Our Values & Priciples
Our Core Values represent the principles and standards of behavior that under pin our
What Our Core Values Represent
Our Core Values represent the principles and standards of behavior that underpin our operations. Implicit in our values is our support for and adherence to the Co-operative Principles and the principles of good corporate governance. The eight (8) core principles that guide credit unions as follows:
Voluntary and Open Membership
Cooperatives are voluntary organisations, open to all persons able to use their services and willing to accept the responsibilities of membership. Cooperatives are democratic organisations controlled by their members, who, where applicable, actively participate in setting their policies and making decisions.
Non - Discrimination
Credit unions are non-discriminatory on all grounds, including but not limited to gender, social, racial, political, or religious discrimination.
Distribution to Members
To encourage thrift through savings and thus to provide loans and other services, a fair rate of interest is paid on savings and deposits.. The surplus arising out of the operations of the credit union after covering the cost of finance, operating costs, provisions for loan losses, and ensuring appropriate capital reserve levels, belongs to and benefits all members with no member or group of members benefiting to the detriment of others.
Service to Members
Credit union services are directed to improve the economic and social well-being of all members.
Building Financial Stability
A prime concern of the credit union is to build the financial strength, including adequate reserves and internal controls that will ensure continued service to membership.
Cooperatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their cooperatives. They inform the public and opinion leaders – particularly young people – about the nature and benefits of cooperation.
Cooperation Among Cooperatives
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional, and international structures.
Cooperatives work for the sustainable development of their communities through policies approved by their members that should additionally promote social responsibility and member education on cooperative and financial issues. The board should ensure that these cooperative principles are incorporated into governance policies and practices.
Cooperatives are democratic organisations controlled by their members, who, where applicable,
actively participate in setting their policies and making decisions. Men and women serving as
elected representatives are accountable to the membership. In primary cooperatives members
have equal voting rights (one member, one vote).
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