Ground-breaking collaboration to focus on raising the profile of Rotating Savings and Credit Associations in Ontario

Toronto, October 19, 2023 – Meridian Credit Union, the Ontario Co-operative Association, and The Banker Ladies Council are proud to announce a ground-breaking collaboration that will focus on raising the profile of Rotating Savings and Credit Associations (ROSCAs) in Ontario. Meridian has pledged $100K over multiple years in financial support and in-kind resources to bolster The Banker Ladies Council's mission of cultivating a thriving ROSCA Network to promote financial empowerment, collaboration, and resilience in Ontario’s Black communities through dedicated education and advocacy efforts.

ROSCAs are a financial model long celebrated for its ability to empower individuals and communities to build financial confidence. Often operating in communities of the Black diaspora, these community-driven financial co-operative initiatives are practiced by people around the world and can be referred to by many different names.

Leading the ROSCA Network through this important transition is Andria Barrett, who has been elected as their inaugural Director. Andria has been an integral part of the Banker Ladies Council to date and has shown great leadership and excitement for this next stage. She shared her vision, stating, "we're going to open doors, start conversations, educate, advocate, and support ROSCA users in our province and across Canada."

Wanita Fonseka, Senior Vice President Retail and Operations at Meridian, expressed her enthusiasm for the partnership, saying, "we believe everyone should be able to access financial services so they can achieve their best life with confidence. Giving ROSCAs a more formal place within the Ontario Co-operative Association, backed by Meridian’s financial and in-kind support, will enable this financial model to benefit more people in the Black community.”

The Ontario Co-operative Association will support the project by providing vital back-end administrative services to facilitate the ROSCA Network's initiatives. Jennifer Ross, Executive Director of the Ontario Co-operative Association, commented, "OCA is honored to be part of this initiative by hosting the Banker Ladies and the ROSCA Network within our organization as a way to provide a home and a voice for them within the Ontario co-operative sector."

Dr. Caroline Hossein of the University of Toronto, through the Social Sciences and Humanity Research Chair funded Canada Research Chair in Africana Development and Feminist Political Economy, has facilitated the development of The Banker Ladies Council and lead the partnership effort with Meridian and OCA to ensure the funding and leadership is in the hands of women co-operators doing applied research for social change.

This partnership reaffirms a commitment of the co-operative sector to building a sustainable and inclusive economy for all.

For media inquiries or further information, please contact: Andria Barrett, Banker Ladies Council/ROSCA Network, (519) 763-8271 x 032, [email protected].

About Ontario Co-operative Association

The Ontario Co-operative Association (OCA) has a vision for Ontario where co-operatives contribute to the sustainable growth and development of our communities, and to the overall social, economic, and environmental well-being of the province. With a mission is to support, promote, educate, advocate, and catalyze collaborations for Ontario's co-operatives, we believe that co-operatives, together, build a better world. Visit them at www.ontario.coop for more information.

About Meridian

Meridian is Ontario’s largest credit union, and second largest in Canada, with over $30.8 billion in assets under management (June 30, 2023). Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, business and wealth financial solutions to over 370,000 Members. Our bold Meridian for Good strategy is aimed at helping people get access to the money and advice they need; plan for a better future that is clean, resilient, and diverse; and be financially confident. Meridian has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”) and motusbank. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or visit us on Facebook.

Meridian is on a journey to advance the Truth and Reconciliation Commission’s goals and assist in achieving the 94 Calls to Action. We respectfully acknowledge that the land on which we gather is the traditional territory of the Anishinaabe and Haudenosaunee. This territory is covered by the Upper Canada Treaties and is within the land protected by the Dish with One Spoon Wampum Agreement. From coast to coast to coast, we acknowledge the ancestral and unceded territory of all the Inuit, Métis and First Nations people across Turtle Island.

We continue to educate ourselves about the history of Indigenous peoples and the discrimination communities continue to experience today.

It is our commitment to play an active role in economic inclusion, creating opportunities and influencing policies to ensure Indigenous communities have access to the financial services they need to meet their goals.

About The Banker Ladies Council

The Banker Ladies Council was established in 2020 and is comprised of members educating the public on their rights as co-operators; leading capacity-building training of informal institutions and advocacy for the Rotating Savings and Credit Associations (ROSCAs) in the Canadian financial sector. The Council also advances co-operative economics and works to end the erasure and harms encountered by ROSCA users across the country.