Open from abroad, save at home: YouthCCUL’s offer to Cameroonians on the move

The Bamenda credit union says prospective members can begin applying from anywhere, follow their money online and choose how they want to save.

A Cameroonian abroad may want to set money aside for a family business or school fees rather than send it all at once. A trader in Bamenda may be saving in smaller amounts towards the next order of stock. Both need somewhere to keep that money and a practical way to add to it.

Youth Initiative Cooperative Credit Union, known as YouthCCUL, is making its case to those savers. Registered in Bamenda in October 2025, it offers online account access alongside branches at the Food Market in Bamenda and in Ebonji, Tombel.

Starting an account from home or abroad

Prospective members can begin a membership application online by entering their details. YouthCCUL then contacts them to complete the process. Alternatively, they can save or print its account-opening form, fill it in and return it to the credit union for processing.

Once an account is set up, members can check their transactions through YouthCCUL’s online banking platform. In feedback supplied to MMI News, the credit union described its aim as giving members “full control over your money 24/7”.

The more useful question for a member abroad is how to put money into that account. YouthCCUL offers card deposits to members in Europe and North America. According to its latest product information, successful deposits appear in the account within 24 to 48 hours. The current card deposit range is $50 to $200 a week, with a 3.5 per cent processing fee and a possible additional 1 per cent international charge outside the United States.

Members can also deposit through YouthCCUL’s office mobile money account. The credit union says those payments usually appear in members’ accounts within 24 hours. Transfers between YouthCCUL accounts are available online, while withdrawals to a mobile money wallet carry a 3.5 per cent fee. Its product information also lists fee-free cryptocurrency transfers at rates displayed on the platform; members must contact the credit union for processing times.

These details give a prospective member something concrete to assess: how they can fund an account, when a payment should appear and what a transaction will cost.

Savings for different amounts and timeframes

YouthCCUL’s basic savings account has no minimum deposit and advertises annual interest of up to 6.5 per cent. That gives someone saving gradually a way to begin without first reaching a required balance.

Members able to set aside at least 500,000 FCFA can choose a six, nine or 12-month fixed deposit. The time deposit pays interest upfront at an advertised annual rate of 7.5 per cent. “Receive your interest upfront when you make the deposit,” YouthCCUL says in its product information. The term deposit pays interest and principal at maturity at an advertised annual rate of 8.5 per cent.

For members considering a longer commitment, YouthCCUL also lists an investment account paying 10 per cent annually, with a minimum of 3 million FCFA blocked for at least three years. Early withdrawal restrictions and reduced interest apply to fixed deposits, so the term matters as much as the advertised rate.

What members’ savings can support

YouthCCUL was founded by Wong Martin, Theodore Anuambe and Dr Kinsley Sama, whose backgrounds include banking and financial analysis in Cameroon and abroad. As a cooperative credit union, it pairs its savings offer with loans for businesses, agriculture and education.

The need for that finance is clear. The World Bank has noted that many young Cameroonian entrepreneurs work informally and lack the collateral or credit history banks require. YouthCCUL reports that more than 50 business owners have borrowed from it since it opened. It has also supported students through scholarships and contributed to agricultural projects.

On its website, the credit union puts its founding idea simply: “youths shouldn’t be limited by lack of access to capital.” Its goal of supporting more than 10,000 young entrepreneurs across 15 communities remains ahead of it.

To begin, submit your details online for a follow-up from YouthCCUL, or save the account-opening form, complete it and return it for processing. Prospective members can also visit its Bamenda or Ebonji branch.