Who is Co-op Money NZ?

Co-op Money NZ is proud to be the industry voice for our Member credit unions and mutual building societies in New Zealand.

Co-operatively 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 the big, overseas-owned banks, profits made by credit unions and building societies 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. As the collective industry voice for our Member credit unions and mutual building societies, Co-op Money NZ provides representation and advocacy for our Members to government, regulatory bodies, media and consumer groups. We provide dedicated advisory and operational support services, such as risk and compliance, learning and development training programmes, and public relations. Co-op Money NZ also delivers a full spectrum of core banking and insurance products and services, tailored to meet the needs of our Members.

Our collaborative approach enables our Members to achieve economies of scale and provide the kind of operational efficiencies required to be successful in a highly competitive market.

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Co-op Money NZ is overseen by a Board of Directors, comprised of representatives from credit unions and one independent director.  The day-to-day operations of Co-op Money NZ are the responsibility of the Chief Executive. With the support of a dedicated team of high-calibre staff, and our subsidiary companies Co-op Insurance NZ  and Co-op Services NZ. Co-op Money NZ’s Members employ over 480 staff, represent approximately 190,000 Members, with more than 80 branches, assets of around $1.7 billion and collectively are the sixth largest financial transactor by volume in New Zealand.

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Our History

Co-op Money NZ 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, a number of mutual building societies have also turned to us to represent their interests. In 2014, we changed our trading name to Co-op Money NZ to better reflect the modern, friendly nature of our Members as they are today, and what they do: co-operatively help sort out their Members’ money worries. We are co-operatively owned by 11 Member credit unions, and, along with four Associate Members (1 credit union and 3 mutual building societies), our Members serve approximately 190,000 New Zealanders and have total assets of around $1.5 billion.

Co-op Money NZ is a Member of global trade association WOCCU, the World Council of Credit Unions, which represents over 223 million people in 109 countries across the globe. This international network operates under the vision: “Improving people’s lives through credit unions” and promotes the sustainable development of credit unions and other financial co-operatives around the world.

Co-op Money NZ is also a Member of Co-operative Business New Zealand (www.nz.coop), the industry body whose mission is “bringing together the country’s co-operative and mutual businesses to promote, encourage and support the co-operative and mutual business model, and act as the advocate for those engaged in co-operatives and mutuals.”

Collectively the mutual banking sector, including mutual banks, building societies and credit unions, represent more than $600 million in revenue per year with a number of these organisations among Co-operative Business New Zealand’s “Top 40” co-operative and mutual businesses (by revenue) and Co-op Money NZ is ranked at number 30.

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