Member-owned financial cooperatives

Member-owned financial cooperatives are organizations that provide banking services, such as saving accounts and loans, but are owned and operated by their members. Each member has a say in how the cooperative is run, often with one vote regardless of how much money they have deposited. This collaborative model prioritizes the needs of members over profit, typically offering lower fees and better rates. These cooperatives aim to strengthen communities by reinvesting profits to improve services and promote financial literacy, creating a more supportive financial environment for their members.