What is a Credit Union?

A credit union is a member-owned financial cooperative, democratically controlled by its members and operated to maximize the economic benefit of its member.

Credit unions usually encourage savings and offer competitive rates for loans. Credit unions typically have a membership base that unites its members, such as having the same occupation or employer, belonging to the same association or religious group, or living in the same community. The members typically elect the Board of directors of the credit union.

In Curacao, pioneers formed the first credit union in 1958 with the help of Mgr. Dr. Amado Römer. This event paved the way for Curacao’s overall development of credit unions. The number of credit unions multiplied but declined after some decades. There are six credit unions on the island and together they have more than 30,000 members.

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