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.

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.

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.

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.

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.