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The New Zealand Association of Credit Unions (NZACU) is the industry association representing the interests of the mutual financial services sector - credit unions and building societies - in New Zealand.
Cooperatively owned credit unions and mutual building societies play an important role in the New Zealand financial services market and have a long and proud history of serving communities across the country. Unlike banks, profits are not paid to external shareholders, but put back into improving products and services for their member-owners and the local communities they live in.
NZACU came into existence in 1961 in the form of the New Zealand Credit Union League. In 1989, we became known as the New Zealand Association of Credit Unions. From our origins in the credit union sector, since 2011 the entire mutual building society sector has also turned to NZACU to strengthen the collective voice of mutual financial service organisations.
Today, NZACU is cooperatively owned by 17 Member credit unions, and along with five Associate Members, we now represent over 205,000 New Zealanders, with total assets of over $1.3 billion.
NZACU is overseen by a Board of Directors, comprised of representatives from credit unions and one independent director.
Day-to-day operations of NZACU are the responsibility of the Chief Executive. With the support of a dedicated team of high-calibre staff, NZACU is able to efficiently deliver a wide range of products and services that leverage the cooperative power of our Member organisations.
NZACU and the international credit union movement
NZACU is committed to operating in accordance with the International Credit Union Operating Principles, which are founded on the philosophy of cooperation and democracy. NZACU is an active member of the World Council of Credit Unions (WOCCU) which ensures we have up-to-date information and cooperation from credit union organisations worldwide.
In July 2012, NZACU was invited to present to the World Council of Credit Unions’ International Conference in Poland in recognition of the success of our strong cooperative business model, and have recently hosted delegations from the Indian, Korean and Brazilian cooperative sectors.