Credit unions are regulated in accordance with the Cooperative Societies Act No 8/2011. They are member based financial institutions established to provide financial guidance, direction and assistance aimed at enriching members’ lives by creating sustainable living through channeling and pulling of members resources to assist each other.

The concept of credit unions is based around the philosophy of “people helping people” and serve as not-for-profit organizations.

Credit unions evolved out of the growing need to help the less privileged in society by providing financial assistance and resources that otherwise would not have been made available to members.

There are ten (10) registered and functioning credit unions and one (1) cooperative league, operating in Grenada.