The Mennonite Savings and Credit Union (MSCU) and Oikocredit Canada have teamed up to launch the Oikocredit Global Impact GIC.
That means people in Ontario will now be able to invest in a guaranteed, RRSP-eligible investment that aims to assist those living in poverty in low-income countries.
The Deposit Insurance Corporation of Ontario (DICO) guarantees investments in the new global impact GIC, and investments are eligible for non-registered investments and registered accounts (RRSPs, RRIFs and TFSAs).
Further, the GIC is being offered for a 12-month term at an initial interest rate of 1.30%. It is available to any individual or institutional investor in Ontario who is a member of the credit union.
When members invest, MSCU also purchases shares in Oikocredit that match the principal amount, thereby providing funds to support impoverished communities across low-income countries.