WHO WE ARE
The Pan-African Federal Credit Union, once chartered, will serve as a low-income community development financial institution dedicated to serving the African immigrant population and the economic revitalization of the Bronx.
The mission of the Pan-African Federal Credit Union is to provide access to fair and affordable financial services to our members, whereby they manage their money in the present while building a financial future.
Our goal is to raise the standard of living in the community by helping to create the conditions for a socially just, stable, and sustainable economic environment. The Pan-African Federal Credit Union will help keep the money in the community to stimulate the local economy, encourage entrepreneurship, and generate employment, homeownership and college education. The purpose is more than just access, but control of economic resources, which better guarantees a more equal and just society.
WHAT WE DO
Create Just Economic Opportunities for Disenfranchised Communities
We believe there is an urgent demand for financial services and education in poor and working communities, especially in immigrant communities. Credit unions have clear social and economic functions. They provide credit and essential services to low-income communities, to fill the void created by major financial institutions. We will provide more affordable services in a multicultural and multilingual environment.
Our aim is to provide economic opportunity to the disenfranchised to own their assets and build wealth that will be the foundation for community regeneration. Pan-African FCU strives to nurture a sustainable economic culture and stable environment to conduct business. While safeguarding our members from subprime services, usurious interest rates, and high fees, the credit union will facilitate the process of converting profit into investment in the community (in the form of lending), rather than having profit shipped out, not being productive capital for the community.
We will empower our members by giving them the information and tools to be responsible consumers and smarter investors. We will provide refinancing to meet members’ current cash-flow needs when they fall short or are unable to fulfill their current monetary commitments, free tax-filing, and nominal money wiring services to help keep monies in the hands of families.
In addition, PAFCU will provide confidential access to financial counselors to assist members in:
- Developing a budget and managing accounts
- Obtaining and understanding their credit report
- Consolidating their debt and avoiding bankruptcy.
- Paying bills online and using an ATM machine
- Business planning
- Business certifications
WHAT WE HAVE DONE
The National Credit Union Administration (NCUA) has approved our field of membership for a low-income designated community development financial institution, catering to a very densely populated area of the Bronx, comprising seven community districts: 1,2,3,4,5,6 & 9.
WHAT IS NEXT
Part of the accreditation process, we must procure a minimum of $300,000 in donations to secure the initial start-up costs, and conduct a community survey to obtain 385 pledges of potential membership requisites from the National Credit Union Administration (NCUA). Our primary goal in the next year is to raise $500,000 - $750,000, and to administer the pledge drive with the assistance of local organizations and universities.
WHY Pan-African FCU
We are not reinventing the wheel, but applying an existing structure to a different situation. We will uphold community norms, as a safe and trusted institution to provide financial services and education to the community.
We believe that we, as members of the community, are able to provide these services in a more equitable way that the community can trust and support. Taking ownership of our own institution will allow neighborhood capital accumulation—the reinvestment of our funds into the community to generate economic revitalization and security.
We would be responsible and accountable to our members, who are the stakeholders. Our interest is not in poverty lending to penalize our “customers” but to help our partners to retain their hard earned keep, and prevent the accrual of debt which leads to cycles of poverty. In addition, we will assist our members to start and develop their own businesses and create employment for the people in the community. Moreover, it is a proven fact that people save money by having a bank savings account.