General Employees Co-Operative Credit Union

What General Employees Co-Operative Credit Union does

General Employees Co-Operative Credit Union Ltd (GECCU) is a member-owned cooperative financial institution headquartered on Halifax Street in Kingstown, St. Vincent and the Grenadines, founded July 14, 1964. It operates the largest credit union branch network in SVG across six locations — Kingstown (head office), Georgetown, South Rivers, Union Island, and Canouan — and serves 54,747 members as of year-end 2024 with XCD $456,993,249 in total assets, XCD $380,587,200 in member savings, and an XCD $224,536,672 loan portfolio.

The core product suite spans savings (Regular Shares, Special Savings, Fixed Deposit at 2.25-5.00%, Junior Savers, Christmas Savings, Equity/Qualifying Shares), loan products (Mortgage at 6.99%+, Vehicle, Land up to XCD $100,000, Consumer at 12%, Technology, GECCU Credit revolving line of XCD $5K-XCD $15K, Carnival, Endless Christmas, GREEN Deal up to XCD $60,000, Pay N' Save debt consolidation, NIS Student, Learn While You Earn), insurance and member benefits (GECCUMED group health plan underwritten by Sagicor with up to XCD $1M coverage; Death Benefit of XCD $6,000), and community initiatives (Peter's Hope Affordable Housing, River-14 Recreational Facility, Social Development Fund). Distribution combines six physical branches, two ATMs (one full-service, one cash dispenser), Western Union agent terminals at Georgetown and South Rivers, ATM interoperability with the Bank of St. Vincent and the Grenadines (BOSVG), and the Link-24 digital channel — an online banking platform and iOS/Android mobile app supporting bill payments to VINLEC (electricity) and CWSA (water), fund transfers, loan applications, and virtual loan appointments via Zoom.

Revenue mechanics are those of a standard credit union: net interest spread on the XCD $224.5M loan book at 5-12% funded by member savings at 2-5%, supplemented by membership/equity share contributions (XCD $220 initial outlay), recurring annual fees (equity, death benefit, social development fund), GECCUMED insurance premiums (XCD $77-XCD $213 monthly), Western Union commissions, and fees on optional services. Net Surplus for 2024 was XCD $4,294,318, up from XCD $3,738,007 in 2023. Members comprise Vincentian citizens, CARICOM residents, youth (Junior Savers, scholarship and bursary programs), and small business owners, served through a horizontal segmentation approach across general membership, youth/students, and small business units.

Name

General Employees Co-Operative Credit Union

Legal name

General Employees' Co-operative Credit Union Ltd

Website

https://geccu.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

1–10 employees

Short description

GECCU is St. Vincent and the Grenadines' largest member-owned cooperative credit union, founded 1964, serving 54,747 members across six branches with savings, lending (mortgage, vehicle, consumer, land, green), GECCUMED health insurance, and digital banking.

Ownership category

akta.pro rank

Product category

Cooperative Credit Union / Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

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

Keywords

• Retail banking services
• Consumer lending
• Cooperative savings accounts
• Digital banking platform
• Credit union services

Headquarters

HQ city

Halifax

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: GECCU earns interest income from various loan products including consumer loans (12% p.a.), mortgage loans (6.99% p.a. minimum), vehicle loans, land loans, and special loan products. Interest rates range from 5% to 12% depending on the loan product.
2. Membership Fees and Shares: Members pay entrance fees ($5.00), purchase qualifying shares ($100), equity shares ($50 annually), and contribute to death benefit ($30 annually) and social development fund ($20 annually). Regular share savings require minimum monthly deposits of $15.
3. Fixed Deposit Interest Spread: GECCU accepts fixed deposits at rates of 2.25% (for deposits $500-$499,999) and 2.50% ($500,000 and over), with school cooperatives receiving 5.00% annually, earning spread on lending activities.
4. GECCUMED Health Insurance Premiums: Group health insurance plan offering single, single+one, and family coverage with premiums ranging from $77.20 to $213.32 monthly depending on age and plan type. Coverage includes dental, vision, and general medical benefits.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

GECCU is a member-owned cooperative credit union providing retail banking services to individuals across St. Vincent and the Grenadines. Its core offering spans share/deposit accounts (Regular Shares, Special Savings, Fixed Deposit, Christmas Savings, Junior Savers, Equity & Qualifying Shares), a diversified loan portfolio (Mortgage, Vehicle, Land, Consumer, Technology, NIS Student, Carnival, GREEN Deal, Pay N' Save, GECCU Credit line of credit, Learn While You Earn, Endless Christmas), digital banking via the Link-24 online and mobile channels, GECCUMED group health insurance, a Death Benefit program, Social Development Fund, Western Union money transfer services, and community initiatives such as the Peter's Hope Affordable Housing Project and River-14 Recreational Site.

Product overview

GECCU offers a comprehensive suite of financial services centered around its Link-24 digital banking platform, which includes Online Banking, Mobile App, and ATM services. The core product portfolio encompasses savings accounts (Junior Savers, Regular Shares, Fixed Deposit, Christmas Savings, Special Savings, Equity & Qualifying Shares), loan products (Mortgage, Vehicle, Land, Consumer, Technology, NIS Student, Carnival, GREEN Deal, Pay N' Save, GECCU Credit, Learn While You Earn, Endless Christmas), insurance products (GECCUMED health insurance, Death Benefit), and community development initiatives (Peter's Hope Housing, River-14 Recreational Site, Social Development Fund). The platform integrates bill payment for VINLEC and CWSA, offers Western Union money transfers, and provides ATM access through the BOSVG network.

Differentiator

Problem solved

Functional benefit

Brands

• GECCUMED: Group health insurance product offering coverage for dental, vision, and general medical needs
• GECCU Credit
• Link-24
• GEM Loan
• Save in Gear

Products and services

• Junior Savers Savings account for children under 16 years, offering 4% annual interest, with a $20 minimum opening balance. Funds convert into the member's Shares account on the child's 16th birthday, building early savings habits for youth members.
• Regular Shares Primary share savings account for members with a minimum monthly contribution of $15. The balance determines loan eligibility, acts as collateral for borrowing, and requires one month notice for withdrawals — forming the core transactional and collateral account for individual members.
• Fixed Deposit One-year fixed-term deposit account offering 2.25% annually on balances of $500–$499,999, 2.50% on $500,000 and over, and a special 5.00% rate for School Cooperatives, with two months notice required for early withdrawal. Targeted at members seeking higher-yielding term savings.
• Christmas Savings Seasonal savings account for Christmas expenses earning 4% annual interest. Deposits are accepted January through October; funds withdrawn after October 31 earn interest, with automatic transfer to the Share Account after December 31 if not withdrawn. Targeted at members who want disciplined year-end savings.
• Special Savings Flexible savings account with no restrictions on deposits or withdrawals, earning 2% annual interest that is credited to the account annually. Designed for members who want on-demand access to funds while still earning interest.
• Equity & Qualifying Shares Membership shares consisting of Qualifying Shares (100 shares at $1.00, required for membership and service access) and Equity Shares (50 shares minimum at $1.00 annually, representing ownership and earning annual dividends). Together these shares establish member ownership rights and underpin the cooperative governance structure.
• Mortgage Loan Loan for dwelling construction, purchase, renovation, or extension, with amounts up to $500,000, maximum 30-year repayment, minimum interest rate of 6.99% per annum on a reducing balance, and a minimum 8% share requirement. Designed for members seeking long-term residential property financing.
• Vehicle Loan Loan for the purchase of new, used, or reconditioned vehicles, with a maximum repayment term of 60 months for new vehicles and 36 months for used/reconditioned vehicles. Comprehensive insurance is required. Targeted at members needing vehicle financing.
• Land Loan Loan for the purchase of land up to $100,000 with up to 25% discount on legal fees and up to 20-year repayment period with low monthly payments. Offered to make land ownership accessible to members and first-time buyers.
• Consumer Loans Personal loans at 12% per annum on a reducing balance, available for a wide range of purposes including medical expenses, business needs, debt consolidation, back-to-school, agriculture, furniture and appliances, travel (up to 36 months), weddings, and funerals. Serves as GECCU's flagship multi-purpose lending product for individual members.
• Technology Loan Loan product for financing the purchase of laptops, smart TVs, smartphones, and tablets. Provides GECCU members with affordable access to consumer technology devices.
• NIS Student Loan Student loan product administered through the National Insurance Scheme (NIS) and the Ministry of Education, offering up to 10-year repayment and up to a 4-year grace period before principal repayments commence. Students submit applications to NIS through the Ministry of Education indicating GECCU as their funding agency.
• Endless Christmas Loan Seasonal loan product up to $15,000 with up to 48-month repayment terms, available top-ups on existing loans, and payment deferral until February. Eases year-end cash flow for members facing Christmas-season expenses.
• Carnival Loan Seasonal loan product designed for carnival-season activities, including masquerade costumes and related expenses, with weekly promotional prizes such as ICC Cricket World Cup tickets, all-inclusive events, and staycations. Targeted at members participating in SVG's carnival economy.
• GREEN Deal Green loan product launched in 2024 for renewable energy systems, building retrofits to greener standards, and purchasing energy-efficient equipment, allowing members to borrow up to $60,000 to fund environmentally beneficial home and business improvements.
• Pay N' Save Debt consolidation loan allowing members to consolidate all outstanding debts at rates as low as 5% per annum. Designed specifically to repair credit and reduce monthly debt-service burden by combining multiple obligations into a single lower-cost facility.
• GECCU Credit Revolving line of credit product from $5,000 to $15,000 for recurring expenses, offering hassle-free top-ups, same-day disbursement, and no new application required for credit-line increases. Can be combined with GECCUMED for lower combined payments and a lower interest rate.
• Learn While You Earn Education loan for employed members, requiring a letter of acceptance, program cost documentation, and an invoice for computer or school expenses. Provides financing for working members pursuing further education or vocational training.
• Peter's Hope Affordable Housing Project Affordable housing development project offering either land-only financing with reduced rates or land plus home construction under one of six concept designs (Anthurium, Jasmine, Bougainville, Buttercup, Hibiscus, Claw Crab), with rates as low as 5%. Targeted at first-time homeowners and supported as a community initiative by GECCU.
• Death Benefit Member benefit program that pays $6,000 to beneficiaries upon the member's death, with a $30 annual contribution and conditions: joining before age 60, saving at least $120 in the final year of membership, and at least 6 months of prior membership. Provides low-cost life-linked protection to enrolled members.
• Social Development Fund Emergency assistance fund supported by member contributions that provides financial relief to members affected by storms, fire, earthquake, volcanic eruption, serious illness, and unemployment. Operates as a cooperative safety net beyond traditional insurance.
• GECCUMED Health Insurance Group health insurance plan offered to GECCU members in single, single+one, and family tiers, with age-tiered premiums ranging from $77.20 to $213.32 monthly. Coverage includes dental, vision, and general medical benefits, with a 70/30 co-insurance structure and maximum coverage of XCD 1,000,000 for members under 65. Claims are processed through Sagicor.
• River-14 Recreational Site Recreational park and event venue in South Rivers opened March 10, 2022, featuring five gazebos, a pavilion, an industrial kitchen, and river access. Available for rental — gazebos from $100, pavilion from $500, kitchenette $150, and the full compound $2,000 — and developed in partnership with the United Nations Global Environment Fund and local partners.
• Western Union Money Transfer Services International money transfer service operated as a Western Union agent at Georgetown and South Rivers offices (Monday–Friday 8:30am–4:00pm). Members and the public can send and receive funds internationally through GECCU's branch network since the partnership began in 2008.
• GECCU Link-24 Online Banking Web-based home banking platform giving GECCU members worldwide access to their accounts, with services including fund transfers between GECCU accounts, online bill payment for VINLEC and CWSA, loan applications, contact information changes, and bank statement requests. Registered members access Link-24 using their account number and email.
• GECCU Mobile App Native smartphone and tablet application available on iOS and Android, enabling balance checks, loan and bill payments, loan pre-applications, transaction notifications, transaction history viewing, and fund transfers between accounts. Distributed via the Apple App Store and Google Play under the GECCU mobile banking listing.
• Link-24 ATM Services Self-service ATM network comprising a full-service ATM at the Head Office on Halifax Street (deposits, withdrawals from Special Savings, loan/mortgage payments, balance inquiries), a cash dispenser at the former headquarters, and interoperability with BOSVG ATMs (with a XCD 1.50 fee per BOSVG transaction).
• Christmas Market Annual Christmas market held at the GECCU car park that showcases products and services from member entrepreneurs, with the credit union providing tent, table, and chair facilities for vendors — a recurring commercial and community event organized by GECCU.
• GECCU Community Service Project Annual beauty pageant winner community service initiative supporting young women's development through projects focused on the inspiration economy, community development, and crime prevention. Operated as an ongoing social charter program by GECCU.

Quantifiable outcome

• Net Surplus of $4,294,318 in 2024, up from $3,596,791 in 2022
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• SagicorcoreTechnology or IntegrationSagicor provides insurance underwriting for GECCUMED health insurance plan. The partnership offers group health coverage including dental, vision, and general medical benefits. GECCUMED is administered through Sagicor's claims processing system with a 70/30 co-insurance structure and maximum coverage of $1 million for members under 65.
• World Council of Credit Unions (WOCCU)coreStrategic or Co-development PartnerInternational trade association for credit unions worldwide. GECCU participates in WOCCU programs and initiatives that support credit union development globally.
• United Nations Development Programme (UNDP)coreStrategic or Co-development PartnerUN agency supporting sustainable development. UNDP collaborates with GECCU on community development initiatives and environmental projects.
• Bank of St. Vincent and the Grenadines (BOSVG)coreTechnology or IntegrationBanking partnership allowing GECCU members to withdraw funds from BOSVG ATM machines using GECCU ATM cards. A $1.50 EC fee applies per transaction. This extends GECCU's ATM accessibility across SVG.
• Western UnioncoreChannel Partner/ Reseller/ DistributorGECCU has been a Western Union agent since 2008, providing international money transfer services. Available at Georgetown and South Rivers offices, Monday-Friday 8:30am-4:00pm.
• National Insurance Scheme (NIS) SVGminorStrategic or Co-development PartnerGovernment agency providing NIS Student Loans through GECCU. Students can submit applications to NIS through the Ministry of Education indicating GECCU as their funding agency.
• United Nations Global Environment Fund (GEF)coreStrategic or Co-development PartnerEnvironmental funding agency that collaborated with GECCU on the River-14 Recreational Park development project in South Rivers, supporting sustainable tourism and conservation.
• Caribbean Confederation of Credit Unions (CCCU)minorStrategic or Co-development PartnerRegional credit union confederation representing Caribbean credit unions. GECCU participates in regional initiatives and development programs.
• Centre for Enterprise Development Inc.minorStrategic or Co-development PartnerBusiness development agency partnering with GECCU on Business Support Training Series workshops to help entrepreneurs formalize and grow their businesses.

Scale indicators9 records

Recent moves11 records

Expansion highlights6 records

Emerging players

• Jamaica National Small Business Loans (JNSBL): Caribbean cooperative/credit-union-affiliated small-business lender serving SME borrowers. Comparable in mission (community development lending) and Caribbean geography, though operating at smaller scale than GECCU.

Broad incumbents

• CIBC Caribbean (FirstCaribbean): Major Caribbean retail and commercial bank offering full-service banking across the region including SVG. Larger incumbent with broader product set, wealth management, and corporate banking capabilities competing against GECCU for premium customer segments.
• Republic Bank (Trinidad and Caribbean operations): Large Caribbean banking group with regional branch presence in multiple ECCU markets; competes for retail deposits, mortgages, and SME lending. Larger incumbent with broader product portfolio and capital base than GECCU.
• Scotiabank Caribbean: Multinational bank with extensive Caribbean branch network including SVG. Competes with GECCU for retail deposits, mortgages, and personal loans with deeper capital, technology, and product breadth.

Direct peers

• Eastern Caribbean Central Bank (ECCB) supervised institutions / National Commercial Bank of SVG: National Commercial Bank of SVG operates alongside GECCU in the same regulatory and competitive landscape, offering consumer loans, mortgages, and deposit products. ECCB is the shared regulator/monetary authority for the Eastern Caribbean Currency Union.
• Bank of St. Vincent and the Grenadines (BOSVG): Indigenous SVG commercial bank; directly comparable deposit/loan institution serving the same geography and customer base as GECCU, with whom GECCU has an ATM-network partnership. Closest direct competitive peer in the SVG retail-banking market.
• National Co-operative Credit Union (Trinidad): Large Caribbean member-owned credit union offering savings, loans, and member services across Trinidad & Tobago. Closest regional cooperative peer to GECCU in terms of structure, products, and member-owned governance.
• St. Vincent Co-operative Bank Limited: SVG-domiciled cooperative bank offering deposit accounts, loans, and agency services across the same Vincentian retail and SME market as GECCU. Direct competitor for credit-union/banking customers in-country.

Others

• Caribbean Confederation of Credit Unions (CCCU): Regional industry association that supports Caribbean credit unions including GECCU (confirmed partner). Not a competitor but an enabling ecosystem participant that drives cooperative standards, training, and advocacy relevant to GECCU's operating context.
• World Council of Credit Unions (WOCCU): International trade association for the global credit-union movement; GECCU is a participating institution. Provides advocacy, technical assistance, and the international cooperative framework within which GECCU operates and benchmarks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/hashtag/geccu

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 General Employees Co-Operative Credit Union