ACHENADIA CREDIT UNION (ACU)

ACHENADIA CREDIT UNION (ACU) is a savings and credit oriented organization managed by members of Achenadia Development Association (ADA). It operates in line with directives of OHADA, MINFI, COBAC and Cameroon Cooperative Credit Union (CamCUL) league. Its main objective is to provide reliable and financial services that meet the short and long term expectations of members. MEMBERSHIP

Membership is acquired by: • Filling membership application form • Payment of entrance fee of 2.000Frs • Contribution of shares. A SHARE IS EQUIVALENT TO Ten Thousand (10.000) Frs, which is refundable upon withdrawal of membership. • Contribution of a building fee of Five Thousand (5.000) Frs and a solidarity fund of Two Thousand (2.000) Frs annually. • Submission of two passport size photos MEMBERSHIP RIGHTS • Members are owners of the Credit Union and they patronize the growth of the credit Union. • Members make regular savings and can take loans. • Members attend annual general assembly meetings (AGM). • Members participate in Education General Meetings (EGM) and participate in decision making process towards the Credit Union. Members vote and can be elected into any position of responsibility in the union. • ACHENADIA CREDIT UNION (ACU) members have equal rights in accordance with the democratic principles of the union. SAVINGS ACCOUNT Money saved in this account earns interest and equally gives members enough security to benefit from loans. Withdrawal from this account requires a short notice given that savings are members’ own investment in the credit union. DEPOSITE ACCOUNT A Deposite account is an emergency and business account. Deposites can be withdrawn without notification. A Deposite account yields no interest. SALARY ACCOUNT Civil srvants and private workers can receive their salary through this account. Cheques are provided to holders of this account. Receiving salaries at Achenadia Credit Union can permit you to benefit from the following: • Overdraft facilities • Express School Fee Loans • Social loans • Money Transfer • Business loan • Agriculture loan • Health and Education loan • Anniversary celebration loan • Family Consumption loan Daily Saving Account Daily savings account is provided mainly for small traders, “Bayam Sellam” and people who can afford to save small amounts daily and make withdrawals at the end of the month when need be. The Union charges a little fee for this service monthly on the amount saved. This empowers contributors to earn at the end of every month. LOANS TO MEMBERS Since Achenadi Credit Union’s objective is to solve members’ common problems and to fight against poverty. Loans are granted at low interest rates of 3% within savings and 5% above savings per month in the financial market. The conditions and procedure for obtaining a loan has been simplified for various reasons and purposes like building, business, agriculture, consumption, just to name a few. The loan policy is elaborate on the different types of loans applied based on rates and conditions. ACCOUNTS FOR MINOR AND CHILDREN BELOW 18 YEARS Within Achenadia Development Assosiation (ADA), accounts can be opened for minors and children below 18 years as insurance for kids. This is to facilitate parents to prepare for the education, medical care and other issues related to child up bringing. Withdrawals are not chargeable and savings earn interest at the end of the year. The account is managed by adults until the child is above 18 years. GROUP ACCOUNT Achenadia Credit Union (ACU) offers opportunities for groups to open accounts with the union and Interest is paid on amounts saved annually. Withdrawals are free and fast. Loans are equally granted to groups on similar conditions as other custumers. MONEY TRANSFER Members are given the opportunity to send and receive money through Achenadia Credit Union (ACU). This service is fast, flexible, reliable and low cost. FINANCIAL CONSULTANCY SERVICE Achanadia Credit Union (ACU) offers to members consultancy services on how to manage their businesses free of any charge. During mid-year meetings, members receive information on the union’s products and how they can tailor their finances to meet today’s challenges. Achenadia Development Association (ADA) is a charity not-for-profit making organisation for the promotion of community development, women’s empowerment, human assistance, advocacy, education and communication on human rights and social wellbeing It was founded by a native dialogue group of social welfare workers from Lebang Fondom , following the crucial lack of good circulation of information on community development issues. By the organizational structure of Achenadia Development Association (ADA) and the involvement of the natives’ purposes, it is recognised to have great social mobilisation capacities for penetration of the grassroots populations. Achenadia Development Association (ADA)uses the approaches of community mobilisation that take into account the roles of all stakeholders. The Community Based Organisation (CBO) offers technical know-how and services through training and consultation. It operates a Credit Union, counselling, documentation and training centre in Buea, South west region of Cameroon. COMPOSITION OF EXECUTIVE BUREAU President General: Pa James Achanyi Fontem Tel: +237677758840 President: Dr. Francis Leke Achanyi – Tel: 00210 1780536 Vice President: : Pastor Prisco Acheanyi, Tel: +237 677511844 Secretary: Mrs. Atuwoah Juliata Tel: +237 656384105 Financial Secretary: Ngosong Clinton Anuwoh Tel: +237 672068431 Treasurer: Ma Julie Ngwe bethe Tel: +237 Commissioners of Accounts: Ma Juliana Ngwi Achanyi Tel: 237 677122520 Nkem Frederick Otto Tel: 0012404134977 Resource Persons: Bernard Otto Tel: +237 Chrisantus Abila Achanyi Tel: 00358443667488 Nkematem Richard Tel: 0013012136154 Activities * Promotion of community development activities through IEC, Training and Advocacy • Collection and publication of health information and Laboratory data • Participation in Agriculture and Health Research • Mobilizations of funds and material resources for weight control activities. Mobilization of funds to boost Achenadia Credit Union activities. • Collaboration with donors and volunteers on Agriculture, Lice stock breeding, health development (HIV & COVID 19 prevention) and community development. Participative in socio-economic research projects and strategies. • Fund raising of funds for transportation for volunteer agriculture and health workers (Volunteer Peer Educators). • Production and multiplication and distribution of of education materials on well being of rural area populations. The activities of the executive bureau are defined by the general assembly members of Achenadia Development Association (ADA). The executive bureau meets every three months to evealuate and review quarterly reports and strategies of activities. It presents reports to the general assembly annually. It is administered by an executive bureau elected during a general assembly session. Attributions of Executive Bureau Members The President General: The president general convenes meetings and represents ADA during all public activities. He presides over meetings of ADA. The president coordinates activities of the Achenadia Credit Union (ACU) and reports to the president general. The president is co-signatory for withdrawals from the accounts of ADA/ACU. He is charged with the execution of decisions adopted by the general assembly; The vice-president represents and replaces the president in case of absence. Secretariat: The Secretary General registers and assures the management of minutes of ADA. The Financial Secretary documents all financial transactions of ADA Treasurer : The Treasurer guarantees and is keeper of emergency funds of ADA. He/she is one of the signatories of the account of the organisation. Commissioners of accounts: The Commissioners of accounts are in charge of controlling financial records of the organisation. Advisers/ Resource Persons: Advisers/ Resource Persons have the mission of undertaking studies, analysis of documents submitted to ADA. They suggest solutions to problems raised in the community hindering smooth running of the organisation. . EXPENDITURES • The expenditures of ADA are elaborated within the context of an annual budget with specific lines lines approved by the general assembly. • An account is opened in a banking institution for current and savings account transactions. • Three signatures are deposited at the bank to authorize withdrawals of funds when it is necessary. The signatures are those of the president and the treasurer or the president and financial secretary. Article 14: REVISION OF STATUTE: a) All modifications of this statute and internal regulations must be approved by two-third (2/3) of the members of the general assembly on the proposal of the executive bureau. Changes in the executive bureau must be communicated to administrative authorities within thirty (30) days of modification. DISSOLUTION: a) Dissolution of ADA can be effective only by two-thirds (2/3) majority votes of registered up-to-date members during general assembly. b) In the case of dissolution, the general assembly appoints two liquidators to handle the materials and financial records of ADA. This can be auctioned or handed over to any organization with similar humanitarian objectives.

Done in Buea, on the 27th August 2021 James Achanyi Fontem President General President General