The Nevis Co-operative Credit Union Limited (NCCU) is a locally owned and operated Co-operative Financial Institution (CFI) which provides a suite of financial products and services for its shareholders or members, while contributing to social development in the community. The NCCU was initially registered as the Civil Service Co-operative Credit Union (CSCCU) in 1965, and was re-registered as the Charlestown Co-operative Credit Union (CCCU) in 1966. The NCCU opened its bond to the entire island of Nevis in 1972 and was finally re-registered on 25th July of the same year. Since then, the NCCU has progressed in leaps and bounds and has been providing an exemplary service to its members and the wider community.
We operate on International Credit Union (ICU) Principles which include:
Democratic Structure
Open and Voluntary Membership
Democratic Control
Non-Discrimination
Service to Members
Savings and Loans - (Free Insurance Coverage)
Distribution to Members - (Dividends & Bonuses)
Building Financial Stability - (Capital & Reserves)
Social Goals
On-going Education and Training
Co-operation with other Co-operatives
Human and Social Development
Concern for Community
WHO QUALIFY FOR MEMBERSHIP
Individuals and organisations, that meet any one (1) of the following criteria:
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Citizens or Nationals of St. Kitts and Nevis (resident in the Federation or Overseas)
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Non-Nationals who live, work or own property in the Federation of St. Kitts and Nevis
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Co-operative Societies, Institutions, Corporations, Companies and Associations that are registered and operating in the Federation of St. Kitts and Nevis
HOW WE OPERATE
We encourage members to invest in shares and fixed deposits for their long term security and to save for short-term goals in one of our many deposit accounts. Pooled investments and savings are used primarily to provide loans to members/customers for provident (personal) and productive (business) purposes at competitive rates of interest, and on reasonable terms.
WHAT MAKES US DIFFERENT
Shareholders are owners, members and customers of the Credit Union and share in the surplus or profits generated from its operations, in the following ways: a higher rate of dividend on shares; higher rates interest on deposits; improved and expanded services; lower rates of interest on loans; and low or no fees for services provided. Savings and loans are automatically insured by the Credit Union (up to a set limit) at no cost to the members. Members participate in the Credit Union's Administration by serving in a voluntary capacity on the Board of Directors and other Management Committees. The Credit Union contributes to human and social development by its proactive and intimate involvement in the educational, social, cultural and religious activities of the community it serves.
HOW WE ARE REGULATED
The NCCU is regulated and supervised jointly by the Department of Co-operatives (DOC) and the Financial Services Regulation and Supervision Department in St. Kitts and Nevis, the authorised Government Agencies. We are governed by the Co-operative Societies Act, 1995 and the Co-operative Societies Regulations, 1997 of the Federation of St. Christopher (St. Kitts) and Nevis; and the By-Laws and Policies of the NCCU. The DOC collaborates with the Eastern Caribbean Central Bank (ECCB), the Caribbean Confederation of Credit Unions (CCCU) and the St. Kitts and Nevis Financial Services Regulatory Department on regulatory, monitoring and compliance issues.
The Department of Co-operatives functions is to ensure that:
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Credit Unions satisfy the requirements of the Co-operative Societies Act and Regulations, and operate in accordance with their By-Laws and Policies.
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Credit Unions operate by sound financial procedures and controls to protect the deposits of their members and investors.
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Credit Unions maintain high asset-quality and establish adequate reserves.
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Credit Unions take prompt action to correct any deficiency which may result from their operations.
The Financial Services Regulation and Supervision Department functions to ensure that:
OUR VISION STATEMENT
To be the premier financial institution of members
OUR MISSION STATEMENT
To be the most efficient provider of Credit Union products and services that create financial security for our members
OUR VALUES
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Passion - Having a positive attitude, approaching all tasks with energy and enthusiasm, recognising and celebrating individual, group and organisational success.
OUR PROFILE
Name of Organisation : Nevis Co-operative Credit Union Limited (NCCU)
Date of Registration : July 25, 1972
Number of Account-Holders : 5,382
Number of Shareholders : 3,733
Number of Employees : 18 - (Full-Time) & 2 - (Part-Time)
Total Assets : $46.9 Million
Total Loans (Net) : $36.5 Million
Total Deposits : $39.4 Million
Share Capital : $1.9 Million
Instutitional Capital : $3.6 Million
Regulators : Department of Co-operatives, St. Kitts-Nevis
Financial Services Regulatory Department, St. Kitts-Nevis
Auditors : Simmonds and Associates, St. Kitts
Solicitors : Caines Legal Chambers, Nevis
Bankers : RBTT Bank (SKN) Limited
The Bank of Nevis Limited
FirstCaribbean International Bank Limited
St. Kitts-Nevis-Anguilla National Bank Limited
Software Providers : FedComp Inc., USA
Website Developer/Host : eBizz Business Solution/SKNVibes.com, St. Kitts
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"All amounts are expressed in Eastern Caribbean Currency @ $2.70 to US$1.00"
"Financial Information (audited) are presented as at December 31, 2006"
Be Wise.... Credit Unionise.... And Discover The Difference....
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