History

Savings and credit societies have been in existence in New Zealand for over 120 years. A number of small independent credit unions were established from the turn of the century but their size and influence were limited. A number of small independent credit unions were also established in the early 19th century.

In 1961, Father Marion Ganey was brought to this country for a seminar where he talked about the importance of a united credit union movement. Colin Smith, from the St Mary's Parish Credit Union, set about organising the New Zealand Credit Union League. In 1989 the league changed names to the New Zealand Association of Credit Unions.

By the early 1980s New Zealand had several hundred credit unions. As the movement matured, the smaller of these began to amalgamate by merger or transfer of engagements, a process that is still happening today. From a peak of over three hundred credit unions in New Zealand, there are now about 36, of which 25 belong to the New Zealand Association of Credit Unions.

For a more detailed history of credit unions, both internationally and in New Zealand, please download the pdf file at the bottom of this page.