Our bank is called MUGCOF (Mutual Guarantee Cooperative Finance). This bank was formed by several members of the Winheedcam Board of Directors to support the women in managing and saving their money. The main office is in Bamenda, where our office is located. There are branches in two other cities, including the capitol in Yaounde.

Leaders of Winheedcam groups who live nearby can now come to the bank to deposit their group’s monthly payments and make savings deposits. Interest on savings is now 5%, much higher than can be obtained elsewhere. Ultimately, we anticipate using some of the savings deposits as loan money.

Recent experience worldwide has shown that for-profit banks can collaborate very successfully with non-profit microfinance institutions. Since these two institutions need each other, there is a spirit of optimism about a successful long-term relationship.

A woman makes a savings deposit for her
group at the bank.