How it works

About Cent Cent

Savings and Credit Cooperative Society Limited
Cent-Cent is a world class, 100% digital, technology driven Savings and Credit Union. It is a member-owned Financial Service Cooperative where members can save money, build capital, access credit and benefit from economies-of-scale such as bulk discounts. Members also learn more about wealth creation. By depositing  into the Cent-Cent savings account known as the Common-cents Pool, members pull their financial resource together to create one huge fund.This fund can be used to secure profitable investments that go further and earn more than is individually possible. Since all members are shareholders, all members have a share in the profits.

A financial solution..

Cent cent Infographic-03

What is a Credit Union?

Credit Unions vs. Other Financial Institutions

  • Structure
  • Clientele
  • Governance
  • Earnings
  • Products and Services
  • Service Delivery

Credit Unions

  • Not-for-profit, member-owned financial cooperatives funded largely by voluntary member deposits.

  • Members share a common bond, such as where they live, work or worship. Service to the poor is blended with service to a broader spectrum of the population, which allows credit unions to offer competitive rates and fees.

  • Credit union members elect a volunteer board of directors from their membership. Members each have one vote in board elections, regardless of their amount of savings or shares in the credit union.

  • Net income is applied to lower interest on loans, higher interest on savings or new product and service development.

  • Full range of financial services, primarily savings, credit, remittances and insurance.

  • Main office, shared branching, ATMs, POS devices, PDAs, cell phones, Internet.

Commercial Banks

  • For-profit institutions owned by stockholders.

  • Typically serve middle-to-high income clients. No restrictions on clientele.

  • Stockholders vote for a paid board of directors who may not be from the community or use the bank's services. Votes are weighted based on the amount of stock owned.

  • Stockholders receive a pro-rata share of profits.

  • Full range of financial services, including investment opportunities.

  • Main office, shared branching, ATMs, POS devices, PDAs, cell phones, Internet.

Other Microfinance Institutions (MFIs)

  • Institutions typically funded by external loans, grants and/or investors.

  • Target low-income members/clients, mostly women, who belong to the same community.

  • Institutions are run by an appointed board of directors or salaried staff.

  • Net income builds reserves or is divided among investors.

  • Focus on microcredit. Some MFIs offer savings products and remittance services.

  • Regular visits to the community group.

Table contents courtesy of World Council of Credit Unions: http://www.woccu.org/about/creditunion

SACCOs around the World

International Success Stories of Credit Unions