About Credit Unions

A CREDIT UNION is a financial co-operative which is made up of a group of persons who join together to make certain financial services available to themselves the members of the the Credit Union. The major service offered by a Credit Union is to provide a facility to save money and to make loans available to members at a rate of interest lower than the commercial rate.

A CREDIT UNION is not a welfare agency; nor a charitable or benevolent society. It depends on income earned from rendering services to meet the expenses of staff salaries, utilities, etc., rather than on donations, handouts from government or philanthropic organisations.

THE CREDIT UNION may however borrow money towards its development in amounts determined by the annual general meeting where the maximum liability is set.

THE CREDIT UNION MOTTO: Not for profit, but for Service.

 

CREDIT UNION OPERATING PRINCIPLES