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.
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.
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.
Co-op Money NZ is the industry association for credit unions and mutual building societies and exists to represent, promote and support its Member credit unions and building societies around the country, and to provide cost-effective business services. Co-op Money NZ is not a registered bank.
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 three Associate Members (3 mutual building societies), our Members serve approximately 170,000 New Zealanders and have total assets of around $1.8 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.
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.