In October 2017 the Afrikan Cooperative Union decided to form a study group to explore the benefits and feasibility of a credit union. Below is the position statement produced by the Credit Union Study Group setting out what the credit union will do, how it will do it, who its members will be, and why this initiative is  needed.

Meeting the Financial Needs of African People

Since 2012, credit unions in the UK have been allowed to lend to their members for business purposes. The ACU is seeking to build a credit union[1] focused on the financial needs of its members, and to promote cooperative enterprise in the community.[2] Our aim is to provide ways to help everyone in our community live more fulfilled lives by saving, pooling and sharing our wealth, and providing more secure livelihoods.

Our credit union will:

  • Provide savings and loans services of a typical credit union, focused on the needs of its members;
  • Offer loans to members to help finance cooperative enterprises;
  • Provide advice and support to members seeking to establish cooperative enterprises.

The full position statement can be read here

Interested in joining?

[1] The credit union study group is working to complete the tasks that need to be successfully undertaken before an application for registration as a credit union can be made to the Financial Conduct Authority.

[2] This approach is based on the example of the Mondragon Cooperative Corporation in Spain.