Financial Services.

“DINCCUL was therefore created to render better and speedy services with sincerity and with no cases of disappointment as has been the case with other Financial Institutions in the country.”

The main office of DINCCUL opened it’s doors on the 4th of January at the New Road Junction in Nkwen, Bamenda.

Dr. Richard Shey Tabah further intimated that DINCCUL had a number of collection points on the National Territory with the main office in Bamenda. The collection centers are found in Din, Kribi, Douala and Yaounde. It is expected that these collection centers will grow into branches.

The Din Cooperative Credit Union offers loans and also makes it possible for its clients to save money. The services are basically Savings and Loans. Others keep money in Deposit Accounts and DINCCUL also sometimes finances the execution of minor contracts. The Financial Institution is also involved in Mobile Money Transactions. In the form of a message to it’s clients Dr. Richard Shey Tabah said “my message to the Noni people is that the Din Cooperative Credit Union has come to make up for the short comings that have been observed in other Financial Institutions. Our services are very fast. You can’t keep money with us and get disappointed when you want to collect your money. Our customers are considered Kings. Our long term plans include the implantation of branches all over the National Territory. DINCCUL is a Financial Institution that is for Noni people as a whole and not only for Din people. The name DINCCUL should not make people think that it’s only for Din. Our intention is to create billionaires in Noni. Noni needs to be freed from its Financial bondage.”

 

Noni Herald

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