Britain’s Oldest Credit Union Marks 70 Year Landmark on Black History Month
For over 40 years, Black History Month has been celebrated in the UK. This year’s celebration aligns with a landmark for the credit union sector, as the first credit union to be established in Great Britain, under the Industrial and Provident Societies Act was founded by Caribbean Windrush migrants. Hornsey Co-operative Credit Union launched in 1964 as a reaction to the discrimination that Caribbean migrants were facing from the banks and financial institutions of the day.
Tuesday 29 October 2024
For over 40 years, Black History Month has been celebrated in the UK. It’s a time to reflect on the diverse histories and achievements of Black people and their extraordinary contributions to society, even in the face of long-standing challenges and injustices.
This year’s celebration aligns with a landmark for the credit union sector, as the first credit union to be established in Great Britain, under the Industrial and Provident Societies Act was founded by Caribbean Windrush migrants. Hornsey Co-operative Credit Union launched in 1964 as a reaction to the discrimination that Caribbean migrants were facing from the banks and financial institutions of the day.
Hornsey Co-operative Credit Union was set up by 10 members of the Ferme Park Baptist church who were unable to get credit from the banks and were familiar with credit unions in their native Jamaica.
Originally an informal savings club from 1962, it was registered on the sixth of April 1964 with the Industrial and Provident Society Act with the common bond for residents of Haringey. This was 15 years before credit unions gained legal structure in Great Britain under the Credit Unions Act 1979. By the time of its first Annual General Meeting, it had grown to over 100 members.
The credit union had an office at no 2 Drysland Road and eventually they bought no 6 Dryland Road. The Credit Union has a long history within the movement in the United Kingdom and played a pivotal role in the formation of the Credit Union league of Great Britain in the late 60’s and onwards. Along with representatives of other West Indian credit unions from Highgate in London and Hove, Hornsey Co-operative Credit Union set up the Credit Union League of Great Britain (CULGB) in 1967. Eventually, this group evolved to become the Association of British Credit Unions Ltd (ABCUL) in 1984.
“As we celebrate Black History Month, we honour the rich heritage and invaluable contributions of Black individuals to our community and our economy,” says ABCUL CEO, Robert Kelly. “At ABCUL we are committed to fostering inclusivity and empowering all members to achieve their financial goals. Let us reflect on the past, celebrate the present, and build a future where everyone has equal opportunities to thrive.”
In 2012, Hornsey Co-operative Credit Union with its dedicated volunteers and directors getting older, voted to allow the board to approach London Capital Credit Union with a view to a merger in 2013. After 49 years of independent trading, the remaining 250 members with only one active loan on the books of the credit union voted to transfer engagements to its larger neighbour. When all is said and done it was costing them a lot in fees when and most of the accounts were dormant. They had started the credit union when they need it back then and now they no longer needed it. It had become semi dormant although with excellent reserves. In 2014 Elaine Greaves daughter of one of the founding fathers Mr & Mrs Blair Greaves of Hornsey credit union was co-opted on to the board of London Capital continuing the family involvement in the credit union movement.
Another one of Britain’s earliest credit unions was London’s Pentecostal Credit Union (PCU), founded in 1980 by the Rev Carmel Jones, who died in 2023. Reflecting on its history, current PCU CEO Shane Bowes told ABCUL: “Despite the humiliation of racial prejudice, [Rev Carmel Jones] made significant and groundbreaking achievements in his life. In fact, racist exclusion propelled and inspired his attainments, one of which was founding the PCU – trading now for over 40 years.”
“These stories are just some examples of the revolutionary work Windrush migrants undertook to make the British financial sector more inclusive and we give thanks to their efforts years later,” Robert added. “Their achievements in leading by example amongst many hardships and struggles were underpinned by the core values that we continue to hold dear today – people helping people, co-operation, resilience, empowering communities, and fair and equitable finance.”
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