What is a credit union?

 A credit union is a community savings and loans provider. Traditionally, credit unions have been small, non-profit financial organisations set up by members with something in common, such as living in the same town, working in the same industry. 

Source: what's a credit union?

The First DERBY African Caribbean economic community project

This economic project (saving scheme) came about as DWIA members found it difficult to save, and borrow funds, for major purchase items, overseas holidays. In 1978 three DWIA members dedicated their time to research and evaluate if the credit union was suitable for members. DWIA credit union started with Robert Murray, (Chairman) George Mighty, (Secretary) Sam Lee, (Treasurer)  

This took some time to investigate and meet organisational requirements which included legal obligations. E.G., having a common bond in which members could associate with, was critical to the development process, and it was approved by the central government financial governing body that DWIA membership was the common bond to enable DWIA to operate a credit union. 

On 11.10.80 at an DWIA executive meeting members were informed that   This project was now at the stage where members were welcomed to join.   

On 13 12 80 The Secretary of the Credit Union, advised members that the DWICA Credit Union has received the seal of approval and can now lend money. 

During 1981 DWIA credit union was featured in many of DWIA newsletters, and in 2005 received a recognition award from the east midlands regional chapter for 25 years of successfully growth and development whilst providing a valued financial support service to the community. DWICA credit union in its 30th year had in excess of 250 members. 

As the project grew demands from non-DWICA members to join the credit union also grew and as such the executive developed processes to meet such demand.   

Members recognised that a long-term option should be considered to widen its membership base by considering a city-wide credit union. In 2011 the common bond (operating licence) was transferred to a city-wide credit union which meant DWICA was no longer had any legal duties or responsibilities for the operations of DWICA credit union. All legal obligations and responsibilities came under the remit of the newly formed now known as Derby United Credit Union (a city-wide credit union).