Mezam Divison: Bafut Inclusive Finance Cooperative Incorporated

By Christopher Ambe

Sounjoh S. Shu,Chairman,BIFIC Ltd

 A new cooperative society named BAFUT INCLUSIVE FINANCE COOPERATIVE (BIFIC) Ltd has been registered with the Ministry of Agriculture and Rural Development, with its head office in Agyati, Bafut subdivision, Mezam Division of the Northwest region of Cameroon.

The new cooperative society with Matriculation No. 23/028/CMR/NIV/38/200/CCA/036004/03600/4000 obtained on May 11, 2023 its matriculation certificate (legal status) from the Northwest Delegation of Agriculture and Rural Development (MINADER), Regional Service of Registry.

According to the pioneer Chairman of the Board of Directors of BIFIC Ltd, Mr. Sounjoh Samuel Shu

 “It is an innovation in Bafut. We plan to do things in new ways to satisfy members’ expectations. We will offer modern, financially inclusive services that will not only meet but will exceed member’s expectations.

BIFIC has as special objectives to provide solace to the younger generation who are abroad and need a trusted financial institution back home to handle their financial transactions both in savings, clearing and payments to third parties”.

He announced that mobilization is going on to get BIFIC launched in the near future.

Bafut is one of the seven subdivisions that make up Mezam Division. It has over 45 villages and is 11 km from Bamenda, capital of the Northwest Region of Cameroon.  The Paramount Ruler of Bafut is Fon Abunbi II and the Bafut Palace is one of the most important cultural heritage sites in Cameroon.

The natives of Bafut are noted for their self-reliance and do not mostly rely on the government and donor organizations to enhance development in the subdivision.

More about Sounjoh Samuel Shu

Mr. Sounjoh Samuel Shu, who is the pioneer Board Chairman of BIFIC is a legend and a house-hold name in Microfinance in the country.

He has held several positions in the Microfinance industry in Cameroon, serving the Cameroon Cooperative Credit Union league Ltd (CamCCUL for 24years and later moved to create the second credit union Network in Cameroon; the Union of Renaissance Cooperative Credit Unions in Cameroon LTD (RECCUCAM LTD)). He was later accredited the founding Director of RECCUCAM Ltd where he served for 6 years before retiring to a quiet life as a consultant in Microfinance. His election as pioneer Board chair of BIFIC is a step in the right direction, observers say.