MISSION STATEMENT

• The first step in planning involves the board of directors writing a mission statement. This serves as a guide for planning as well as a definition of what the credit union is and why it exists. All goals, objectives, and strategies should then be consistent with the mission statement.

• A mission statement describes the credit union's purpose. It should be brief and unique. For example:

  1. The mission of the credit union is to provide services that improve the economic and social well-being of members, as well as to practice the values of equality, equity, and mutual self-help, while paying a fair rate of interest on savings to our members.

  2. The mission of the credit union is to provide quality financial services and products, encourage regular savings, promote wise lending, and offer member education that enables the credit union to compete favorably with other financial institutions.

  3. The mission of Chomba Cooperative Credit Union is to provide quick and quality products and services to members, supported by a competent board of directors and staff.

OBJECTIVES

The Credit Union shall not be for profit-making. In addition to statutory provisions, its objectives shall be:

a) To encourage its members to make regular savings by providing them with opportunities to invest their money.

b) To provide members with loans for purposes of personal needs, production, or both.

c) To foster the economic and social interests of its members.

d) To ensure the progress of its members by continuously educating them on the proper use of money.

e) To offer members complementary savings, credit, and financial services as stipulated by these by-laws.

f) To provide other Credit Union services, such as risk management, checking systems, education and training, money transfer, salary payments, and any other services that do not conflict with the objectives of this Credit Union.

DESCRIPTION OF CURRENT PRODUCTS AND SERVICES

The Cooperative Credit Union has been offering the following products and services to its members:

1. PRODUCTS:

• a) Shares Account: This is the account that any member of the credit union maintains to become a full member. This account gives the member the right to be called the owner of the business and to participate in discussions during the general assembly. The by-laws of the Credit Union stipulate that each member pays for shares valued at Frs. each.

• b) Savings: This is the account where members save from time to time. Any amount can be saved from francs upwards. Interest is paid on the savings at the end of the financial year. Conditions for withdrawing from the account are stated in the by-laws. This account is considered as security at the time of granting a loan to a member.

• c) Deposit: This is an account where any money saved can be withdrawn without notice or at short notice. The credit union does not pay any interest on this account but there are future possibilities of doing so.

• d) Loans: This is an account where individual members' loans are recorded. The conditions for granting loans to members are stipulated in the loan policy and by-laws.

  2. SERVICES:

• a) Teller Services: Tellers are the bookkeepers who are on the counter serving members by accepting deposits, paying out various sums of money to members, and answering their questions.

• b) Banking Services: The credit union takes responsibility for collecting members’ money from the banks through their cheques, helping members reconcile their individual accounts, and processing transfers in favor of a member to the credit union, etc.

• c) Member Counseling: Members are given advice on handling and managing money when they want to take a loan, among other inquiries.

• d) Education of Members: Members of the union are educated through handouts, newsletters, and during the annual general meeting.

• e) Insurance: Members' savings and loans are covered by an insurance scheme in the event that the member dies or becomes incapacitated. The limits of coverage are stated in the insurance policy.

• f) Training: The credit union is expected to provide training to the staff, board of directors, and committees.

• g) Transfer Services.
  -western union
  -mobile money
  -inter branch
  -World Remit