Financial Cooperatives

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A credit union is a member owned financial cooperative, democratically controlled by its members, and operated for the purpose of maximizing 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 board of directors of the credit union is typically elected by the members.

In Curacao the first credit union was formed in 1958 with the help of Mgr. Dr. Amado Römer. This paved the way for the widespread development of credit unions in Curacao. The number of credit unions grew rapidly but declined after some decades. Nowadays there are 6 credit unions on the island. Together they have more than 35,0000 members.