Empowering Black Communities Through Cooperative Enterprises

Explore the significance of cooperatives, credit unions, and circles in empowering Black communities, highlighting their role in economic, social, and cultural development. With over 760 million individuals benefiting from the Cooperative Advantage, these community-centered models prioritize people and democratic principles, fostering entrepreneurship and competitiveness. Learn how credit unions and SACCOs in Africa and the Caribbean serve millions, driving financial inclusion and economic growth.

• Empowerment
• Cooperatives
• Credit Unions
• Black Community
• Economic Development

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1. Education and Enterprise: Black Education and Enterprise: Black Agency and Achievements Agency and Achievements - - Cooperatives, Credit Unions and Circles 32rd Session of the UN WGEPAD Colin Bartholomew, Programme Dean, Co-operative Studies Cipriani College of Labour Co-operative Studies Trinidad and Tobago, W.I. Colin Bartholomew, Programme Dean, Co-operative Studies Cipriani College of Labour & Co-operative Studies Trinidad and Tobago, W.I.

2. Indigenous Tools of Empowerment Co-operatives Credit Unions/ SACCO Circles Association of persons united to meet common economic, social and cultural needs and aspirations informal savings and financing arrangements among people of African descent Group of persons organized under a business model which engages primarily in credit administration Gayap/ Lend Hand Koudmen

3. Co Co- -operative Empowerment operative Empowerment It is estimated that there are now over 760 million individuals who have chosen the Cooperative Advantage. Values, principles, ethics and business competence constitute the Cooperative Advantage, both for members and for the communities in which they operate.

5. Co Co- -operative Empowerment operative Empowerment Since cooperatives are member-owned and member- controlled under democratic principles, they certainly put people first Increasingly, entrepreneurship in order to make them competitive enterprises. they are embracing cooperative

6. Credit Unions & SACCOs Credit Unions & SACCOs Over 87k credit unions serving in excess of 370 million members worldwide Africa Over 41k Credit Unions/SACCOs Over 44 million members Assets USD$22.8 billion Deposits - USD$21.5 billion Loans USD$14.1 billion Market Penetration 15.66% (world average 12.69%)

7. Credit Unions & SACCOs Credit Unions & SACCOs Over 87k credit unions serving in excess of 370 million members worldwide Caribbean 31 Credit Unions 3.9 million members Assets USD$9.3 billion Deposits - USD$7.8 billion Loans USD$5.4 billion Market Penetration 68.58% (world average 12.69%)

8. Circles/ Circles/Sou Sou Sou Sou/Box/Box Hand /Box/Box Hand A properly run sou-sou is a traditional African-derived plan of savings and pooling with a fixed set of participants in a revolving payment of collective deposits. It has been used successfully for over 150 years here (Caribbean). A sou-sou is structured where one person will be in charge of collecting monies from a group of people. All the monies collected will be given to one person in the group, on selected dates, and it rotates that way until each person has received what they call, a hand.

9. Circles/ Circles/Sou Sou Sou Sou/Box/Box Hand /Box/Box Hand Interestingly, the historical response to this was a culture of self-reliance and self-development. It saw the creation of institutions [ ] to provide financial access, and the utilisation of traditional West African norms like the gayap [from the Indigenous word kayapa, describing how people come together to complete an otherwise daunting task] to physically build houses and communities. And of course, the sou-sou to help recreate a CULTURE of savings and to provide the capital needed to invest in their own activities.

10. Co Co- -operatives, Credit Unions, Circles operatives, Credit Unions, Circles -Attractive to persons who are poor, deprived, vulnerable and seeking avenues to improve their lives -Business enterprises which allows for an equitable distribution of wealth / resources generated by the co-operative -True cooperative are driven by the needs of the members -Business/Associations/Organizations which operate on a philosophy that require them to empower all persons (men & women) therefore removing the powerlessness feeling

11. Thank you Cooperatives, Credit Unions and Circles 32rd Session of the UN WGEPAD