Question 1

What is Ariza Credit Union?

Accepted Answer

Ariza Credit Union is the largest credit union in Grenada, serving over 23,000 members across the tri-island state of Grenada, Carriacou, and Petite Martinique. With total assets exceeding $500 million, it is designated as a systemically important credit union and an integral part of Grenada's financial system. Ariza operates on the cooperative principle of "people helping people," providing financial guidance and assistance to enrich members' lives through sustainable living.

Question 2

When was Ariza Credit Union founded?

Accepted Answer

Ariza Credit Union was founded on January 3, 1947, by 20 visionary civil servants—one woman and nineteen men—who established the Civil Service Credit Union with a share capital of just under $1,000. The founding members were inspired by the late Daisy Bryan, a social welfare officer from Jamaica, who shared credit union literature with members of the Civil Service Association.

The credit union originally served only civil servants under a closed bond. It evolved over the decades from the Civil Service Credit Union to the Grenada Public Service Co-operative Credit Union, and was rebranded as Ariza Credit Union in 2016.

Question 3

Where is Ariza Credit Union headquartered?

Accepted Answer

Ariza Credit Union is headquartered in St. George's, Grenada. The credit union acquired its first dedicated office space in 1985, and has since expanded significantly from its humble beginnings.

Question 4

Where does Ariza Credit Union operate?

Accepted Answer

Ariza Credit Union operates throughout Grenada's tri-island state with three branch locations: St. George's, Grenville, and Carriacou. This network enables the credit union to serve members across all three islands—Grenada, Carriacou, and Petite Martinique.

Question 5

What services does Ariza Credit Union offer?

Accepted Answer

Ariza Credit Union offers a comprehensive range of financial products and services including savings accounts, loans (with a gross loans portfolio exceeding $400 million), and various member-focused programs. The credit union has evolved from having no permanent staff and no computers in its early years to employing 95 staff members and utilizing modern digital infrastructure and technologies.

Services include personal savings programs, various loan products, the Ridgeway Residences real estate project in Morne Jaloux, and parking facilities that generate sustained revenues. The credit union continuously upgrades its digital capabilities to improve member access and convenience.

Question 6

What makes Ariza Credit Union unique?

Accepted Answer

Ariza Credit Union stands out as the largest credit union in Grenada, accounting for 44.6% of the total assets of the entire credit union sector. In 2022, the institution celebrated its 75th Diamond Anniversary, marking 75 years of transforming lives in the tri-island state.

The credit union has demonstrated remarkable growth, evolving from a share capital of under $1,000 in 1947 to a capital base exceeding $500 million. It has shown resilience in withstanding change and adverse conditions, including navigating post-pandemic challenges while maintaining strong financial performance. Ariza's institutional capital grew by 10.84% and operating surplus by 16.76% in 2021.

Question 7

What type of financial institution is Ariza Credit Union?

Accepted Answer

Ariza Credit Union is a cooperative credit union, regulated in accordance with the Cooperative Societies Act No. 8/2011 of Grenada. As a member-based financial institution, it operates as a not-for-profit organization established to provide financial guidance and assistance to its members.

Credit unions in Grenada are regulated by the Grenada Authority for the Regulation of Financial Institutions (GARFIN). Ariza's size and systemic importance distinguish it from the other nine registered and functioning credit unions operating in Grenada, making it a critical component of the nation's financial infrastructure.

Ariza Credit Union

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About Ariza Credit Union in Grenada