It all started when Mr. D. Merai explained to a group of Postal workers at Vacoas Post Office the concept of a Credit Union and the benefits that can be derived from becoming a member.
In those days access to credit facilities was very difficult as the conditions imposed by financial institutions were not favorable. Private money lenders practiced usurious rates of interest which further impoverished borrowers among which were Postal workers.
The idea went viral. 15 Fellow workers joined in instantly and on 20 August 1993, The Postal Employees Cooperative Credit Union Ltd(PECCU) was registered with 93 members.
Postal Employees Cooperative Credit Union Ltd
Date of registration: 20 August 1993
Registration number: 1215
Address: PECCU HOUSE,15 Ter Stenio Etienne Street, Beau Bassin
Telphone/ Fax: +230 4641346
Mobile: 57618092
Email address: mypeccu@yahoo.com
Vision
The Vision of the Postal Employees Cooperative Credit Union Ltd is to be the premier financial institution offering micro
credit facilities to the Postal Family in the most favourable conditions.
Mission Statement
Our Mission is to promote self-help among our members and assist them to become financially self-sustainable and socially responsible by providing innovative financial services by a dedicated staff imbued with service excellence.
Coorperatives Principles
1. Voluntary and Open Membership
Co-operatives are voluntary organisations, open to all persons able to use their services and willing to accept the responsibilities of membership, without
gender, social, racial, political or religious discrimination.
2. Democratic Member Control
Co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. Men and
women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights (one member,
one vote) and co-operatives at other levels are also organised in a democratic manner.
3. Member Economic Participation
Members contribute equitably to, and democratically control, the capital of their co-operative. At least part of that capital is usually the common property
of the co-operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate
surpluses for any or all of the following purposes: developing their co-operative, possibly by setting up reserves, part of which at least would be indivisible;
benefiting members in proportion to their transactions with the co-operative; and supporting other activities approved by the membership.
4. Autonomy and Independence
Co-operatives are autonomous, self-help organisations controlled by their members. If they enter into agreements with other organisations, including
governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co-operative
autonomy.
5. Education, Training and Information
Co-operatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to
the development of their co-operatives. They inform the general public – particularly young people and opinion leaders – about the nature and benefits of
co-operation.
6. Co-operation among Co-operatives
Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through local, national, regional and
international structures.
7. Concern for Community
Co-operatives work for the sustainable development of their communities through policies approved by their members.
Values
