A Credit Union is a financial co-operative, owned and operated by its members within a common bond. It provides savings and loan facilities for the benefit of its members. Its purpose is to help members to manage their day to day financial needs through regular savings and fair and affordable access to loans.
Aims of a Credit Union:
The promotion of thrift among members by the accumulation of their savings.
The provision of loans for the benefit of members, at a fair and reasonable rate of interest.
The use and control of members’ savings for their mutual benefit.
Advising and educating members in the wise use of money and the management of their finances.