What is a credit union?
A credit union is a member-owned financial cooperative that provides a wide range of financial services. Unlike traditional banks, credit unions are not-for-profit institutions that prioritize the needs of their members over generating profits. Members pool their money to offer loans, savings accounts, and other financial products at competitive rates. The goal of a credit union is to support the financial well-being of its members through personalized service, financial education, and community involvement. By becoming a member, you gain access to valuable financial resources and a say in how the credit union operates.
Our Mission and Services
Empowering Pohnpei Since 1968
We are a chartered non-profit organization established for the citizens of the State of Pohnpei in the Federated States of Micronesia. Since our inception, we offer financial services in consumer loans, shares investments and savings for approved members.
We have grown from a hundred plus members since inception in 1968 to what is now a little over 3,000 members. Our lending program cover a wide range of purposes from back to school, vacation, home repair, travel, funeral expenses, medical and all other emerging activities in demand from our members.
Recently, we have added a loan scheme for Senior Citizens and the Disability at lowered loan interest rates. We also carry a payday loan scheme and emergency loans that guarantees approval in 24 hours. Over the years, we have paid dividends on member shares from a range of 2% to 6% annually.
The credit union is managed by a seven-member board of directors and a management team of 9 Staff. Become a member today. You can reach us at (691) 320-2818/1590; website mesenieng.com
MCU Core Principles
Credit unions are unique financial institutions that operate based on a set of guiding principles designed to serve their members and communities. Here are the main principles that distinguish credit unions from traditional banks:
Member Ownership
Credit unions are owned and controlled by their members, not shareholders. Each member has an equal say in the decision-making process, ensuring that the credit union’s actions reflect the best interests of its members.
Not-for-Profit Operation
Credit unions operate as not-for-profit institutions. Instead of focusing on generating profits for shareholders, they aim to return earnings to members in the form of lower loan rates, higher savings rates, and reduced fees.
Social Responsibility
Credit unions are committed to the well-being of their communities. They often engage in community development projects, support local charities, and encourage volunteerism among their members and employees.
Democratic Control
Every member has one vote, regardless of the size of their deposits. This democratic approach ensures that the credit union operates in a way that benefits all members, promoting equality and fairness.
Financial Education
Credit unions prioritize the financial education of their members. They provide resources, workshops, and personalized guidance to help members make informed financial decisions and achieve their financial goals.
Cooperation Among Cooperatives
Credit unions collaborate with each other to strengthen the cooperative movement. By working together, they can provide better services and advocate for favorable regulations and policies.
Member Focus
The primary focus of a credit union is to serve its members. Every decision and service is designed to meet the financial needs and goals of the members, ensuring a high level of personalized service and member satisfaction.
Meet our team
Loan Division
Leo Henry
Loan Supervisor
Iowanida Reim
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Pedrus Bernardo
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Roderick Barnelas
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Accounting Division
Rowena Telosa
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Lettisha Apaisam
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Margitha Ioanis
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Our Board of Directors (2023 – 2024)
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General Manager
Dickson H. Santos
Chairman
Maria K. Donre
Vice Chairman
Quirino Loyola
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Valentin Martin
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Dakher D. Daniel
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Christina Elnei
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Rickson Higgins
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