Rainbow Cam counts landmark achievements at AGM.

This, the management said, is thanks to the laudable and credible services they offer to their affiliates on daily basis.

The revelation was made known during the union's 4th Annual General Meeting, AGM, which took place on Saturday March 23, in Bamenda.

The AGM took place in the presence of the Board President, HRM Fo Angwafor IV, the General Manager, Bih Rose Fru, other Board members, authorities and affiliates of the microfinance institution.

According to the Board President of Rainbow Cam, HRM Fo Angwafor IV, about 26 affiliates, as at December 2023, were knocking on their door for full affiliation and membership. 

“As at December 2023, we had 37 affiliates that have paid in their shares and are considered full affiliates with Rainbow Cam. There are 26 affiliates that have paid in adhesion fees and we are still monitoring them to determine their seriousness, before signing membership conventions with them. So, we have a total of 63 institutions within the network, with some full affiliates and others under observation,” the Board President said.

The AGM of Rainbow Cam was also an opportunity for members of the Apex I microfinance institution to review 2023 projects and plan for 2024.

It was revealed that the project department of the institution, in 2023, focused mostly on agricultural projects, training and supervision control and facilitation of accreditation.

Rainbow Cam plans for 2024

Rainbow Cam has budgeted a total of 25,305,000 FCFA as capital budget for the microfinance finance institution for 2024. 

The management of Rainbow Cam has set as priority to register with regional and international credit union associations like the African Confederation of Cooperative Savings and Credit Associations, ACCOSCA.

It is also on a mission to continue the process of computerisation of its affiliates, in order to yield better results.

The management of Rainbow Cam equally revealed during the AGM that the expansion of investment with Momocash and other products would ease transactions between members.

The General Manager of Rainbow Cam, Bih Rose Fru, said: "We provide variety of services ranging from consultancy, representation, training. I want to say that training is one of our core activities and that is what has been yielding so much result for us. We believe that when our affiliates are trained, they're going to take the right decisions and make the institution sustainable". 

Celebrates affiliates

The Annual General Meeting was also an opportunity for Rainbow Cam to celebrate its affiliates, Bafut Cooperative Credit Union and Ntarinkon Cooperative Credit Union, which are celebrating their 60th and 50th anniversaries, respectively this year.

Speaking on this, Rainbow Cam Board President, said: “We are happy to announce that two of our affiliates shall celebrate their Diamond and Golden jubilees this year. This a sign of maturity and resilience. We use this opportunity to encourage younger institutions to stay focused and determined as these are the main virtues that will see them grow to celebrate such achievements".

Board members of Rainbow Cam re-elected

The AGM ended with elections at the level of the Board of Directors and Supervisory Board. All of the members were entrusted with another mandate to lead the institution for the next four years.

"It's a new mandate and I want to let you know that it's my last mandate. We will continue to work for the vision and mission of Rainbow Cam so that we can build a stronger and vibrant financial institution," Fo Angwafor IV added.