Empowering Communities: Anglophone Credit Unions in Yaounde as Catalyst for Nation-Building,1973-2020

to Cameroon, only savings and loans are the outstanding services that are offered34. 30 Mahamari et al, “The Importance of micro-finance institutions in the development of developing countries”, International journal of economics, Vol.10, issue.4, Sept.2022, pp.29-33, Accessed through httc://www.shanlax journal.com,26/03/2025 31Mayuka.T. D, “Credit Unions in the Economic Development of Mezam Division”, Masters dissertation, The University of Bamenda,2018, pp.52-55 32 Griffith.R, et al, “The contribution of Credit Unions to the National development of Barbados”, MPRA Paper, No.33439, accessed online at https://mpra.ub.uni.muenchen.de/33439 33 Ibid.pp.24-25 34 Interview with Ngong Kelvin Kumli,40 years, Accountant, Yaounde,23-03-25 Therefore, one of the challenges of credit unions is how to design products and services that can meet and even exceed the expectation of their valued members35. Credit Unions should have been in a position to provide products such as lines of personal loans, master cards, investment option loans and other services such as local and international money transfer, automated money transfer schemes , swift transfers and other related services 36. To crown it all, loan delinquency was identified as one of the serious challenges that confronted the operations of Anglophone credit unions in Cameroon, especially with the community type credit unions. This emanates from improper loan appraisal and assessment of members. Also, Anglophone credit unions in the Yaounde urban space experienced difficulties in recovering loans, leading to non-performing assets and potential financial losses. In the Cameroon context, one of the main difficulties of the credit union movement was the existing keen competition from other financial institutions such as banks and “Njangi”. Very often, it is assumed that accessing a credit facility from the customary banks was highly cumbersome and prohibitive. Now it has become much easier to access a credit facility at the traditional banks so the belief that it is easier to access a credit facility at the credit union than at the traditional banks does not hold true anymore37. These credit unions were also vulnerable to cyber threats, which can compromise member data and financial security Options for Credit Unions in Cameroon Based on the findings and the conclusions of the study, the following recommendations are hereby made for the success of credit union activities and hence the consolidation of national integration and nation building in Cameroon With this in mind, recommendations can be made for credit union societies to consider implementing an education programme that systematically exposes new members to the information and skills necessary to enable them to participate effectively in the activities of the credit union movement. In addition, investment in a co-operative Bank can also assist in the contribution to the economic enfranchisement of ordinary Cameroonians. With a rapidly growing membership base, the credit union movement took the initiative to invest in an insurance company called the Co-operators General Insurance Co.Ltd. where each member can do business with that institution; since the business of insurance mobilizes the bulk of surplus funds. This investment has further contributed to the success of the credit unions and their consolidation of national integration and nation-building in Cameroon. Consequently, there would be a need for a deposit insurance protection facility incorporated in the regulatory policies governing credit unions to safeguard members‟ deposits against bankruptcy of a co-operative society. Members therefore need to recognize the risk of loss, and hence seek measures to hedge against possible loss of their share capital. As a result, the League, as the apex body has initiated work on a deposit insurance project that would see credit union members being included in the deposit guarantee facility that is currently only available to the customers of banks, finance companies and trust companies. It is also proposed that there is essential need for a research Centre to service the research needs of the co-operative movement in order to provide the 35Wondiard.H, “Competition and mission Drift in Micro-Finance: Does competition have a mission Drift impact”, Journal of Business and Financial affairs, Vol.7, pp.1-5 36 Ibid.pp.1-5 37 Mahamari et al, “The Importance of micro-finance institutions in the development of developing countries”, International journal of economics, Vol.10, issue.4, Sept.2022, pp.29-33, Accessed through httc://www.shanlax journal.com,26/03/2025 necessary information and analysis for effective policy making as it relates to credit, investment and interest rates on loans. As the paper sought to examine the impact of Anglophone credit unions on national development, it is observed that growth is caused by many factors that interact with each other. Factors such as the availability of easy access to credit, tax incentives and government policy, lower interest rates on loans and better loan repayment terms over a particular time period. It is therefore necessary that the Government continues to create an enabling environment that gives every encouragement to the membership of the credit union movement to increase its savings so that it can continue to invest, thrive and develop as they instill values of thrift and self-reliance in their membership. These credit unions should also focus on targeted marketing and education efforts and adapt to changing members expectations The researcher recommend that Credit Union should improve upon their service quality by investing in technology and training in order to meet members expectations which will intend foster or consolidate national integration and nation building policies Again, the researcher recommend that accessibility of loans should be made easy for the customers. This will help to motivate and encourage customers to save more. In addition, according to our research, the impact of Anglophone credit unions on women’s empowerment is a lengthy process that requires time to enhance quality of life. To guarantee that a loan is used efficiently, it is advised that it be granted only after a comprehensive analysis of how the money will be invested and create revenue. Microfinance will progressively improve the standard of living for women, their families, and their children. Conclusion The paper has attempted to discuss the role of Anglophone credit unions in the economic development of the city of Yaounde. Empirical evidence has affirmed that Credit Unions institutions are at the heart of the poverty alleviation programmes and national economic development. Anglophone Credit Unions has filled certain gaps which the conventional banks have neglected, viz. provision of financial services to the active poor and under privileged, undertaking financial literacy at the grassroots level and provision of business training skills. Credit Unions Institutions have, thus so far, helped in reducing poverty and financial exclusion and could achieve greater strides if more efforts are made by all and at all levels. There is also the need for closer collaboration by all stakeholders to ensure human and institutional transformation, provision of incentives and a conducive operating environment for the Credit Unions institutions. 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