Credit Unions/Cooperatives

• Description: Credit unions are member-owned financial cooperatives that provide traditional banking services such as savings accounts, loans, and financial education. Collectives of individuals or businesses join together to form a credit union.
• Success Story: Credit unions are widespread in countries like Kenya and the Philippines, where they provide low-interest loans and encourage savings among rural farmers and small entrepreneurs.
• Key Features:
• Member-driven and owned
• Lower interest rates compared to traditional banks
• Focus on financial inclusion and community development
• Democratic governance (one member, one vote)