In Cameroon, like in most of Africa, small and medium enterprises (SMEs) are important contributors to job creation and economic development. Yet, access to funding is still a nightmare for SME growth. Buea-based investment company, ANC Stock Investment, plans to change all that with the launch of Cameroon’s first innovative and all-digital banking credit union, ANC Cooperative Credit Union (ANCCCUL).
The official launching ceremony that held on November 18, 2021, at the ANCCCUL head office in Mile 17, Buea, drew a huge crowd including investors, entrepreneurs, leaders of higher institutions of learning, regional and divisional delegates of employment, small and medium-sized enterprises, development, mayors in the Southwest Region, and the governor of the Southwest Region who declared the credit union open for business.
Intended specifically for young entrepreneurs and SMEs who are currently underserved by the traditional banking industry, ANCCCUL combines the best of innovative fintech mobile applications with affordable offers to bring modernized banking to virtually, everyone.
Innovation meets finance
Commenting on the launch, Ambe Nickson Che, Founder and President of ANCCCUL, said the microfinance institution aims to provide microfinance services in a more innovative way, “giving opportunities for youths, especially, trying to build up their ideas to have access to funds.”
For one thing, it’s difficult for existing financial institutions to give out loans, especially to SMEs and individuals.
The all-digital credit union offers high-interest savings accounts, low-interest rates on loans, overdrafts, capital buildup, project funding to its members, and leverages the latest banking technology to deliver a fast, seamless digital experience.
“With the exorbitant amount that at times some institutions charge, we’re coming to see how we can bring a change by providing very low interest rates for our loans and project funding to give out to both individuals and institutions,” Ambe Nickson said.
ANCCCUL is the new destination for savers who want to see their money grow with consistent, competitive rates, and make an impact on their community.
Available online and on mobile devices to Cameroonians, this easy-to-use and secure platform, lets members save with ease. Its all-digital model enables ANCCCUL to offer highly competitive interest rates and more savings to its members.
Addressing the scores of participants present at the ceremony, the Southwest Governor, Okalia Bilai congratulated the young President’s strive in hatching such a dream in 2016 at the heart of the political crisis. The governor, in his speech, pledged his support and collaboration as “I stand for anything that will go to foster the growth of young people.”
The mission of ANCCCUL
Affiliated to Rainbow Cameroon, ANCCCUL aims to elevate the financial value of its members and staff through market leadership by providing innovative products and solutions. Its savings rate, according to its proponents, “is amongst the most attractive with a 7% per annum interest on savings and an 11% per annum interest on loans.”
In elevating members’ financial values, the credit union seeks to create opportunities for farmers, business owners, petit traders, and all those who have great initiatives and need extra capital or capital buildup for their respective businesses and projects.
Through the ANCCCUL Fidelity Fund, the financial institution accepts projects and business proposals and provides funding from FCFA 1 million to as high as FCFA 8 million.
Buying shares at ANCCCUL
A financial institution for the poor, the needy, the average, and the rich, ANCCCUL issues shares to its members, granting them the power to be part of the decision-making process. With each member entitled to a share, they have voting rights in major decisions of the credit union.
Its preference and debenture shares with face values of FCFA 100,000 and FCFA 1 million per share, offer 14% and 25% interest rates, respectively–currently the best rates in the market.
How to open an ANCCCUL account
As an innovative credit union, ANCCCUL makes it very easy for anyone to open any type of account including savings, deposit/current, group, minor’s, fixed-term, and salary accounts.
Basic requirements for account opening
- Registration fee of FCFA 10,000
- Buy a minimum of 5 shares (face value per share is FCFA 10,000)
- 2 passport sized photographs
- Photocopy of National Identity Card (NIC)
Other services
Beyond offering shares and opening accounts, the credit union also offers a variety of other value-added services to its members including financing of contracts, njangi financing, micro-credit schemes, institutional school fees accounts, ANCCCUL ‘Go Beyond,’ and customs clearance and removal of containers.
ANCCCUL also provides agric loans to farmers to help them obtain farm tools, seedlings, pesticides, fertilizers, and lease farmland for new farming ventures or to expand their current farmlands.
Digitization
Living up to its innovative nature, ANCCCUL, through its savings application, delivers first-class digital experiences to all its members and non-members alike, allowing them to save into, and make withdrawals from their accounts directly using MTN Mobile Money or Orange Money.
With the ANCCCUL mobile application, members can send and receive money and control their accounts from any part of the world.
About Ambe Nickson & ANC Stock Investment
Particularly known for his unmatched prowess in the cryptocurrency and stock exchange markets, Ambe Nickson is a serial entrepreneur, investor, and stocks & Forex trader. He’s also the Founder & CEO of ANC Stock Investment Ltd, a Buea-based investment company that buys, holds, sells, and manages securities for investment purposes.
The company invests across different sectors–from the stock market to companies and startups with high-growth potential. Through the company’s recently launched Forex training academy, ANC Trading Community, Ambe Nickson trains hundreds of aspiring Forex traders to become professional and profitable traders.
Since venturing into the entrepreneurship space in Cameroon, the young entrepreneur has garnered a lot of attention, gained international recognition, funded fledgling startups, and embarked on daring projects.
Through ANC Stock’s seed accelerator program dubbed the ANC Startup Accelerator, the investment firm has ditched out millions to young enterprising Cameroonians and continues to empower these startups with mentorship and funding.
Recently, the young investor pumped a whopping FCFA 10 million into the 2021 Bonteh Digital Media Awards (BDMA), Cameroon’s most prestigious digital award.
In 2020, the twentysomething executive was appointed Cameroon international partner for the World Business Angels Investment Forum (WBAF) and was listed this year among the top 20 gold traders in the world.
He was recently recognized by the International Mentors Foundation as the Young Achiever of the Year 2021 in Abuja, Nigeria.
The ANC Cooperative Credit Union (ANCCCUL) is his most recent achievement–one, through which he intends to enhance financial growth for its members and the community at large.
Interested in opening an account and becoming a member of ANCCCUL? Contact ANCCCUL via email: info@ancstockinvestments.com or by phone/WhatsApp: +237 651 758 447.
