‘Credit unions build a better world’ |24 October 2011

On Thursday last week, October 20, 2011, credit union members around the world celebrated International Credit Union Day, an event to commemorate the credit union movement’s impact and achievements.

By their unique nature, credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit institutions for more than 184 million members from 49,000 credit unions in 97 countries worldwide. They exist to serve their members, providing a safe place to save money and access affordable loans.

Since 1948, International Credit Union Day has been celebrated annually on the third Thursday of October. Each year, the international event affords the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union difference.

The theme for this year is ‘Credit Unions Build a Better World’. It celebrates the important economic and social contributions credit unions make to their communities world wide. It also aligns cooperatively owned and controlled credit unions with greater cooperative business sector and the United Nations declaration of 2012 as the International Year of Cooperatives. 

Around the world, credit unions empower members to improve their lives through the following characteristics that make credit unions unique:
• Equal ownership
• Not for profit
• Social purpose: people helping people
• Volunteer leadership
• Financial education to members
• Trust
The Seychelles Credit Union which has been in existence since 1970 and its growing family of over 11,000 members also took time to reflect on the benefits which this unique financial cooperative institution has brought to members of our communities since its inception over 40 years ago.
The main message for this year is an appeal for those who have not done so to come and join this happy family of credit unions and benefit from the following services:
• Annual dividends on shares
• Fixed deposits whereby interest is payable every 3 months
• Normal loans as well as emergency ones
• Fully secured loans
• Interest on savings payable every 3 months
• Operate an interest bearing savings account using cheque books
• Standing order instructions to pay utility services, insurance premiums, housing loans etc.
• Inter bank money transfers
• In-house life and savings loan protection scheme
• Easy access to continuous and free cooperative education.

Our vision is: Strive to become a household name within the community
Our mission is: Provide members with high quality services that not only meet, but surpass members’ expectations
Our motto is: Save Regularly, Borrow Wisely, Repay Promptly.

More details can be obtained on the bank’s website: www.scu.sc