However some habits die hard. A Savings and Credit co-operative s membership is open to all who belong to the group, regardless of race, religion, colour, creed, gender, or job status.
Interest is charged on loans, to cover the interest cost on savings and the cost of administration.
There is no payment or profit to outside interest or internal owners. The members are the owners and the members decide how their money will be used for the benefit of each other. Savings and Credit Co-operatives are democratic organisations and decisions are made in a structured democratic way. Members elect a board to make overall management decisions. The number of board members are between nine and fifteen.