Cooperative societies are voluntary associations that promote the economic and social well-being of their members by pooling resources and undertaking collective activities. Key features include democratic control, active member benefit, limited return on capital, and emphasis on education and training. These cooperatives operate across various sectors and can increase bargaining power, improve resource access, and promote sustainable practices. Cooperatives’ structure and benefits are subject to local regulations, such as tax exemptions in Cameroon. Assistance is readily available for those interested in forming or participating in cooperatives.
Mutual credit funds
Mutual credit funds are member-owned cooperatives providing financial services such as savings, loans, and more. They differ from traditional banks as they are not-for-profit, prioritizing members’ financial needs over profits. Membership is open to individuals or businesses meeting specific eligibility criteria. These funds promote financial inclusion, local lending, and community development while being regulated by the relevant financial authorities.