Educating and Financing the Poor: Credit Union Promotion Club
Jun-E Tan, 2014
The Credit Union Promotion Club (CUPC) was founded in the 1970s and registered under the Society’s Act in 1974. It was initiated by some community leaders who wanted to use a financial entry point to help the poor and needy within their communities. The main function of the CUPC is to establish and support credit unions, which are non-profit co-operatives that provide financial services to their members, by linking savers and borrowers in the same community. Credit unions pool the funds of members to provide capital and do not rely on external funding. The non-profit nature of the co-operatives enables the members to have higher returns on their savings and lower interest rates for their loans, as well as less fees to pay.
The CUPC provides education and training programmes related to co-operative administration, management and financing. It provides a platform for like-minded co-operative organisers (mostly from churches and NGOs) to discuss issues faced by their co-operatives, and to network with registered credit and other co-operatives.
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