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Co-operative Financial Institutions are an excellent fit for the South African economy, intended to encourage savings while offering loans at cheap interest rates to individuals and small enterprises...
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BCCU is a financial cooperative that follows the stokvel philosophy. Members pool their resources to achieve a common financial goal, building a strong community and a sense of belonging...
Read More in FAQCo-operative Financial Institution (CFI) is the umbrella term for member based deposit taking financial co-operatives, owned and controlled by their members who have a common bond. These terms (Credit Union, SACCO, etc.) are often used interchangeably.
They are intended to encourage much-needed savings while also offering loans at cheap interest rates to individuals and small enterprises, paving the way for financial inclusion.
Yes, Black Capital Credit Union Cooperative Limited is a registered financial cooperative under Section 1 (K) of the Cooperative Amendment Act 6 of 2013. The long-term goal is to be regulated as a full-fledged Co-operative Financial Institution.
In accord to our common bond, Black Capital Business Growth Initiative NPC, any person or entity engaged in business activity is eligible to join.
Fill in the membership form online, download it from our website, or request it via email at info@bccu.co.za. You must attach a certified copy of your identity document.
Yes, there is a non-refundable, once-off joining fee of R200 plus a minimum monthly saving of R200.
The BCCU share contribution is R500. This is the money invested in the CFI by its members and is a prerequisite to meet regulatory requirements. If you terminate your membership, your share capital is refunded less any transaction fees.
BCCU aims to be a community financial institution wholly owned by its members, who include individuals, farmers, hawkers, informal traders, entrepreneurs, stokvels, and small business owners.
BCCU follows the stokvel philosophy of trust and collaborative benefit. Members pool resources to achieve common goals. Our goal is to establish a credit union that accepts deposits, makes loans, and provides a wide array of financial services to its members.
Members must give a written notice of 30 days to withdraw. Withdrawal is subject to the clearance of all liabilities and loans with BCCU Limited and the Black Capital Business Growth Initiative NPC.
You must be a "member in good standing," meaning you are fully compliant with all rules, regulations, and financial obligations of the BCCU.
You can apply for a loan after six (6) months of consistent contribution. However, this period can be waived at the discretion of the Credit Committee and Board of Directors based on special circumstances and a proper risk assessment.
In line with our service charter, term loans are processed within 24 hours, and emergency loans are disbursed within 12 hours of submitting the application. All disbursements are via Electronic Funds Transfer (EFT).
The BCCU is managed by a competent Board of Directors in strict compliance with Prudential Authority provisions. The Board adheres to all legislation governing the sector. Furthermore, BCCU is actively pursuing inclusion in the Deposit Insurance Scheme (DIS) to bring further stability and confidence to the sector.