CUSOs help credit unions solve problems and take advantage of opportunities. They provide credit unions with the structure to enable collaboration and realisation of their operating principle of co-operation among co-operatives.
Credit unions face viability challenges to their existing business model. Credit unions need to collaborate via CUSOs to face competitive threats, remain relevant and expand the range of services to address the financial needs of their members.
CU Services was established with a focus on supporting credit unions in the formation and operation of sustainable and beneficial CUSO Business Models.
The Central Bank recognises that properly established and operated CUSOs have the potential to “support credit unions business model sustainability through inter alia, realising scale and scope economies, deploying enabling technologies, accessing technical expertise, and enhancing operational effectiveness and risk management capability.” Prior to investing in a CUSO, a credit union must engage with the Central Bank. CU Services provides assistance in this key stakeholder engagement.
CU Services can assist by: -
- Setting up a CUSO
- Carrying out a Feasibility Study and preparation of plans / expenditure projections
- Project Management
- Notification to the Central Bank