Lascelles Credit Union

What Lascelles Credit Union does

Lascelles Employees & Partners Co-operative Credit Union (LEPCCU) is a Jamaican member-owned cooperative credit union founded in 1968, headquartered at 236 Spanish Town Road, Kingston 11, with a second branch at Bog Walk, St. Catherine. The institution serves over 5,000 members drawn primarily from current and former employees of J. Wray & Nephew Limited and a defined set of affiliated companies (Carreras, Appleton Estate, AJAS, Federated Pharmaceuticals, and related entities), with extended eligibility to immediate family members and approved business partners. As of its most recent corporate profile, Lascelles manages total assets exceeding JMD 1.1 billion on a loan book that stood at JMD 740 million at the time of the 2017 merger with the Nestle Jamaica Co-operative Credit Union.

The credit union operates a full retail banking product suite across three pillars. Savings products include Wealth Wise, Ordinary Deposit, Partner Plus, Child Account, Fixed Deposit, Golden Harvest (a decreasing-term life insurance savings product), and a USD-denominated investment product. Loan products span mortgage (up to 40-year tenor via a Pari Passu arrangement with the National Housing Trust), motor vehicle (8–14% rates with up to 100% financing and 10-year terms), home equity, share-secured, education (BEE), and unsecured products including Borrowz, Cash EEN (appliance), Executive Line of Credit (up to JMD 2 million), Pay-Day, and child account loans. Insurance products are distributed in partnership with CUNA Caribbean Insurance Jamaica and Caribbean Assurance Brokers, comprising Life Saving & Loan Protection (LSLP), Family Indemnity Plan (FIP) with critical illness rider, and the Gold Series Health Plan. A new digital banking platform launched in May 2022 added mobile and online banking with internal/external transfers, eAlerts, eNotices, and bill payment functionality, supported by an Access Plus debit card and standing order payment services. Educational grants are administered through the Norma Chin Scholarships program.

The revenue model is a classic cooperative credit union spread-and-fee model. Primary income is net interest on the loan book, supplemented by loan processing fees of 2–5% on motor vehicle financing (with tiered pricing by vehicle year and member status), insurance distribution commissions from CUNA and Caribbean Assurance Brokers, standing order transaction fees (JMD 100+GCT), and small deposit-related fees. Member acquisition runs through workplace-based recruitment via employer HR departments and salary-deduction arrangements. The credit union is governed democratically under a one-member-one-vote structure, with a Board of Directors, supervisory committee, and credit committee drawn from the membership, and operational leadership led by General Manager Michelle Ambersley. It is regulated through the Jamaica Co-operative Credit Union League (JCCUL), the de facto umbrella body for the sector, and is a designated Special Deposit Taking Institution under Jamaican regulatory reform.

Name

Lascelles Credit Union

Legal name

Lascelles Employees & Partners Co-operative Credit Union

Website

https://lascellescreditunion.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Lascelles Employees & Partners Co-operative Credit Union is a Jamaican member-owned credit union founded in 1968, serving over 5,000 members primarily drawn from J. Wray & Nephew group employees and affiliates, offering savings, loans, insurance distribution, and digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130), Depository Credit Intermediation (5221), Activities Related to Credit Intermediation (5223)

SIC

Personal Credit Institutions (6141), 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

• Credit union services
• Consumer lending
• Savings deposits
• Mortgage loans
• Insurance distribution

Headquarters

HQ city

Kingston

HQ country

Jamaica

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income on Loans: The primary revenue stream comes from interest charged on various loan products including motor vehicle loans, mortgage loans, personal loans, executive loans, and other credit facilities. Interest rates vary by product type and member status.
2. Savings and Share Deposits: Members maintain savings accounts including ordinary deposits, fixed deposits, voluntary shares, and term savings products. The credit union pays interest on savings while using deposits to fund lending activities.
3. Loan Processing Fees: The credit union charges processing fees on loan products, typically ranging from 2-5% depending on the loan type and vehicle year. New members may pay higher processing fees than existing members.
4. Insurance Products Distribution: Distribution of insurance products including Life Saving and Loan Protection (LSLP), Family Indemnity Plan (FIP), and Gold Series Health Plan through partnerships with CUNA Caribbean Insurance and Caribbean Assurance Brokers.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels9 records

Core offering

Lascelles Credit Union is a member-owned cooperative financial institution offering savings products (ordinary deposits, fixed deposits, voluntary shares, child accounts, USD investments, term savings), loan products (mortgage, motor vehicle, personal, education, executive, unsecured), insurance products (Life Saving & Loan Protection, Family Indemnity Plan, Gold Series Health Plan), and digital banking services. The credit union also distributes insurance products through partnerships with CUNA Caribbean Insurance and Caribbean Assurance Brokers, and operates educational scholarship programs.

Product overview

Lascelles Employees & Partners Co-operative Credit Union is a Jamaican financial institution offering a comprehensive suite of financial products and services. The core offerings span three main categories: Savings Products (including Wealth Wise, Ordinary Deposit, Partner Plus, Child Account Saving, Fixed Deposit Account, Golden Harvest, and USD Investment), Loan Products (covering mortgages, motor vehicle loans, home equity, education loans like BEE, and various unsecured loans including Borrowz, Cash EEN, Executive Loans, and Pay-Day Loans), and Insurance Products (Life Saving & Loan Protection, Family Indemnity Plan, and Gold Series Health Plan). Additional services include debit cards, direct bank uploads, standing order payments, and digital banking via online and mobile platforms. The credit union also supports members through educational grants via the Norma Chin Scholarships program. With over 4,000 members and assets exceeding $1 billion, it is one of Jamaica's leading in-house credit unions.

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Wise Short-term savings product offering competitive returns for credit union members.
• Ordinary Deposit Basic savings deposit account for members providing a foundational savings vehicle.
• Partner Plus Enhanced savings product offering increased interest rates for qualifying members.
• Child Account Saving Savings account designed for children to encourage thriftiness from a young age, openable for as little as $200.
• Fixed Deposit Account Long-term investment product providing guaranteed returns over a fixed period.
• Golden Harvest Decreasing term life insurance savings product combining life insurance on the savings goal with interest payments for retirement planning.
• Invest in USD Investment product allowing members to invest in US dollars with favorable rates through the credit union.
• Mortgage Loan Long-term loan for purchasing property or building on own land, with terms up to 40 years and a pari passu arrangement with NHT.
• Motor Vehicle Loan Auto loan with 100% financing for new vehicles, competitive rates from 7.5%-14% depending on vehicle year, and terms up to 10 years.
• Home Equity Loan Loan allowing members to borrow against the equity in their homes.
• Insurance Premium Financing Loan product for financing insurance premiums, available to employed members.
• Brain Expansion & Energy (BEE) Education Loan Education loan up to $300,000 for employed members for educational programs, certificates, or computers, with 70% payable to institution.
• Consideration Loan Loan secured by member shares plus 25% top-up without additional security.
• Saving & Deposit Loan Loan secured by various savings instruments including ordinary deposits, fixed deposits, and other accounts.
• Share Loans Loan secured by member shares, allowing preservation of shares while accessing funds.
• Borrowz Unsecured loan up to $200,000 with no upfront share requirements and 15% saving upon repayment for employed members.
• Cash EEN (Appliance) Loan Loan up to $250,000 for purchasing home appliances at 8.5% p.a. on reducing balance over 15 months.
• Child Account Loan Loan up to $120,000 for educational expenses of children, requiring a child account and 10% savings.
• Executive Loan Unsecured loan up to $2 million with 10% upfront share requirement, competitive rates, and up to 60 months repayment.
• Pay-Day Loan Short-term loan for month-end expenses, borrowing below net salary with repayment at next pay cycle.
• Access Plus Debit Card Debit card providing 24/7 access to funds, processable within 5 minutes.
• Direct Upload to Bank Accounts Service to transfer loan or withdrawal proceeds directly to members' local bank accounts.
• Standing Order Payments Automated payment service to remit funds to other financial institutions on behalf of members.
• Online Banking Web-based banking platform providing 24/7 access to account viewing, fund transfers, bill payments, and scheduled transactions.
• Mobile Banking Mobile banking application enabling members to manage accounts, transfer funds, and conduct transactions via smartphone.
• Life Saving & Loan Protection (LSLP) Loan protection insurance covering loans up to $2,000,000 and life savings insurance up to $150,000 provided at no cost to members through CUNA Caribbean Insurance.
• Family Indemnity Plan (F.I.P) Life insurance covering up to six family members with benefit options from J$80,000 to J$2,000,000 and optional critical illness rider distributed through CUNA Caribbean Insurance.
• Gold Series Health Plan Health insurance providing major medical coverage up to $6,000,000 renewed annually, life insurance $1,000,000, and personal accident coverage $1,000,000 distributed through Caribbean Assurance Brokers.
• Norma Chin Scholarships Education grant program for members and their children at tertiary, PEP, CSEC/CAPE, and special needs levels.

Quantifiable outcome

• Credit Union of the Year 2021 awarded in the Small category during COVID-19 pandemic
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Nestle Jamaica Co-operative Credit Union (NJCCU)coreStrategic or Co-development Partner · 30 September 2017The Nestle Jamaica Co-operative Credit Union merged with Lascelles Employees & Partners through a 'transfer of engagement' approved on September 30, 2017. The merger created a billion-dollar credit union with approximately 5,000 members, combining the capital, asset base, and membership of both entities.
• Jamaica Co-operative Credit Union League (JCCUL)coreStrategic or Co-development PartnerJCCUL is the umbrella organization for credit unions in Jamaica, established in 1942. It has historically served as the de facto regulator of the movement, including the creation of the Stabilisation Fund in 1962. Lascelles participates in JCCUL initiatives including Gosplash sponsorship and COVID-19 relief efforts.
• CUNA Caribbean Insurance Jamaica Ltd.coreChannel Partner/ Reseller/ DistributorCUNA Caribbean Insurance provides insurance products to credit union members including Life Saving and Loan Protection (LSLP) insurance and Family Indemnity Plan (F.I.P) with critical illness riders. Lascelles distributes these products to its members.
• Caribbean Assurance BrokersminorChannel Partner/ Reseller/ DistributorCaribbean Assurance Brokers provides the Gold Series Health Plan to credit union members through Lascelles Credit Union. The plan offers comprehensive healthcare coverage, life insurance, and personal accident coverage.
• National Housing Trust (NHT)minorStrategic or Co-development PartnerLascelles has entered into a Pari Passu Arrangement with NHT to facilitate mortgage lending for members. The partnership helps first-time homeowners access financing through coordinated arrangements between the credit union and NHT.
• JCIA (Jamaica Credit Insurance Agency)minorChannel Partner/ Reseller/ DistributorJCIA provides insurance products for credit union members. Reduced processing fees on motor vehicle loans apply for members who insure with JCIA partners.
• Gosplash EventminorGTM or Marketing PartnerCredit Unions of Jamaica (CUJ), under JCCUL, has been title sponsor of Gosplash for 3 consecutive years (2016 marked the third year and second as title sponsor). Gosplash is a family-focused beach and gospel event held annually on Emancipation Day.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Sagicor Bank Jamaica: Jamaican commercial bank with savings, lending, and insurance-linked products. Competes with Lascelles across consumer savings, personal loans, and insurance distribution in the same domestic market.
• National Commercial Bank (NCB) Jamaica: Jamaica's largest commercial bank, offering a full retail, mortgage, payments, and digital product range. Competes for the same Jamaican consumer wallet on savings, auto loans, mortgages, and insurance distribution.
• JMMB Group: Jamaican financial group offering retail banking, loans, and investments. Overlaps with Lascelles on consumer savings, personal lending, and the USD investment category.
• Scotiabank Jamaica: International bank operating in Jamaica with a full retail, mortgage, and digital suite. Competes for the same Jamaican retail savings, auto, and mortgage customers.
• JN Bank: Jamaica National Bank is a large Jamaican commercial/member-focused bank offering savings, loans, and digital banking. Overlaps with Lascelles on retail deposit-taking, consumer lending, and digital channels in the same domestic market.

Direct peers

• COK Sodality Co-operative Credit Union: One of the largest credit unions in Jamaica, also organized under the cooperative model and serving a defined membership base through savings, mortgages, and consumer loans. Directly comparable in product mix, governance structure, and Jamaican operating environment.
• Jamaica Teachers' Co-operative Credit Union: Large Jamaican credit union built around a defined occupational employer group (teachers), with a similar savings/loan product suite. Strong structural parallel to Lascelles' employer-group common bond and member-owned cooperative model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lascellesunion
• YouTubeyoutube.com/@LEPCCU
• Facebookfacebook.com/lascellescreditunion
• LinkedInlinkedin.com/company/lascelles-empoyees-co-op-credit-union
• Instagraminstagram.com/lepccu

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Lascelles Credit Union