Tuesday, November 20, 2018
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New Credit Union To Shelter Retired Staff 

By Carthia Ndingi Elangwe

The Buea Council Cooperative Credit Union, which is soon to go operational, shall have as one of its main objectives, providing a remedy to its workers who eventually go on retirement without having constructed personal homes.  

To put an end to the situation, the Credit Union will serve as a financial pull where Council workers can get housing loans with their salaries as guarantees.

Speaking at a recent press briefing, during the First Buea Council Cooperative Credit Union Constituent General Assembly at the Town Hall, the Lord Mayor of Buea, Patrick Ekema Esunge disclosed that the credit union project involves part of the Council’s objectives to alleviate the social and economic conditions of business operators and the general population in the municipality.  

“We have noticed within our jurisdiction that it has been very difficult for Council workers to construct houses before going on retirement and we thought it wise that with the establishment of a micro-finance structure, workers will have the latitude to benefit from the union and their salaries will stand as a surety for the service,” the Mayor said.

 Esunge added that, looking at the increased business rates of the Buea market, it is but normal that the Council must partner with these operators. There is enough guarantee that the Council can stand as a surety to these business women to achieve economic goals.

 

While other final paper works are ongoing to get the financial house ready, the old Buea Council Chambers at Buea-Town, specifically the treasury section, was chosen as the take off office for the new micro finance structure.

Meanwhile Councilors, council workers, shareholders, business operators, amongst other stakeholders, who were all present in the meeting that day, sought to better understand the new project as they were drilled on techniques, functions and the importance of a credit union.

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