How Create Group Account in Credit union Cameroon
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| Hand Saving money in Bank |
Credit unions in Cameroon under Cameroon Cooperative Credit union League (Camccul) have made it possible for groups to create their group accounts cheaper.
Local groups such as Njangi initiative usually face problems during their year end meetings when they ask those keeping their little savings and it is not available.
Groups like Njangi initiative, Social groups, Foundations and other Credit unions can create their accounts easily to do their transactions and also benefit from some services such as taking a group loan ( Njangi Finance) Securing their money and avoiding keeping money without any financial institutions which is a crime.
Also read: how to create a member Account in Credit union Cameroon
Creating a group account with another Credit union in Cameroon is similar to Creating a normal account. With no further ado let's get started.
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Importance of Creating group account in Cameroon
Finance the group via Njangi Finance
Secure the funds
Gain interest on savings
Boost savings within the group
Documents required to create Group Account in Credit union
Photocopy of minutes of Exco or General Assembly agreeing to Create account
Photocopy of groups permit with permission number or Id cards of President, treasurer and the Secretary General.
Photocopy of of ID cards of signatories
Letter containing names of the Signatories and Conditions to withdraw and save money.
4 Passport size photo of Signatories ( not compulsory when starting)
Amount of Money to Create the account.
Steps to Create Group Account in Credit union
Move to Any Credit union decided by the group. Remember some Big Credit unions have Bigger share amount. Join Ashong Cooperative Credit union if you are interested in cheaper shares.
Meet the Members service department to direct you to the right places.
Create your account and get a passbook, cheque booklet , bylaws and Loan policy.
To create a full account Range from 25000frs to 10000frs in Cameroon Credit union today. Check the amount to Create in Ashong Cooperative Credit union LTD ( ASHCCUL) below.
cost to get Group account in ASHCCUL
Share = 25000FCFA.
Building fee = 5000FCFA.
Entrance fee = 4000FCFA.
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
Do you belong to any group and want the group to create an account? Contact us