{"id":1202,"date":"2021-11-20T14:32:29","date_gmt":"2021-11-20T13:32:29","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=1202"},"modified":"2021-11-20T14:35:57","modified_gmt":"2021-11-20T13:35:57","slug":"ancccul-launches-all-digital-banking-credit-union-smes","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/11\/20\/ancccul-launches-all-digital-banking-credit-union-smes\/","title":{"rendered":"ANCCCUL Launches All-Digital Banking Credit Union to Provide SMEs with Access to Funding"},"content":{"rendered":"\n

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\u2019s first innovative and all-digital banking credit union, ANC Cooperative Credit Union (ANCCCUL).<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\"ANCCCUL
SW Governor’s representative cutting ribbon<\/figcaption><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

Innovation<\/strong> meets finance<\/h2>\n\n\n\n

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, \u201cgiving opportunities for youths, especially, trying to build up their ideas to have access to funds.\u201d <\/em><\/p>\n\n\n\n

For one thing, it\u2019s difficult for existing financial institutions to give out loans, especially to SMEs and individuals. <\/p>\n\n\n\n

  • \"\"<\/figure><\/li>
  • \"\"<\/figure><\/li><\/ul>
    Tour of ANCCCUL offices<\/figcaption><\/figure>\n\n\n\n

    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.<\/p>\n\n\n\n

    \u201cWith the exorbitant amount that at times some institutions charge, we\u2019re 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,\u201d<\/em> Ambe Nickson said.<\/p>\n\n\n\n