NATIONAL ASSOCIATION OF SAVINGS AND CREDIT UNION

nascu, formerly known as the credit union & savings association of zambia, was established in 1969 in monze, southern province. the following year, we became a collective of credit unions, aiming to serve the urban population. in 1980, we expanded to the countryside, and from there, we've only expanded, becoming a national asset from which all can benefit. credit unions and savings & credit cooperatives nascu as an umbrella serves or credit unions in zambia in many areas. credit unions or financial cooperatives called by various names around the world are member-owned, not-for-profit financial cooperatives that provide savings, credit and other financial services to their members. credit union membership is based on a common bond, a linkage shared by savers and borrowers who belong to a specific community, organization, religion or place of employment. credit unions pool their members' savings deposits and shares to finance their own loan portfolios rather than rely on outside capital. members benefit from higher returns on savings, lower rates on loans and fewer fees on average. credit unions worldwide offer members from all walks of life much more than financial services. they provide members the chance to own their own financial institution and help them create opportunities such as starting small businesses, growing farms, building family homes and educating their children. regardless of account size in the credit union, each member may run for the volunteer board of directors and cast a vote in elections. in some countries, members encounter their first taste of democratic decision making through their credit unions. credit unions are also called savings and credit cooperatives (saccos). they are member driven and managed. members decide their own destiny. unlike banks where shareholders make all the decisions, hence the member as the co- owners of the institution is important. the loans revolve within the membership; members take turns to get these loans. the