A financial solution that...

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.

What is a Credit Union?

Credit Unions vs. Other Financial Institutions

	Credit Unions	Commercial Banks	Other Microfinance Institutions (MFIs)
Structure	Not-for-profit, member-owned financial cooperatives funded largely by voluntary member deposits.	For-profit institutions owned by stockholders.	Institutions typically funded by external loans, grants and/or investors.
Clientele	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.	Typically serve middle-to-high income clients. No restrictions on clientele.	Target low-income members/clients, mostly women, who belong to the same community.
Governance	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.	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.	Institutions are run by an appointed board of directors or salaried staff.
Earnings	Net income is applied to lower interest on loans, higher interest on savings or new product and service development.	Stockholders receive a pro-rata share of profits.	Net income builds reserves or is divided among investors.
Products and Services	Full range of financial services, primarily savings, credit, remittances and insurance.	Full range of financial services, including investment opportunities.	Focus on microcredit. Some MFIs offer savings products and remittance services.
Service Delivery	Main office, shared branching, ATMs, POS devices, PDAs, cell phones, Internet.	Main office, shared branching, ATMs, POS devices, PDAs, cell phones, Internet.	Regular visits to the community group.

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