FIRST FEDERAL CO-OPERATIVE CREDIT UNION LTD. (FFCCU)

The Foundation for National Development (FND) opened its doors in 1985. As a not-for-profit entity with funding provided by CIDA & USAID, the institution’s purpose was to provide small businesses with financing, technical assistance, and operational training, thereby bridging the funding gap between the commercial banks and micro businesses/entrepreneurs. To provide additional support to micro businesses, the FND guaranteed loans made by traditional credit sources (Banks and Credit Unions). FND’s regular clientele included farmers, fishermen, hairstylists, truckers, motor mechanics, store owners etc.

In response to economic changes and changes in demand from members, in 2009 FND boldly moved forward to become a credit union and became FND Enterprise Co-operative Credit Union Limited. The FND Enterprise Co-operative Credit Union adapted the mission “building financially stronger communities by safeguarding members’ investment and exceeding member expectations through professional, convenient and courteous service.”

In July 2019, the institution changed its name to First Federal Co-operative Credit Union Limited to reflect the vision of the founders, to be the first Credit Union to establish a presence in both St. Kitts and Nevis. Ten years on, with the vision to be the ‘First Choice’ in business and financial services, First Federal Co-operative Credit Union Limited developed a suite of products and services that responds to the changing needs of its expanding membership.

Our Credit Union has grown tremendously from 292 members in 2009 to now over 9000 members, USD1,677.250 in deposits to over USD50 million in 2024 and an asset base of USD150 million in 2024 compared to an asset base of USD13,670,894 in 2009.

NEVIS CO-OPERATIVE CREDIT UNION LIMITED (NCCU)

The Nevis Co-operative Credit Union Limited (NCCU) continues to be a pillar of the financial cooperative sector in St. Kitts and Nevis, fifty-one (51) years after its humble beginning. Its service to the ‘ordinary citizens’ of the country has undoubtedly helped to build a better Nevis and a better Federation.

The Nevis Co-operative Credit Union Limited, formerly the Charlestown Co-operative Credit Union, was registered on July 25, 1972. During the difficult years of the 1970s, business was very slow, and the co-operatives idea did not flourish.

On December 31, 1972, membership was 40; assets totalled USD4,100; savings or (shares) totalled USD3,900; loans totalled USD2,000; and reserves totalled USD139. Fifty years later, on December 31, 2022, membership was 8515; assets totalled USD179,056,360; share capital totalled USD8,972,543; savings totalled USD145,952,894; loans totalled USD111,469,799; and reserves totalled USD19,084,824.

The NCCU has been an exemplary corporate citizen for its annual sponsorships and donations to numerous social programmes of public sector institutions and community-based organizations, including the SJCIC Annual Primary School Quiz Competition. Additionally, there is a scholarship programme to the Charlestown Secondary School and Gingerland Secondary School; and subsequently on to the Nevis Sixth Form College and/or CFB College which provide financial assistance to deserving students. Seventy-six (76) students have benefited from the programme since its inception in 1986. Since 2000, the NCCU has provided financial, technical, and administrative support for the Junior Co-operatives or School Savings Co-operative Societies in the Charlestown and Gingerland Secondary Schools; and in 2008, expanded the programme to include the seven (7) ‘public’ and three (3) ‘private’ primary schools on the island. The Nevis Co-operative Credit Union Limited is committed to its Vision and Mission Statements.

POLICE CO-OPERATIVE CREDIT UNION (PCCU)

The Police Co-operative Credit Union (St. Christopher & Nevis) Limited was established on January 20th, 1985. The institution was founded by Mr. Stanley Frank and co-founded by Felix Hodge catered exclusively to the needs of law enforcement personnel. However, throughout the years, the credit union expanded to include prison officers, Fire Rescue Services, Customs and Exercise, and Scaspa. In 2022, the Credit Union transitioned into an open-bonded institution, welcoming members from all walks of life into its members.

Services offered by PCCU are Savings, Mortgage Loans, Fixed Deposits, Line of Credit.  The credit union continues to grow and embrace innovation to be a viable 21st-century Financial Institution.

ST KITTS CREDIT UNION (SKCU): A HISTORY OF GROWTH

The SKCU began in 1982 with a humble gathering and just 15 members. Founded by like-minded individuals seeking to provide financial services to the Basseterre community, it was initially called the Basseterre Co-operative Credit Union (BCCU).

fueled by dedication and a strong sense of purpose, the BCCU quickly grew. By the end of 1982, it boasted assets of over USD1,800 and a positive income statement. This initial success spurred the organization to expand its reach beyond Basseterre, leading to a name change to the St. Kitts Co-operative Credit Union (SKCU) in 1986.

The SKCU’s commitment to its members has been a constant theme throughout its history. This is reflected in its steady growth, with membership exceeding 20,000 today and total assets surpassing USD221 million.

As the credit union flourished, its need for space grew. After several relocations, the SKCU purchased a building on New Street in 1996 to accommodate its expanding membership. The desire to serve members even more efficiently led to the opening of a modern headquarters building in 2004, featuring the first drive-thru ATM service in the country. Further innovations include a drive-thru teller window and a new, three-story branch offering a variety of services unveiled in December 2023.

The SKCU’s commitment extends beyond financial services. In 2007, it partnered with the government to provide housing for members through the Scenic View Homes project.

Looking ahead, the SKCU, with its dedicated members, volunteers, and staff, is poised for a bright future, continuing to serve the financial needs of the St. Kitts community.