AUCKLAND, 19 OCTOBER 2017: Co-op Money NZ, the industry voice representing co-operatively owned credit unions and mutual building societies in New Zealand, is celebrating this year’s International Credit Union (ICU) Day® on 19 October 2017.
“Since 1948, ICU Day has been celebrated annually on the third Thursday of October. Each year this international event provides the opportunity to reflect upon the credit union movement’s history and to promote its achievements.
“It’s a day to recognise all the hard work that credit unions do day in and day out to help New Zealanders around the country to become better off financially,” said Henry Lynch, CEO of Co-op Money NZ.
Credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit financial institutions for over 223 million members in 109 countries worldwide. Globally, 60,500 credit unions exist to serve their members, providing a safe place to save money and access affordable loans.
“This ICU Day’s theme of ‘Dreams Thrive Here’ illustrates how credit unions and other financial cooperatives serve as catalysts to make different professions, personal choices and career paths real, not just in New Zealand but around the world,” says Lynch.
As an example of this spirit, Co-op Money NZ Member credit unions are in the midst of migrating to a new core banking platform, a key project in the modernisation programme.
“This year, we have seen one of our Member credit unions, ACU, successfully migrated onto Oracle’s Flexcube Tier 1 core banking platform. Another Member credit union, NZCU Baywide, is planning to migrate in the near future.
“This ICU Day is a great time for us to pause and reflect on where we are at and the exciting future ahead, as credit unions continue to evolve and develop new products, services and ways to connect with their members around the country,” adds Lynch.