The Liberia Credit Union National Association (LCUNA) is the apex body of credit unions in Liberia. LCUNA is highly committed to sustainable growth through Credit Unions to support the Liberia Government’s efforts in fighting poverty and socio-economic exclusion especially among the rural poor and marginalized groups in the country.
”To positively impact the lives and livelihood of credit union members through the provision of cost-effective financial and technical programmers.”
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“A sound and self-sustaining National Association promoting sustainable growth and development of credit unions in Liberia.”
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To meet up with international best practices and as members of the World Cooperative Society, LCUNA is following the below listed Conventional Cooperative Principles:
Voluntary and open membership
Democratic Member Control
Member Economic Participation
Autonomy and Independence
Cooperation Among Cooperatives
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LCUNA confirms itself to the below established core values:
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Credit Unions In Liberia
Credit Unions Members In Liberia
Support For Credit Unions In Liberia
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Why Join A Credit Union?
It is important to join a credit union and become a member for financial security that is to enable you to have access to funds in times of need. Secondly, owning affordable houses, the credit union assist members acquire land, building materials and putting up houses so that when they are retired, they may have a place to stay. Agriculture is one sector that credit unions can help its members who are interested in it to have modern tool etc. also to be able to educate members themselves and their children in higher institution of learning like, University, College etc. Easy access to low interest loans and attractive return on your savings. The benefits are very real and reasonable such that people really need to become members to upgrade their living conditions.
LCUNA, provides credit union education and sensitization on the philosophy and operating principles of credit unions to both new and existing Credit Unions. Capacity building trainings are also provided.
Innovation With Impact
LCUNA is open to new ideas and exploring new innovative ways through research to advance services delivery to Credit Unions and its members.
LCUNA is extremely dedicated to supportable financial, personal and institutional development through Credit Unions to support the Liberia Government’s efforts in fighting poverty and socio-economic exclusion particularly amongst the rural poor and marginalized groups.
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Frequently Asked Questions
Why choose a Credit Union in Liberia?
It is important to choose a credit union and become a member for financial security that is to enable you to have access to funds in times of need. Secondly, owning affordable houses, the credit union assist members acquire land, building materials and putting up houses so that when they are retired, they may have a place to stay. Agriculture is one sector that credit unions can help its members who are interested in it to have modern tool etc. also to be able to educate members themselves and their children in higher institution of learning like, University, College etc. Easy access to low interest loans and attractive return on your savings. The benefits are very real and reasonable such that people really need to become members to upgrade their living conditions.
How do I join a Credit Union in Liberia?
Firstly, individuals, clubs, organizations and children may join the Credit Union. There is joint membership. A man and his wife can open a joint account with the credit union. In order to join a credit union, you need to hold what is known as the ‘common bond’. For most credit unions, the ‘common bond’ is the area where members live – potential members will need to live or work within a local area. This is known as a community-based credit union. For other credit unions, the ‘common bond’ might be the occupation members work in, the employer they work for or perhaps, members are drawn from a society or association. The ‘common bond’ is what enables members to know and trust one another.
How do I open an account with a Credit Union in Liberia?
You take a Credit Union of your choice, go to the premise and fill a simple form and agree to pay the opening balance of $5,000.00 LD, entrance fees of $________ and a minimum share of $_________, two passport size photos and copy of the ID Card as required by the credit union. To open an account at a credit union, you’ll need to meet the eligibility requirement by the credit union you wish to open the account at. (This is usually easier than it sounds). Make a small deposit (often $5,000.00 LD and above) to become a member-owner. Start using your account.
How does a Credit Union work in Liberia?
Members save with their credit union and create a communal pool of money available to be used for providing loans to other members. Interest charged on loans to members generates an income for the credit union. Any additional savings not lent out to members can be invested to return a further income to the credit union. From this income, the credit union pays any operational expenses. Any remaining income is referred to as the credit union surplus and funds the dividend paid on members’ shares and/or is directed to improved or additional services for members. Credit unions may also choose to pay a loan interest rebate, which is a refund of loan interest paid to all members who borrowed during the preceding financial year.
What is the requirement to receive loan from a Credit Union in Liberia?
Firstly, before applying for loan from the Credit Union in Liberia, one must be able to join a credit union by means of registering with a credit union and become a bonafide member. You will have to save six months with the credit union before you can apply for a loan and they can give you twice your savings for the loan depending on the credit union policy, to grant you a loan guarantor must be available and must be a member of a credit union you are applying for the loan from. He or She your guarantor must have the amount of savings in his or her account which you are applying for or more. The loan can be paid within certain period of time also depending on the policy and bye law of the credit union.
What is the basic requirement to form a Credit Union in liberia?
The standards provide the minimum requirement for Credit Unions in Liberia. All existing and would be credit unions shall be required to meet these requirements before their licensed to operate.
1. MEMBERSHIP i. A study group should have at least 75 to 150 members at start and should attain full status of a credit union within twelve (12) months after its registration as a study group of LCUNA
ii. Credit Unions should have at least 300 members before it can be duly licensed and must have potential to grow above this. Existing credit unions (Licensed or not) shall.
2. Shares and Savings
i. A study group should have at least LD $1,500,000.00 (One Million Five Hundred Thousand Liberian Dollars) in shares before it is registered as a credit union provided no one member owns more than 20% of the shares.
ii. A study group should have at least a cumulative savings of LD $ 3,000,000.00 (Three Million Liberian Dollars) before it is register as a credit union provided no one member owns more than 20% of the total savings. Members must be prepared to save a minimum of LD $ 5,000.00 (Five Thousand Liberian Dollars)
3. Office Space
i. Study group and all existing credit unions are required to have permanent office where they will operate from within the Credit union, Signboard and Business Hours conspicuously placed. Existing Credit Unions are also required to fulfil this requirement within three (3) months or risk losing their license.
ii. All credit Unions shall maintain a staff/volunteer that will be trained to keep the financial record of the credit union up to date.
4. Governance and Training
i. Founding members shall be required to undergo a credit union member Education program for a period of 4 to 6 months in case of study group.
ii. Existing CUs and study groups shall have their Bylaws aligned to the LCUNA Model bylaws and shall commit to a balanced representation in the leadership structure. iii. The leadership of each credit unions shall commit themselves to attending Credit Unions trainings to acquire basic skills to execute their roles and function.
5. Other Requirements
i. Before a study group is licensed to operate as a credit union and be affiliated to LCUNA, LCUNA shall conduct a feasibility study to ascertain that the study group or credit union has met the minimum requirements for it to be licensed. The cost of such study will depend on the location oof the credit union or study group and shall be agreed before the conduct of the exercise.
ii. Before a study group is affiliated to LCUNA, it shall complete the prescribed Affiliation form and submit with such form the latest financial statements, the approved Bylaws and an affiliation fee of LD $4,000.00 (Four Thousand Liberian Dollars) The deposit of the amount in relevant LCUNA’s Account with deposit slip submitted to Authority is preferred or using money transfer system as available.
iii. All affiliated Credit Unions are required to patronize cost recovery services, particularly training provided by LCUNA.
iv. It is incumbent upon LCUNA to provide Affiliation Certificate immediately upon receipt of the required fee. Such certificate shall be valid ONLY two (2) years from date of issuance.