People For Health Cooperative Credit Union Ltd (PHECCUL) has reaffirmed its position as a forward-thinking financial institution during its 14th Annual General Meeting (AGM) held at the in Bamenda on Saturday 8 February 2025. The come together was marked by a strong sense of optimism, as members, management, and stakeholders reflected on the institution’s progress and outlined bold strategies for future growth.
View Of PHECCUL members during the AGM
Addressing members, Egbe Julius Etta, President of the Board of Directors (BOD), expressed gratitude for their support and trust. He acknowledged the challenges encountered in 2024 but emphasized PHECCUL’s ability to navigate difficult times and emerge stronger.
“Despite a highly demanding year, we remained steadfast in our commitment to serving our members. Through prudent management and strategic decision-making, we have strengthened our financial standing and positioned ourselves for a brighter future,” Egbe Julius Etta stated.
PHECCUL saw remarkable growth in key financial areas, reflecting the confidence members have in their cooperative. Members’ savings increased from 176 million FCFA in 2023 to 187 million FCFA in 2024, while total deposits surged by an impressive 61.4%, demonstrating a renewed trust in the institution. Additionally, the credit union’s balance sheet expanded by 34.9%, reaching over 313 million FCFA, a major achievement in PHECCUL’s journey toward financial sustainability.
One of the highlights of the AGM was the announcement of PHECCUL’s planned expansion to Douala, a move aimed at tapping into a larger market and offering more opportunities for growth. The decision follows an in-depth feasibility study that identified Douala as a promising financial hub for the union.
Additionally, PHECCUL reinforced its dedication to supporting members through affordable and accessible loan products. The loan portfolio grew by 17% in 2024, providing members with capital to invest in their businesses, education, and personal projects. With a renewed focus on loan recovery and responsible borrowing, the credit union is ensuring long-term sustainability while continuing to meet members’ financial needs
Reports from the Youth, Women, and Supervisory Committees painted a picture of a vibrant, inclusive, and member-driven institution. Members were encouraged to participate actively in PHECCUL’s initiatives, propose ideas, and fulfill their financial responsibilities, including share contributions.
Speaking at the AGM, Nyambod Adeline, PHECCUL’s newly appointed Manager, reassured members of her team’s dedication to excellence:
She admitted that they are fully committed to delivering top-notch financial services, ensuring the security of members’ investments, and promoting a culture of trust and transparency. According to Nyambod, PHECCUL is home to all and together a stronger union can be built making PHECCUL a more prosperous institution.
With a projected balance sheet of 500 million FCFA by the end of 2025, PHECCUL is setting ambitious targets for the future. The union aims to strengthen internal controls, improve service delivery, and attract more members, especially within the health sector, which remains its core focus.
As PHECCUL embarks on this new chapter, members are encouraged to take full advantage of the credit union’s financial offerings. With a strong leadership team, sound financial management, and a commitment to innovation, PHECCUL is well-positioned to become a leading cooperative financial institution in Cameroon.
By Bakah Derick
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