A credit union is a member-owned, not-for-profit financial cooperative. Unlike banks that are driven by profit, credit unions exist to serve their members. They provide a safe place to save and access affordable credit, often at more favourable rates than commercial banks. Members benefit from dividends and have a say in how the credit union is run.

Diaspora Credit Union is entirely owned and controlled by its members. Each member has an equal vote in electing the board of directors, regardless of how much they have saved or borrowed.

Members become eligible to apply for a loan after maintaining active membership for at least three months and fulfilling all requirements for their chosen loan product. You'll need to have regular savings deposits and may need guarantors depending on the loan amount.

Shares: Represent your ownership stake in the credit union. They are non-withdrawable but transferable and entitle you to dividends.

Deposits: Mandatory contributions to your main savings account. Not withdrawable while you're a member, but can be used to guarantee loans.

Savings: Withdrawable funds held in your savings accounts, like the ordinary or holiday savings accounts.

Your savings and deposits are used responsibly to provide affordable loans to other members or are invested in secure, low-risk assets. Income from these activities helps cover operational costs, grow reserves, and pay interest/dividends.

Dividends are declared annually during the Delegates Conference based on performance. Payouts are made either to a member's credit union account or registered bank account.

Interest rates are reviewed periodically by the Board of Directors based on recommendations from management.

Members may choose to reinvest dividends or interest into their shares by submitting a written request.

Completed loan application form

Minimum three guarantors (active members for at least 3 months)

Clear outstanding loans

Certified latest payslip

Copy of valid ID or passport

Minimum three months of active membership