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A credit union is a member-owned financial cooperative that provides savings, loans, and other financial services to its members. Unlike banks, credit unions operate on the principle of “people helping people.” Members both own and control the institution.
Members usually come from a common bond, such as employees of a company, residents of a community, or members of a professional association. This shared connection helps build trust and accountability within the cooperative.
To join, you need to complete a membership application form, provide identification, and purchase a minimum shares of Gh.500. Shares represent your ownership in the cooperative.
Common requirements include: • Valid national ID (Ghana Card), • Passport-sized photographs (2 copies), • Initial share deposit
Yes. Late payments may result in penalty charges and additional interest. Repeated delays may affect your ability to access future loans.
Shares represent your ownership stake in the cooperative. They are different from normal savings because they establish your membership rights.
A dividend is a share of the credit union’s surplus earnings, distributed to members based on their shareholding.
To acquire a loan at BEAT you need to become a member for at least six months, that includes the subscription of our minimum shares of Gh.500 cedis. You also need a savings balance as well.
Three(3) guarantors are normally used to secure a loan, or you can also use a property (Fixed Asset) like a plot of land or a building as collateral.
The AGM allows members to:
• review financial reports
• elect board members
• approve policies
• ask questions about operations
No. Anytime you are coming to withdraw money at BEAT please make sure you come with your passbook. If your book gets lost please contact the office for raplacement.
