Ndonwi Derick Shu Gets another mandate of three years at the helm of NTAMCULL

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By Martial Gnoukapasi 
reelected Board Chair of Ntambeng Credit Union

Members of the Ntambeng Co-operative Credit Union have unanimously renewed the mandate of the board president of the union Ndonwi Derick Shu and the other board members.

The mandate of the board had come to an end but at the 57th annual general meeting of NTAMCULL on Sunday February 23rd, they were reinstated into their functions in a smooth election conducted by the umbrella organisation of the union RECCUCAM. 

NTAMCULL board members

partial view of members at 57th AGM

The board president at the AGM presented a balance sheet of their activities since taking over office in 2021 when ntamccul had very deplorable records in terms of it's financial liquidity.

"The assembly mandated us to rescue the union from shutting it's doors. We received blessings from the Fon of Mankon and the church of Tinkar before embarking on this journey and today we are proud to say that we have been able to remove Ntambeng from the red zone to a forest green zone" he said

Membership of ntamccul under his leadership skyrocketed to 33,845 as at 31st December of 2024 in three years, from the 7,240 that he met in 2021. Meaning over 26,000 new members joined the union during the new team's first term in office. 

Savings portfolio rose from 1.1billion to over 3billion while share value moves from over 1 billion to over 4billion as at December of last year, etc.


These according to the re-elected board president, are achievements he and his team has been able to record for just three years for a union that has been existing for 57 years. 

"We inherited brought forward losses almost to a billion, but we have been able to provision more than 50% of the losses and if we continue in this spirit in this next three years that  we've been given, we'll be able to wipe off the brought forward losses that were incurred in the past 54 years of ntamccul" he said.

The owners of the business also gave their trust to the incumbent team to stay for another three years after they took undivided earnings from a negative 7.2million within the first year in office to the positive.

From 1% interest on savings, Ntambeng Co-operative Credit Union now pays a realistic 4% interest on members savings.

After getting a second term in office, the ntamccul board chair said that away from normal credit union business, his new goal is accountability.

"We have more work and this require accountability. we will focus this year on financial monitoring and control. After our successes in liquidity, it's time to set a trapping mechanism to protect and secure the funds of members, reason why we have to embark on the installation of the accounting software TEKSOL, that was provided for us by RECCUCAM." 

Cross section of members at AGM

He also indicated that Ntambeng credit union is already in the process of  interconnecting it's branches for digitalization, which has already been engaged, to be boosted.

From six branches in 3 regions in 2021, Ntambeng Co-operative Credit Union today brags of having 13 branches, 5 counters and collecting centres in nine regions of the country.

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