The standards provide the minimum requirement for Credit Unions in Liberia. All existing and would be credit unions shall be required to meet these requirements before their licensed to operate.
1. MEMBERSHIP i. A study group should have at least 75 to 150 members at start and should attain full status of a credit union within twelve (12) months after its registration as a study group of LCUNA
ii. Credit Unions should have at least 300 members before it can be duly licensed and must have potential to grow above this. Existing credit unions (Licensed or not) shall.
2. Shares and Savings
i. A study group should have at least LD $1,500,000.00 (One Million Five Hundred Thousand Liberian Dollars) in shares before it is registered as a credit union provided no one member owns more than 20% of the shares.
ii. A study group should have at least a cumulative savings of LD $ 3,000,000.00 (Three Million Liberian Dollars) before it is register as a credit union provided no one member owns more than 20% of the total savings. Members must be prepared to save a minimum of LD $ 5,000.00 (Five Thousand Liberian Dollars)
3. Office Space
i. Study group and all existing credit unions are required to have permanent office where they will operate from within the Credit union, Signboard and Business Hours conspicuously placed. Existing Credit Unions are also required to fulfil this requirement within three (3) months or risk losing their license.
ii. All credit Unions shall maintain a staff/volunteer that will be trained to keep the financial record of the credit union up to date.
4. Governance and Training
i. Founding members shall be required to undergo a credit union member Education program for a period of 4 to 6 months in case of study group.
ii. Existing CUs and study groups shall have their Bylaws aligned to the LCUNA Model bylaws and shall commit to a balanced representation in the leadership structure. iii. The leadership of each credit unions shall commit themselves to attending Credit Unions trainings to acquire basic skills to execute their roles and function.
5. Other Requirements
i. Before a study group is licensed to operate as a credit union and be affiliated to LCUNA, LCUNA shall conduct a feasibility study to ascertain that the study group or credit union has met the minimum requirements for it to be licensed. The cost of such study will depend on the location oof the credit union or study group and shall be agreed before the conduct of the exercise.
ii. Before a study group is affiliated to LCUNA, it shall complete the prescribed Affiliation form and submit with such form the latest financial statements, the approved Bylaws and an affiliation fee of LD $4,000.00 (Four Thousand Liberian Dollars) The deposit of the amount in relevant LCUNA’s Account with deposit slip submitted to Authority is preferred or using money transfer system as available.
iii. All affiliated Credit Unions are required to patronize cost recovery services, particularly training provided by LCUNA.
iv. It is incumbent upon LCUNA to provide Affiliation Certificate immediately upon receipt of the required fee. Such certificate shall be valid ONLY two (2) years from date of issuance.