Question 1

What is Choiseul Co-operative Credit Union?

Accepted Answer

Choiseul Co-operative Credit Union is a community-based financial co-operative operating in the southwestern region of Saint Lucia. As the first established credit union in the country, it serves the communities of Choiseul and Soufriere. The institution operates as a member-owned, not-for-profit financial co-operative dedicated to promoting thrift among members and providing affordable financial services for provident and productive purposes.

The credit union is regulated by the Financial Services Regulatory Authority (FSRA) under the Co-operative Societies Act and serves as a financial pillar in its local communities.

Question 2

When was Choiseul Co-operative Credit Union founded?

Accepted Answer

The idea of forming the credit union began in 1962 with Father Ludovic Chauvet, a French missionary who served as the Catholic parish priest of Choiseul from 1953 to 1965. Father Chauvet encouraged thrift amongst Catholics by securing their funds for safekeeping, with parishioners bringing their money to him after Sunday mass. He invited other members from the Catholic Church to form a group to manage these funds.

The society began operating as an organization on December 8, 1963, and was officially registered on October 6, 1970. This history makes it the oldest credit union in Saint Lucia, earning it the distinction as "the first established Credit Union in St Lucia."

Question 3

Where is Choiseul Co-operative Credit Union headquartered?

Accepted Answer

The credit union is headquartered in Choiseul, a community located in the southwestern region of Saint Lucia. Choiseul was originally known as Anse Citron and was established as a parish in 1765. The area is recognized as the craft capital of Saint Lucia and is known for its industrious population engaged in farming, fishing, and craft-making.

Question 4

Where does Choiseul Co-operative Credit Union operate?

Accepted Answer

Choiseul Co-operative Credit Union operates primarily in the communities of Choiseul and Soufriere in southwestern Saint Lucia. The Choiseul area includes various communities throughout the constituency, while Soufriere represents another key service area. Both regions are primarily rural communities with economies based on agriculture, fishing, and local crafts.

The credit union serves members within these geographic boundaries, providing localized financial services to the residents and workers in these communities.

Question 5

What services does Choiseul Co-operative Credit Union offer?

Accepted Answer

The credit union offers a range of financial products and services designed to meet the needs of its members, including:

Savings Products: Member share accounts and deposit accounts that encourage regular savings and thrift. Members pool their savings and resources to create a collective financial base.

Loan Products: Various loan products for provident and productive purposes, including personal loans, consumer loans, and other credit facilities. Loans are funded from member deposits, ensuring resources remain within the community.

Member Education: Financial education programs focused on co-operative principles and methods, helping members understand how to save regularly, borrow wisely, and repay promptly—as reflected in the credit union's motto.

The credit union operates with the slogan "We make your life better," emphasizing its commitment to improving members' economic, financial, and social well-being.

Question 6

What makes Choiseul Co-operative Credit Union unique?

Accepted Answer

As the first credit union established in Saint Lucia, Choiseul Co-operative Credit Union holds a special place in the country's financial co-operative history. Its founding story, beginning with a parish priest collecting funds after Sunday mass, reflects deep community roots and trust.

The credit union has been a transformational force in the Choiseul community since the 1960s, contributing to the economic development of one of Saint Lucia's most industrious regions. It serves as a major economic pillar, helping members who might otherwise lack access to traditional banking services.

The institution has maintained strong community ties, including sponsoring local initiatives such as the Choiseul Craft Masters cricket team. Its focus on serving rural, craft-producing, and agricultural communities distinguishes it from urban-centered financial institutions.

Question 7

What type of financial institution is Choiseul Co-operative Credit Union?

Accepted Answer

Choiseul Co-operative Credit Union is a co-operative credit union, a specific type of financial institution recognized under Saint Lucian law. Credit unions in Saint Lucia are member-based, not-for-profit financial co-operatives established under the Co-operative Societies Act (Chapter 12.06).

Credit unions operate on the principle of "each one help one," serving as democratic financial institutions owned and controlled by their members. Unlike commercial banks, credit unions exist to serve their members rather than generate profits for shareholders. They are regulated by the Financial Services Regulatory Authority (FSRA), which oversees sixteen registered and functioning credit unions in Saint Lucia.

As a co-operative, members are both owners and customers, with each member having one vote regardless of their share holdings.

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About Choiseul Co-operative Credit Union in Saint Lucia

Choiseul Co-ope­rative Credit Union