The Zambia Police Thrift and Credit Co-operative Society was registered on 11th March 1954. The objective for which the society was registered was the promotion of “Thrift and Savings” amongst its members.
In addition was the creation of a source of credit for its members exclusively for provident or productive purposes at reasonable rates of interest.
A credit co-operative is a voluntary independent self governed association of persons united on democratic basis with a view of forming a collective Money-Fund, permitting accumulation of monetary assets and utilisation thereof for crediting productive or consumption requirements of members or insuring of the same.
A credit co-operative, like other types of cooperatives, are organisations created in order to achieve definite socio-economic goals. The main activity of a credit co-operative is to enable its members obtain credit in cash on more favourable terms as compared to other credit institutions.