Financial co-operatives

Financial cooperatives are member-owned organizations that provide financial services such as savings and loans to their members. Unlike traditional banks, they operate democratically, with each member having an equal vote, and profits are often reinvested or shared among members. These cooperatives prioritize community development and member needs over profit maximization, offering affordable and accessible financial solutions. Examples include credit unions and savings and loan associations. They promote financial inclusion by serving groups often underserved by commercial banks, fostering economic stability and collective financial well-being among their members.