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DIASPORA FEDERAL CREDIT UNION (PROPOSED)

Overview

The PROPOSED Diaspora Federal Credit Union has filed an application with the Federal government to obtain a charter (license) to operate. We have obtained "Preliminary Field of Membership" approval from the National Credit Union Administration, a key step in the licensing process. As we work through the final steps of licensing we need to increase our membership and we ask that you SIGN-UP and join us as we advance this noble cause. You must reside in the United States to sign-up.

We are open to customers from all walks of life who fall within our common bond i.e. Kenyans in the United States and their families and friends, a demographic with a unique set of financial needs that require an integrated platform to provide solutions to those needs. As a financial institution, Diaspora Federal Credit Union will play a pivotal role in consolidating investable capital, improve members' finances. It will help restructure and transform our collective economy by creating a platform upon which members can access all kinds of financial services including bank accounts, investment products, insurance services, personal loans, mortgages, student loans, car loans, etc. We need our own Credit Union to serve our unique financial needs – Diaspora Federal Credit Union is the answer.

Being a member of a credit union is a distinct experience. Unlike banks, we’re a not-for-profit financial institution that doesn’t answer to stockholders, just your best interests. Credit Unions are cooperatives owned and managed by members wherein each account holder is an owner. They offer their members many advantages compared to other financial institutions. According to the Credit Union National Association, Credit Unions:

  • Are owned by members who have an equal stake and vote (one vote per member regardless of how much money he/she has on deposit). Every credit union customer is both a member and an owner.
  • Use their earnings to offer members lower loan rates (on credit cards, home equity loans, mortgages, auto loans, and personal loans), higher interests on deposits, and lower fees than other financial institutions.
  • Save their members lots of money which they can then use to meet their other obligations. As new Americans with (often) limited incomes, we can benefit from pooling our resources through credit union that can afford us cheaper loans and financial services.
  • Offer their members nationwide access to branches and ATM locations through their Shared branching (you can use participating credit union branch to make loan payments, withdraw money, transfer funds, make deposits, cash checks … and more).
  • Are more accountable to their members because they have volunteer boards that are elected by and from the credit union’s membership.
  • Exist to help people not to make a profit for shareholders.
  • Assist members to become better- educated consumers of financial services.