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Topic Overview | id: 21376 Visits: 3676 Added:
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| |  Credit unions or savings and credit cooperatives (SACCOs) are legally constituted not-for-profit co-operative financial institutions chartered and supervised, for the most part, under national co-operative law and created to meet the basic financial service needs of primarily low and middle income citizens who generally cannot obtain these services through the existing banking system. They provide a means to learn the value of regular savings and wise use of credit. They are a form of economic empowerment, based upon an individual's ability to control and manage the financial institution which provides savings, credit and financial management. Membership eligibility is usually defined in terms of some common affiliation, such as employment or residence. All members are owners of the enterprise and have equal privileges, opportunities and responsibilities. Typically a SACCO or credit union only accepts deposits from and grants loans to members. All members are equal owners of the enterprise and each has one vote in the election for committee members and the board of directors. Members of these elected bodies serve in an unpaid voluntary capacity. | |
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