HISTORY OF NALEA COMMUNITY COOPERATIVE CREDIT UNION LTD
NALEA COMMUNITY COOPERATIVE CREDIT UNION LTD is a registered Category 1 Microfinance institution with a mission to become the preferred provider of targeted financial services in our community, based on strong customer relationships. We have created a platform of financial literacy to educate our members; specifically the unbanked population, we collect savings and use them for credit operations to the financially underserved members who lack the required collateral security for funding. Our organization is nurturing the idea of poverty alleviation through financial literacy, inspired trading with rooted godly, moral, skillful and professional values. Our attention prioritizes women who in the African culture are builder of model homes, families and communities. We strive to give our members financial independence by carrying banking to the market place thereby encouraging them to save frequently thus, developing track records through which their creditworthiness can be tracked.
NALEA COMMUNITY COOPERATIVE CREDIT UNION LTD transitioned to a cooperative union in 2021 and since then has made remarkable impact in serving the underprivileged unbanked community in Cameroon, made up of the internally displayed persons from the crisis affected regions; the Anglophone NW and SW regions suffering from the Anglophone crisis and the North and Far North regions suffering from the Boko Haram crisis and climate extremities. Our attention is focus to providing financial inclusive services to these persons especially women who are involved in petit trades and farming activities.
Our business model focuses on educating our members on the values of financial literacy and providing micro-loans without need of collateral securities, while encouraging them to pay back in savings on daily or weekly bases considering the income generating scope of their businesses. Our consistency in managing a portfolio of over 1,000 members has helped them to learn a specific trade through our project department, and provide them with micro-loans to start micro-businesses, with close mentoring efforts to attain financial independence. We have successfully helped many especially women, and widows to gain financial independence to cater for their upkeeps and education of their children. We have also extended our operations to this niche in insurance services. Our services have been developed to cover; micro-credit for micro business financing, enterprise support loans for business extension and scale-ups, family support loans to finance higher educational sponsorship of our members and their children and construction of good housing facility at pretty cost with advanced technologies and church financing to restructure doctrinal and moral education. Many of our members today are happy, with hope of life and living restored.
