The Anishinabek Nation Credit Union held its grand opening today. The ANCU is the first aboriginal financial institution ever chartered in the province of Ontario, and the only credit union chartered in the last ten years.

“This is indeed a historic occasion, symbolizing an important first step towards financial independence for our First Nations,” said Grand Council Chief Vernon Roote. “The Credit Union is a ‘credit’ to our sovereignty and Anishinabek nationhood.”

All 43 member First Nations of the Anishinabek Nation were represented by their Chiefs at the traditional opening ceremony of the credit union, officiated by Ojibwa Elders and ANCU president Linda Chiblow.

“The Credit Union has been a dream of the Anishinabek Nation for the past seven years,” said Chiblow. “This has been a monumental achievement, being a one-of-a-kind institution never before attempted by our Nation.”

The ANCU business plan aims for profitability by the end of its third year, while being able to provide a wide range of financial services, products and loans to Credit Union members. Culturally sensitive services will ensure patrons do not face the discrimination and cultural barriers they encounter when dealing with mainstream banks and financial institutions.

“Future generations will be thankful to us for creating this for them,” said Ms. Chiblow. “And we will be a definite force for the big banks to deal with.”

The ANCU will start with just a single branch, on the Ojibways of Garden River First Nation near Sault Ste. Marie, with the majority of services being provided through telephone banking, ATMs, through affiliated Credit Union networks and the Internet.