Al Birr Credit Union

The Al-Birr Credit Union Executive Committee

Mr. Tajudeen Uthman Chairman	Eng. Rasak Bello Vice Chairman	Mr. Sulaiman Quadri Compliance Director
Mr. Oyeniyi Raimi Treasurer	Mrs Shakirah Bello HR Director	Eng. Idris Shofolahan Director of Credits and Credit Control
Mrs Lola Azizat Yunus Secretary	Mr. Oladotun Aminu IT Director	Mr. Shamisideen O Muyiwa Membership and marketing Director

Background:

The community saw a growth of the thrift system called ‘’Ajo’’ in Nigeria. This is a common practice in southern Nigeria amongst the Yoruba communities. This is where about 10 – 20 members in different groups come together and contribute about £200.00 to £500.00 every month and take turns to take the collected monies. This is a form of savings and sometimes the money is used for purchase of personal household things or used as credit to start up a business. However, this thrift system does have its risks. It is based mainly on trust that no one in the group will break the chain.
Following the success and growth of the “Ajo thrift system”, in April 2015, the community set up a committee to research and explore alternative options to the “Ajo thrift system” that could provide a legal framework and financial security that would enable the thrift system to have a robust system of operation and sustainable growth.
After extensive research, the committee concluded that a credit union is the most appropriate vehicle that could best meet the peculiar needs of the community. The committee then set out to find an existing credit union for the community to join. After further research, the committee could not find an existing non-interest ethical credit union that could meet the peculiar needs of members of the community such as access to interest free savings and loans.
Further to the recommendation of the committee, the community decided to form and register its own Credit Union that will provide services to members of the community such as access to interest free savings, affordable interest free loans and money management training etc.
Formation of the credit union will also strengthen the community, empower it financially and improve the overall quality of lives of members of members of the community. A Study Group was thereafter established in September 2015 and tasked with the responsibility to form and register the credit union.

What we plan for the future

To encourage entrepreneurship amongst community members for diverse income streams.
To provide financial education and enlightenment to our community.
To promote continuous all round self-development.
To encourage investment in youths and children within the community.
To provide mentoring and coaching for young adults within the community.
To achieve economic empowerment for all.