Creative savings-promotion activities by
Credit Unions (CUs)
Trinidad and Tobago and other Caribbean CUs offer member-discounts on consumer items, such as refrigerators, ovens and TV sets.
Some Asian CUs record members' savings on charts. They do not record the names and amounts, only savers' regularity.
Once a month in the Republic of Korea, members bring items to sell at the CU. All money received goes to the members' savings account.
A CU in Michigan, USA started the "Smart Savers" club for those who deposited a set amount monthly into their savings account.
This is a favourite method of many CUs to attract members. CUs offer practical consumer items such as blankets, cups and appliances, to members who open savings accounts.
Free instant photographs were given to members of a CU in Peru who deposited funds in their CU.
Consumer items such as bicycles, TVs, cars and electric appliances are raffled off to members who make savings deposits.
The co-operative deposits a small cash bonus to the amounts of members who agree to deposit a set amount each month.
WOCCU also reports on methods some CUs use to encourage children to save:
In Mauritius, one CU allows these memberships to start at age eight months!
Staff from some Canadian CUs visit classrooms to open accounts and take deposits from school children.
A CU in Asia offered "Animal banks" to all children who opened accounts. The co-operative sent a letter to the parents explaining the purpose of the programme.
In the Republic of Korea, young members can collect empty soft drink bottles, and the CU deposits the earnings in the member's account.
From: UNCHS (1989),
Community Credit Mechanisms
. Nairobi, Kenya.
Hari Srinivas -
Return to the Inspiring Ideas Page
Return to the Virtual Library on Microcredit