Types of accounts in Credit Union Cameroon

Credit Unions are Category one Cat1 Microfinance institutions in Cameroon and other Countries. They Accept Savings from Members and give Loans to Members. Some are  affiliated to CamCCUL while others to  Rainbowcam. 

Some of the Credit Unions upscale their activities just the same as some banks downscale.

These Credit Unions offer various account types that suit the needs of everyone. The various account types of Credit Unions are listed and explained below.

Types of accounts in Credit Union Cameroon

Types of accounts in Credit Union Camroon

Saving Account

This is the member’s savings (investment) account to which interest is payable to the member at the end of the year. The frequency of saving and the money in the account saved determines the interest at the year-end and the ability to obtain a loan as well as the loan amount.

Deposit Account

The deposit account is also known as the current account is one in which money is paid back to members on-demand. No notification of withdrawal is needed, however; a token is paid upon deposit. The union is the custodian of the account

Student Account

This is an account mainly for students where they can keep the money for their fees and school needs. Worth noting is that this account does not earn interest and withdrawals and deposits can be done at any time charge-free.

Daily Savings

The daily saving account is an account for everyone (members and nonmembers). In this account, clients save from the comfort of their homes, business/job sites via a daily cash collector agent. The account is created at zero cost, however; monthly charges are cut in correspondence with the amounts saved. This account helps clients gather savings in a bit to meet their monthly, quarterly, or annual financial Goals

Minor Account

The minor account is for children less than 18 years to guard for their future education, health, and others. Withdrawals are done by the supposed guardian and are free of charge without prior notification.

Group Account

This account is reserved for legalized groups like Schools, Meetings, Associations, NGOs, Churches, etc. It is for the safekeeping of group funds to avoid fraud by individuals. Interest is paid on the amount saved, withdrawal is charge-free.

Blocked Accounts

These accounts are the same and group accounts since more than one party is involved. It's good for Business people to secure payments. These accounts are created and conditions set for one party to fulfill before money can be withdrawn from it.

For example if Mr A Buys goods from Mr B who's far away, A and B can agree and create an account with the condition that if B received the goods, the money can be forwarded to A. 

Conditions for Account Creation

The aforementioned accounts require

• Photocopy of members valid National Identity Card

• Document showing signatories to the account (for groups)

• Two passport-sized photographs

• Members Contact and address

• A deposit ranging from twenty-five thousand FRS (25000frs) to 1250000frs depending on the credit union. The above sum includes Members shares, Building fee, Solidarity fund, Stationeries and Social fund. Each Credit Union attributes the money differently.

Which Credit Union is the Best to Create an Account?

Generally, all registered credit unions in Cameroon are okay to create Accounts.

You can contact via us +237672059709 to recommend you the best.

Conclusion

Credit Unions Cameroon offers various Accounts like Savings Account, Deposit/Current Account, minor Account, students Account, blocked Accounts and Group Accounts for all groups of people.

Read: How to create account in Credit Union Cameroon