About Us

The Cayman Islands Civil Service Association (CICSA) Co-operative Credit Union Limited accepts funds and extends loans to its members.

The Cayman Islands Civil Service Association (CICSA) Co-operative Credit Union Limited (the “Credit Union”) was incorporated in the Cayman Islands in 1976 under the provisions of the Cooperative Societies Law and operates as a not-for-profit organisation receiving savings and making loans to members.

The Credit Union was formed by seven civil servants who were members of CICSA. They were Mr. Gilbert McLean, Mr. Louis Moncrieffe, Mr. John (Lemuel) Hurlston, Mr. Colford Scott, Mr. Ray Miller (deceased), Ms. Rachael Ebanks, and Mr. George McCarthy assisted by the “Matron” of the Credit Union, Mrs. Cicely Delapenha (deceased), started with $35 ($5 each). Their vision, 47 years later with over 19,000 members and assets in excess of $500M, is still shared today.

The Credit Union is governed by the Cooperative Societies Law as well as a set of Rules approved by members at general meetings.

Our Mission

As a financial institution primarily funded through member deposits, the Credit Union remains very aware that depositors rely on dividends to live and save for the future. However, borrowers are equally faced with the pressure of trying to create security for their families through residential or personal borrowing. As a member-owned and communityfocused organisation, the Credit Union tries to meet both sets of demands from borrowers and depositors with equal focus.

Our governance structure is strengthened internally by:

The role and functions of an elected Credit Committee.
The role and functions of an elected Supervisory Committee.
The control functions are performed by an Internal Auditor and a Chief Risk & Compliance Officer.

Governance of our Credit Union is further enhanced by:

Annual external audits performed by a “Big Four” accounting firm.
Regulation by the Cayman Islands Monetary Authority (CIMA).
Our Credit Union forms part of the global credit union organisation with membership in the Caribbean Confederation of Credit Unions (CCCU), which in turn is a member of the World Council of Credit Unions (WOCCU).