The motivation for ACICC was spurred in June 2013 through the Family Support and Positive Aging (FASPA) program of the African Diaspora Association of the Maritime. FASPA’s goal is to support families with children 0-16years and seniors in order to improve their wellbeing. However, African families are usually large and extended with relative and grandparents living together. The question is how to support families and seniors with majority of active members either unemployed or under-employed; with majority of the breadwinners branded as having bad credits or no credit history; with many isolated in their individual homes without community support for families or their businesses or a strong sense of belonging; with many dealing with all kinds of emergencies here and abroad; with little or no education, plans or concrete benefits to retire here in Canada and back home and at the same time watch how their fellow African Nova Scotians and their communities are gradually being wiped from history through purchase and sell of properties in their communities. These issues formed key ideas and vision around the African Community Investment Cooperative.



The purpose of the Investment Cooperative is to:

To increase the ’buying power of persons of African descents as a community.
To provide investments/financial education and empowerment for communitymembers.
To enhance investment options, community businesses and address associatedobstacles.
To assist seniors, families and persons of African descent plan for financial retirement
To build a short/long term capital and/on asset base for community members byselecting low risk guaranteed investments using community resources.
To create a strong sense of belonging and ownership within the community
To raise collective consciousness on economic wellbeing of community members.
To assist families with funeral arrangement of a member
To use an agreed percentage of the investment to establish an emergency fund formembers to borrow from in times of emergency.


Open to all persons of African ancestry over 18 and above.
Open to national organizations and associations as cooperate members. Cooperate members would have one vote.
Open to members legally married to persons of African descent until dissolution of marriage unless children under 18years are involved.
Open to persons who legally adopt persons of African ancestry under 18 years.
Membership is retained under the child’s name and transferred to child on the 18thyear birthday.
Open to all persons of African ancestry irrespective of the residence.
In the event of a dispute/confusion arising with regards to what constitutes “African
ancestry”, the community board with approval of advisory sub

-committee will determine the final verdict on case by case basis.
Members would be expected to make monthly contributions and monthly contributions
will be fully paid with no arrears. Monthly contributions would be made through direct deposits, electronic transfers and any other traceable means of payment.
Families could have multiple accounts for children and family members in their own name but limited to 10 accounts. * Family as defined by Nova Scotia law.
Members will fill r
egistration forms identifying next of kin and beneficiaries in case of emergencies
Membership would be categorized alongside interests, skills and abilities.
Defaulted monthly contributors will be given 3 months to update their monthly
contribution. After 3 months the account will become dormant but the amounts already
contributed will continue to accrue interest.

Contribution is locked for the first six (6) years to accumulate enough capital for initial
investment and return on investment accrual.
Revocation is subject to approval on special cases such as deaths, moving back home, and bankruptcy.
No termination is permitted within this period unless special cases
Annual membership fee would be required to cover cost of business. The amount would
be decided annually by the committee.

Membership cards would be used to track membership

Founders of the Cooperative (as vision bearers of the cooperative) would be life
committee members until voluntary or involuntary cessation of this privilege unless they conduct forbidden act as defined in the bye-law

Executive members who have completed their tenure would automatically belong to theadvisory committee to serve as mentors to newly elected members.

Advance contribution payments of a year and up to the first six year contributions)
would be allowed.

After the first six (6) years, monthly contributions and up to one (1) or 6 years maximum would be methods of contributions payment allowed.

At the loss of any member, members would be encouraged to make voluntary additional contribution to help with funeral arrangement.

Agreed minimal amount (25cents) out of every monthly deposit would go towards an emergency fund that members could borrow from in times of emergency.