The Renaissance Cooperative Credit Unions in Cameroon Limited have announced sweeping governance and financial reforms as they seek to stabilize its operations and strengthen oversight across its growing network.
The measures were outlined during the organization's 13th Annual General Meeting (AGM), held on Saturday, April 25, 2026, at the VTIME Conference Hall, Commercial Avenue, in Bamenda.
New members approved under strict conditions
Delegates ratified the admission of nine new cooperative credit unions into the network, with institutions drawn from Yaoundé, Douala, and Bamenda. However, RECCU-CAM said the new affiliates must meet all regulatory and operational requirements within six months or face suspension, reflecting what officials described as a tougher stance on compliance.
Losses deepen despite growth.
Financial results presented at the meeting showed the network recorded a net loss of 2.39 million FCFA in 2024, compared with 927,558 FCFA the previous year. Leaders attributed the decline to restructuring efforts and weak performance in some revenue streams, alongside irregular practices among certain affiliates. The delinquency rate rose to 61%, far exceeding the recommended 5%, raising concerns about loan recovery and liquidity pressures.
Leadership defends reform drive
Board President Ndonwi Derick Shu described the current period as a turning point for the institution, noting that a lot has already been done to thwart the current situation. “This has been one of the most critical AGMs we have had,” he said, pointing to new policies aimed at improving transparency, accountability, and internal controls. He acknowledged that enforcing stricter governance has met resistance but insisted reforms were necessary to curb malpractice.
International outreach expands
The RECCU-CAM board president also reported increased engagement on the international stage. According to him, representatives attended a summit organized by the African Confederation of Cooperative Savings and Credit Associations in Accra. The network is now seeking a special membership status within the organization and has been invited to participate in a global conference hosted by the World Council of Credit Unions in Australia later this year.
Membership continues to rise.
Despite financial challenges, RECCU-CAM reported steady growth in its network. Membership rose to 181,280 by the end of 2025, up from 168,854 a year earlier, while the number of affiliated institutions increased from 45 to 58.
General Manager Louis Yefeh Sanyi Ngong said the organization's governance model and field-based supervision were key factors attracting new members. “Our work speaks for itself,” he said.
Plans for long-term strategy
The AGM also endorsed the development of a five-year strategic plan for 2026–2030—the first of its kind for the network. Among new initiatives is a vocational training project, the Vocational Training Institute for Microfinance and Entrepreneurship (VTIME), which aims to build skills within the sector and is awaiting government accreditation. RECCU-CAM is also introducing an internal “affiliate banking” system designed to pool resources and provide loans to members, reducing reliance on commercial banks.
Ongoing challenges
Officials highlighted several persistent challenges, including security concerns in parts of the Northwest region, staffing constraints in audit functions, and weak compliance among some affiliates. The network also cited financial pressures linked to unpaid dues and loan defaults.
Outlook
Looking ahead, RECCU-CAM plans to focus on regulatory compliance, digital transformation, and investment mobilization. While acknowledging the difficulties ahead, leadership expressed confidence that ongoing reforms would strengthen the institution’s long-term stability.
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