Licensed Financial Institutions
About Credit Unions
Credit Unions
Pursuant to Section 2 of the legislation governing Credit Unions, the Co-operatives Society Act, 2012, “credit union” means a co-operative society organised by a group of people with a shared field of membership for provident and productive purposes and providing cooperatively pooled financial services to its members including savings and lending business.
At present the sector is comprised of an Apex body and four Credit Unions, collectively serving more than two fifths of the population. An application for the registration of a Credit Union must be made to the Financial Services Authority in the prescribed form.
Three copies of the proposed by-laws of the cooperative society, the prescribed application fee and other information in respect of the co-operative society as the Registrar may require must accompany the application.
Fees Payable to the FSA
- For application for registration by a Cooperative Society: $500.00
- For issuing the annual registration renewal fee based on asset size:
Asset Size | Registration Renewal Fee |
$10,000,000 and less | 2,000.00 |
$10,000,001 – $20,000,000 | 2,500.00 |
$20,000,001 – $50,000,000 | 5,000.00 |
$50,000,001 – $75,000,000 | 7,500.00 |
$75,000,001 – $125,000,000 | 10,000.00 |
Over 125,000,000 | 12,500.00 |