AAMM and UWI Co-operative Credit Unions merged their operations on April 1, 2015 and realized the birth of EduCom Co-operative Credit Union Limited. This merger had resulted in an asset base for EduCom of $5 billion and membership of approximately 27,000.
Both credit unions shared common values and strong commitment to their members. The UWI Mona and Community Co-operative Credit Union was founded in 1954 by the staff of the University of the West Indies, Mona with only two shillings and was then called University Staff College Co-operative Credit Union. The primary purpose of the Credit Union was to afford housing solutions for its members in the surrounding communities of Mountain Terrace and Nannyville Housing Scheme. The Credit Union before the merger served employees, students and alumni of the University of the West Indies and the University of Technology as well as their relatives. Staff and students of other institutions within neighbouring communities, staff of businesses and residents, within the neighbouring communities and their relatives were also eligible for membership at UWI Mona and Community Co-operative Credit Union.
Originally known as the Association of Assistant Masters and Mistresses, AAMM was conceived in 1960 as a vehicle to assist teachers to gain access to credit facilities which were difficult to obtain from more traditional financial institutions. Like the UWI Mona Co-operative Credit Union, AAMM started from humble beginnings with only One Hundred and Sixty Eight pounds in share capital. Prior to the merger AAMM served teachers and their families.
Based on the similarities of both credit unions, combining their strengths give both the opportunity, to deliver stronger financial performance and offer a wider range of financial products to an expanded membership base.