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GloWViCC PLC by inception sprouted out as an idea from a "njangi" group by the name Common Wealth. Members gathered every third Sunday of the month at Mr. Nkam Nelson's compound at rendezvous quarter in Bamenda in the North West region of Cameroon and did regular savings. This continued to a time when one of the members, Mr. Nkam Linus, foresaw the rapid growth of this "njanji" and perceived that it may eventually lead to a financial power house in the nearest future. This vision remained as a skeleton for some years until 2016, a time when the president Mr. Nkam Ignatius Muluh possessed by this idea saw it as a reality and made ambitious propositions heavily endorsed by the members of Common Wealth "njanji". The name Global Wealth Visionary Credit Company(GloWViCC) was attributed to this vision unanimously agreed by a consensus of the members. This served as light that gave the vision flesh.
A 7 (seven) man Think Tank committee was created with members Madam Megha Pascaline, Mr. Atanga Godwill, Mr. Nkam linus, Mr. Nkam Nelson, Madam Ngwi Teneng Yvonne, Mr. Mbokwang Divine, headed by Mr. Nkam Ignatius Muluh as chairman and Mr Awa Ernest Nyah as acting manager, to brainstorm on the way forward and path-find the way for this vision. They path-find the roadmap and the necessary networks needed to articulate this great vision to realization. Family members, friends and business people where contacted both nationwide and in the diaspora about this major investment plan and to a surprise note, a wide majority complied. This served as the catalyst to this vision which kick-started the first branch being at Metta quarter Bamenda, with pioneers, the 7 Think Tank committee members adopted by the "njangi" as promoters committee members to ensure that the vision gets accreditation from the banking commission. During the first constituent assembly meeting of shareholders on the 21st of January 2017, the 7 members of the promoters committee where adopted as first board members of the company. The committee was comprised of Mr. Mbokwang Divine as BOD secretary, Mr. Nkam Linus as Credit Committee chairman, Mr. Penn Ferdinand Khan as General Manager, Mr. Nkam Ignatius Muluh as Board Chairman (BOD President) and the others as members of the BOD. Through this constituent assembly, the Article of Association, Memorandum of Association and other statutory frameworks were adopted and served as the foundation for this great vision. The motto "Justice in business, Trusting in God" was unanimously adopted by a consensus of the shareholders.
The aforementioned documents were forwarded to COBAC and the Ministry of Finance till the time of accreditation with Degree No 000448 MINFI of 12/06/2018, REG NO: TPPRR-RC.BDA.2017B.048 and COBAC NO: D-2018/144 of 16/01/2018 license to operate as a Microfinance Category 2 and as a Public Limited Company (PLC). Contrary to the company laws and the regulatory norms and frameworks proposing for ¼ of the share capital to be paid at formation, GloWViCC PLC became unique as all the proposed share capital of 541,000,000fcfa (five hundred and forty one million) was fully subscribed and paid at formation. GloWViCC PLC started business on 29/07/2018 and has been operating since then without ceasing and by December 2019, four branches were added to the network covering three more regions in Cameroon (Centre, South West and Littoral) in Yaoundé, Douala Bonaberi, Douala akwa, and Buea respectively. Due to the rapid growth of GloWViCC PLC, the Board of Directors called for an increase in the share capital up to 1,000,000,000 FCFA ( one billion FCFA) during the Anual General Meeting(AGM) of January 2020, and on a surprise note it was fully paid within a period of one year. GloWViCC PLC during its first 3 years of operation recorded the lowest delinquency rate in the whole of CEMAC far below the 5% regulated by COBAC amongst her co-financial institutions. The institution in all its fiscal reporting years has been able to meet up with 11 out of the 12 COBAC prudential norms for category 2 MFIs which is not common in the Microfinance sector. Ever since the aforementioned results, the company has been attaining wide endorsement and as a raging fire, GloWViCC PLC has been demystifying all the discrepancies in the financial sector. The company has as mission to promote the economic and social wellbeing of its customers exercising equity and fairness in all business transactions with Justice in business, Trusting in God.
We are a category 2 microfinance institution registered under Decree No: 000448MINFI of 12/06/2018 COBAC No: D-2018/144 0f 16/01/18 REG. No TPPRR-RC.BDA.2017B.048.
Metta Quarter, Bamenda
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