How to create an account in a Credit Union Cameroon.

To create an account in any Credit Union in Cameroon is a simple straight forward process.

All MFI (Micro-Finance Institutions) under CamCCUL(Cameroon Cooperative Credit Union League) are Category one - Institutions that collect savings and deposits and lend them to their members. So to create an account in any of them has the same steps and requirements, just the share price might differ.

Also read: Njangi Financing and how it works in Cameroon

Here's what you will get in this article.

• Steps to create an account in any credit Union in Cameroon.

• Requirements to create an account

• Types of accounts of Credit Union.

• Kinds of accounts

• Case study Ashong Cooperative Credit Union ltd 

To create an account in any credit Union in Cameroon, you can  follow the steps below.

Move to any credit Union of your choice and meet a members service or manager for more details about that credit Union.

Ask the total amount to create an account for that credit Union ( It cost 12000 FCFA to about 15000FCFA excluding shares and depending on the credit Union).

Requirements

After verifying the cost above,

Photocopy your National Identity Card

Snap 4  4by4 passport size photos

Move to the credit union of your choice

File the membership form and sign

An account number shall be given to you.

Types of accounts 

Deposits account: With your deposit account, you can deposit and withdraw your money at your request. A small interest is charged when you are depositing money depending on the Credit Union.

Savings account: with your savings account, you can save and withdraw at your request, a small interest rate is charged when you want to withdraw from your savings account. You equally receive annual Interest on your savings.

It's worthy to note that all the above accounts are created once, it only depends on you to choose which one to use.

Kinds of accounts of Credit Union

• Members accounts

• Group accounts

• Children account

• Overdraft accounts 

• Student account

Case study of Ashong Cooperative Credit Union ltd ( ASHCCUL LTD)

Its Head office is in Ashong Batibo Northwest region of Cameroon. ASHCCUL has seven branches in Cameroon. That's Ashong, Etoko, Kumba , Douala, Baffoussam and Bamenda Branch with a collection centre in Yaounde.

Here is the cost to get an account in ASHCCUL

1. Share = 25000FCFA.

2. Building fee = 5000FCFA.

3. Entrance fee = 4000FCFA.

4. Stationary ( Passbook, Cheque booklet and Loan Policy) = 3000FCFA.

 Total = 37000FCFA

In case you wish to close your account, your shares shall be given to you. So, it is actually 12000FCFA to create an account.

Also read:How to create Group Account in Credit union Cameroon

Thanks for reading. Do you need an account? Let's hear from you.