HOW TO OPEN A COOPERATIVE CREDIT UNION IN CAMEROON

HOW TO CREATE A COOPERATIVE CREDIT UNION

A cooperative is a group of individuals who come together to meet their common cultural, economic, or social needs.

It’s to be noted that cooperatives can be created in 2 categories,

Category 1

Category 2

The minimum number of members and share capital differ under each category;

Category 1 COOPERATIVE; The minimum number of members required to create a category 1 cooperative is 100(one hundred) as per the COBAC Regulation, with a minimum share of 10000frs CFA each given a minimum share capital of 1.000.000(one million)Franc CFA. Category 1 cooperatives must be affiliated to CAMCULL and pay a fixed entry fee of 200.000(two hundred)FCFA.

As per Category 2 cooperatives, the minimum number of members is 3(three) with a share capital of 50/300million and must have a board of directors.

Cooperatives are subjected to control and their activities are regulated by COBAC and CEMAC regulations.

REQUIRED DOCUMENTS

Application form

Articles of Association

Judicial extracts

Attestation of deposit

Certificate of subscription of shares

List of members/board of directors attach to minutes

Localization plan

For further information or assistance to create your Cooperative society/Credit union or Micro finance please visit?www.lawyershubcameroon.com and follow steps under e-registration.

By Barrister.Fru Shella