CICSA

What CICSA does

CICSA Cooperative Credit Union Limited is a member-owned financial cooperative incorporated in the Cayman Islands in 1976 under the Cooperative Societies Act and regulated by the Cayman Islands Monetary Authority (CIMA). Originally founded by seven civil servants with a combined CI$35 contribution, the institution has grown to serve over 20,851 members across Grand Cayman, Cayman Brac, and Country Corner, with total assets of approximately $705M and a gross loan portfolio of $518M. The core offering consists of deposit products (share/savings accounts, fixed deposits) and a diversified lending suite including mortgages (6.75% APR, up to 25-year terms, up to 80% financing), land loans (6.75% APR, up to 100% financing), personal loans (up to 20-year terms), car loans (up to 7-year terms), revolving lines of credit, and a Within Share Loan that allows borrowing against own savings while retaining dividends. An interest rebate program returns up to 3% of loan interest annually on loans in good standing, and surplus earnings are returned to members through dividends rather than to external shareholders.

The underlying technology stack centers on the CUonline digital banking platform (web and mobile, launched in enhanced form March 2022), the CUconvenience remote service request hub, an ATM network across three locations, and online loan application portals powered by applyon.app with mortgage/loan calculators for self-service qualification. Distribution combines physical branches with digital self-serve, scheduled loan officer appointments (virtual and in-branch), and payroll deduction integrations with Core Employers. Revenue is generated primarily through interest income on the loan portfolio and fee-based services (ATM transactions, standing orders, reference letters, account research, delinquency and compliance fees), with non-member Core Employer deposits providing an additional funding channel. Customer segments span civil servants and public sector employees (the founding base), general Cayman Islands community members, youth savers (1,999 under 18), and organizational Core Employers; marketing relies on community engagement, financial literacy content via the Learn platform, social media, member newsletters, and 50-year heritage positioning rather than commercial advertising.

Name

CICSA

Legal name

CICSA Cooperative Credit Union Limited

Website

https://creditunion.ky

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

11–50 employees

Short description

CICSA Cooperative Credit Union Limited is a Cayman Islands member-owned financial cooperative serving over 20,851 members across Grand Cayman and Cayman Brac with deposits, mortgages, consumer loans, and digital banking services under CIMA regulation.

Ownership category

akta.pro rank

Product category

Credit Union Retail Banking

NAICS

Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Student/University Credit Unions (FSABAEAJ)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Credit union services
• Consumer loan products
• Mortgage lending services
• Member savings accounts
• Cooperative banking

Headquarters

HQ city

George Town

HQ country

Cayman Islands

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income on Loans: CICSA generates primary revenue from interest charged on loan products including mortgages, car loans, personal loans, land loans, and lines of credit. As a not-for-profit cooperative, surplus earnings are returned to members through better rates and annual dividends.
2. Fee-Based Services: Revenue generated from various service fees including ATM transactions, standing orders, reference letters, account research, delinquency fees, compliance fees, and other banking service charges.
3. Savings Deposits: Members provide deposit funding through share accounts, savings accounts, and fixed deposits. These funds are used to support lending activities.
4. Non-Member Deposits: Non-Member accounts (Core Employers including Government and government-owned entities) can hold Fixed Term Deposits and Savings accounts, providing additional deposit funding though not eligible for dividends.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core offering

CICSA is a member-owned cooperative credit union offering a full suite of retail banking and lending products to its members across the Cayman Islands. Its portfolio includes mortgage loans, car loans, personal loans, land loans, lines of credit, share/savings accounts, fixed deposits, and digital banking services through the CUonline platform and CUconvenience remote-service hub.

Product overview

CICSA (Cayman Islands Civil Service Association) Co-operative Credit Union Limited operates as a member-based financial co-operative offering a comprehensive suite of banking and lending products. The portfolio centers on core loan products (Car Loans, Personal Loans, Land Loans, Mortgage Loans, Line of Credit, Within Share Loan, Go Green Home, and Debt Management) complemented by deposit services (Share & Savings Account, Fixed Deposit) and digital banking through CUonline and CUconvenience platforms. Additional services include ATM access, Standing Orders, Guarantee Letters, Cash Advances, Reference Letters, Payroll Deduction, Automatic Transfers, and account management services. The credit union serves over 20,000 members across the Cayman Islands with both traditional branch services and modern digital channels.

Differentiator

Problem solved

Functional benefit

Brands

• CUonline: The Credit Union's secure online transaction portal and mobile app, providing cashless convenience for managing accounts, transferring funds, paying bills, and more.
• CUconvenience

Products and services

• Mortgage Loans

Quantifiable outcome

• Up to 3% interest rebate (cash back) on loan interest paid annually for loans in good standing
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• National Trust for the Cayman IslandsminorStrategic or Co-development Partner · 1 January 2025Partnership for '50 Trees for 50 Years' sustainability initiative celebrating the credit union's 50th anniversary. Demonstrates commitment to environmental responsibility and community engagement.
• Caribbean Confederation of Credit Unions (CCCU)coreStrategic or Co-development PartnerCICSA is a member of the CCCU, which in turn is a member of the World Council of Credit Unions (WOCCU). Provides access to global credit union network, industry best practices, and professional development resources.
• World Council of Credit Unions (WOCCU)coreStrategic or Co-development PartnerCICSA forms part of the global credit union organization through membership in CCCU which is a member of WOCCU. Provides international standards, advocacy, and network connectivity for credit unions worldwide.
• Go Green Home InitiativeminorGTM or Marketing PartnerPartnership offering discounted financing for energy-efficient, environmentally-friendly home improvements. Listed alongside loan products on the main loans page.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Regional players

• FirstCaribbean International Bank: FirstCaribbean is a major Caribbean banking group serving multiple Caribbean nations including the Cayman Islands. Comparable as a regional financial institution with Cayman Islands presence and broader Caribbean footprint.
• Bahamas Co-operative Credit Union League: The Bahamas Co-operative Credit Union League is a trade association for credit unions in the Bahamas. Comparable as a regional credit union peer in the Caribbean with similar member-owned cooperative structure and Caribbean market dynamics.
• Belize Bank: Belize Bank is a major Caribbean bank operating in Belize, offering similar retail and commercial banking services. Comparable as a regional Caribbean financial institution serving a small island economy with similar deposit and lending products.

Others

• Caribbean Confederation of Credit Unions (CCCU): CCCU is the regional trade association for credit unions in the Caribbean, of which CICSA is a member. Comparable as an industry association and ecosystem participant that CICSA directly partners with for industry standards and best practices.

Broad incumbents

• RBC Royal Bank Cayman: RBC Royal Bank operates in the Cayman Islands offering retail and commercial banking services as part of its global network. Comparable as an international bank with Cayman Islands presence serving both consumer and corporate clients.
• Butterfield Bank: Butterfield is a major offshore bank in the Cayman Islands and Bermuda, offering broader banking and wealth management services. Comparable as a Cayman-headquartered financial institution with a wider product portfolio including credit cards and investment services.
• Desjardins Group: Desjardins is the largest cooperative financial group in Canada, operating as a credit union cooperative. Comparable as a large, established credit union cooperative model with member-owned governance, deposit-taking, and lending activities.
• Navy Federal Credit Union: Navy Federal Credit Union is the largest natural credit union in the US, serving military members with member-owned cooperative model. Comparable as a large, established credit union operating under similar cooperative principles with deposit and lending products.
• Scotiabank Cayman: Scotiabank operates in the Cayman Islands offering retail and commercial banking services as part of its global network. Comparable as an international bank with Cayman Islands presence offering deposit and lending products to similar customer segments.

Direct peers

• Cayman National Bank: Cayman National Bank is the largest locally owned bank in the Cayman Islands, offering retail and commercial banking services including deposits, loans, and mortgages. Direct competitor to CICSA in the Cayman Islands local market serving both individuals and businesses.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/creditunionky
• YouTubeyoutube.com/channel/UCIjuAQGwWhMp0HDq1C7MsKg
• Facebookfacebook.com/creditunionky
• Instagraminstagram.com/creditunionky
• LinkedInlinkedin.com/company/creditunionky

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CICSA