South West Regional Delegate for Agriculture and Rural Development, Lawrence Forwang, on October 18, 2009 in Buea officially inaugurated the Nkong Credit for Savings and Cooperative Society (NC4D) Ltd, a brainchild of Nkong Hill Top Common Initiative Group Buea. Commissioning the new microfinance institution, the delegate talked of the eagerness and the expectations of the grassroots population of the region with respect to this venture. He went further to say that this population is characterized by poverty, low income levels and low standard of living. And that one of the greatest problem of agriculture where close to 80% of the Cameroonian population is involved in, is the lack of finances for investments, compounded by the difficulties to obtain credits from commercial banks, high interest rates and the unavailability of collaterals and guarantees to satisfy the banks and other lending institutions.
With the only collaterals to farmers being their farmlands and crops, NC4D has come as a welcome relief to the population for their use and benefit.
The delegate equally had some words of advice to the management of NC4D on how they can make their impact felt by the needy population. Amongst others, he talked of mutual confidence within members, large deposits of money are not the type of savings to look for, savings as the basis for obtaining credit, operate on the cooperative philosophy that emphasizes on service rather than profit, loans to be granted for productive purpose and pay expenses of operation and dividends on the savings of its members etc.
Before exhorting NC4D to operate in the light of the prudential, financial and specific accounting norms applicable to savings and credit cooperatives / MFI according to the laws of the Republic of Cameroon concerning the profession, he reminded them that the Central African Banking Commission (COBAC) shall watch out on the quality of their financial situation and accounting management to ensure that ethical rules of the profession are respected.
Earlier on, in a welcome address by the Chairperson of NC4D, Anu Vincent, he said that the presence of all and sundry at the commissioning ceremony was proof that they share the vision of the mother organization, Nkong Hill Top, which strives for a world in which human dignity is protected from the ravages of poverty, ignorance, discrimination and violence. And that their presence is certainly telling them that they can count on them as NC4D sets out to achieve its mission of bringing financial services at moderate rate to the urban unbanked and rural populations.
He equally took all down memory lane by briefly situating NC4D to them. He said that it all began one evening in 1996 in a bar in Great Soppo called Hill Top, when some men and women decided to start a weekly savings club to collectively rescue themselves from the ravenous money lenders who were exploiting the financial crunch occasioned by the civil service salary cuts and the devaluation of FCFA of the early nineties.
It was out of this initiative that emerged Nkong Hill Top Common Initiative group and its several programmes notably NWOCA- Nkong Women Cash Up- project which has seen the Nkong family deliver micro credits to over 600 low income women beneficiaries in Fako and Lebialem Divisions of Cameroon since 2006.
This has been achieved thanks to the commitment of Nkong Hill Top Board and members, the over 98% payback performance of the beneficiaries and enduring support of MRDF London and recently Drombaya, their foreign partners.
Thanks to the findings of an impact assessment on the social impact of NWOCA programme carried out recently by a John Hopkins University intern, the Board of Nkong Hill Top resolved to forge ahead in 2006 to register a Category 1 microfinance institution that is functioning in conformity with the existing national legislation regulating the sector in Cameroon.
With the goal being to promote access to microfinance services for members, the community and especially the urban and rural poor women; and in line with the objectives spelt out in Section 42 of the Law on cooperatives and common initiative groups, the purpose of NC4D Ltd shall be to:
provide members financing at moderate interest rate for both investment and /or production purposes; offer complementary savings and credit services such as risk management, checking system etc; build the capacity of members and the community through educational seminars, workshops and other training activities; and provide financial intermediation services within Cameroon.
While acknowledging with profound gratitude the support that they continue to receive from the Ministry of Agriculture and Rural Development through its Regional Delegate and his extension services, the Ministry of Finance, Softsarl Ltd Douala. Aziverida Ltd London, MRDF London, Drombaya Switzerland, the NGO community in Buea and members of Nkong Hill Top, the Chairperson said in joining them will be coming to a winning community which includes local and international partners linked in productive partnerships for development.
Last but not the least he talked of their being proud of their achievement but that they are very aware of the huge challenges, challenges which are well beyond simply getting to a hill top, challenges which NC4D shall encounter as they strive to reach the mountain top.
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