What is a credit co-operative?
A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
A credit co-operative is a not-for-profit socio-economic organization that is formed by its members to provide a secure and convenient avenue for its members to save money and to get loans at reasonable rates in time of need.
On admission, a member pays an entrance fee and, subject to his financial ability, undertakes to contribute a regular monthly saving. The minimum monthly savings or subscriptions is prescribed in the by-laws of that particular credit co-operative.
A credit co-operative has the following objectives:
to promote co-operation, self-help and self-responsibility among its members;
to encourage thrift among its members;
to prevent permanent indebtedness of its members by enabling them to obtain loans on reasonable terms and rates;
to receive monthly savings and deposits from its members;
to assist members to reduce the cost of living and improve their socio-economic position.
Koperasi NUCW Berhad was founded on the 28th of December 2004, as per provision under section 7(1) of the Co-operative Societies Act 1993 with limited liability. Koperasi NUCW Berhad is accessible by members throughout Peninsula Malaysia, Sabah and Sarawak (East Malaysia).
Its membership is open to all employees engaged in the commercial and industrial sectors, employees in the public sector and employees of statutory bodies and government linked companies (GLCs).
As a credit co-operative society, the primary objective behind the founding of Koperasi NUCW Berhad is the socio-economic advancement of its members through diversification of resources. It aims to assist its members to reduce the cost of living, improve their economic position and lead a better live.
For Koperasi NUCW Berhad, our members would be at the heart of everything that we do and, everything that we do is guided by the following universal principles of co-operative:-
voluntary and open membership;
democratic member control – one member one vote;
member economic participation;
autonomy and independence;
promotion of education, training and information;
co-operation among co-operative societies; and
concern for community
Why join Koperasi NUCW Berhad?
Co-operatives are the only form of business centred around membership and, member and community benefit are at the core of the co-operative model. A co-operative can be a way for people to start and own small businesses together when they lack the means and expertise to do so alone.
In the context of a Malaysian society, especially within the scope of commercial workers, a co-operative society is a much needed avenue for enterprise ownership for low and middle income earners. This segment of the society is often unable to participate actively or inadequately represented in equity ownership of share capital of limited companies in Malaysia.
Koperasi NUCW Berhad seeks to address this short coming through its members’ participation. Active monthly savings or subscriptions, in another word investment by the members, enables it to pool together a substantive resource as a capital, plan & execute investments in diversified sectors. Any surplus from these investments would then be distributed in the form of annual dividends to the members proportionate to their patronage.
Members can build assets in their co-operative business by retaining surplus every year in their individual accounts. In a long term, this is another form of life savings apart from their usual employees provident fund (EPF) savings. Since Koperasi NUCW Berhad is jointly owned and democratically controlled by the members, any business ventures or acquisitions mean proud ownership of its members.
This is a perfect opportunity for the members since monthly savings or subscriptions is as low as from RM30 as prescribed in its by-laws.