How it works
About Cent Cent
A financial solution..





What is a Credit Union?
- Structure
- Clientele
- Governance
- Earnings
- Products and Services
- Service Delivery
Credit Unions
Not-for-profit, member-owned financial cooperatives funded largely by voluntary member deposits.
Members share a common bond, such as where they live, work or worship. Service to the poor is blended with service to a broader spectrum of the population, which allows credit unions to offer competitive rates and fees.
Credit union members elect a volunteer board of directors from their membership. Members each have one vote in board elections, regardless of their amount of savings or shares in the credit union.
Net income is applied to lower interest on loans, higher interest on savings or new product and service development.
Full range of financial services, primarily savings, credit, remittances and insurance.
Main office, shared branching, ATMs, POS devices, PDAs, cell phones, Internet.
Commercial Banks
For-profit institutions owned by stockholders.
Typically serve middle-to-high income clients. No restrictions on clientele.
Stockholders vote for a paid board of directors who may not be from the community or use the bank's services. Votes are weighted based on the amount of stock owned.
Stockholders receive a pro-rata share of profits.
Full range of financial services, including investment opportunities.
Main office, shared branching, ATMs, POS devices, PDAs, cell phones, Internet.
Other Microfinance Institutions (MFIs)
Institutions typically funded by external loans, grants and/or investors.
Target low-income members/clients, mostly women, who belong to the same community.
Institutions are run by an appointed board of directors or salaried staff.
Net income builds reserves or is divided among investors.
Focus on microcredit. Some MFIs offer savings products and remittance services.
Regular visits to the community group.
Table contents courtesy of World Council of Credit Unions: http://www.woccu.org/about/creditunion
SACCOs around the World
International Success Stories of Credit Unions