Credit Union Principles

The credit union operating principles are founded in the philosophy of co-operation and its central values of equality and mutual self-help. At the heart of these principles is the concept of human development expressed through people working together to achieve a better life for themselves and their children.

  • Financial co-operative.
  • Democratic Control, Owned and operated by its members (one person = one vote).
  • Open and voluntary membership.
  • Not for profit making organisation.
  • Not for charity but to service the needs of our members.
  • To encourage thrift through saving regularly.
  • Members can borrow at low interest rates (1 % per month on a reducing balance).
  • Educating our members in money management.
  • Non discrimination in race, religion and politics.
  • Promoting credit union philosophy and methods to our members and volunteers.
  • Social Responsibility – continuing the ideals and beliefs of co-operative pioneers, Credit Unions seek to bring out human and social development.

(Adapted from the World Council of Credit Unions)