Community members gathered at Blackhurst Cultural Centre in Toronto on April 30, 2025 to learn more about plans to establish the Pan-African Credit Union (PACU) in Ontario, as the PACU Initiative Steering Committee launched a new research report assessing the credit union’s potential. Attendees also heard from a panel featuring members of the PACU Research Advisory Committee, including the Network for the Advancement of Black Communities (NABC), the Black Opportunity Fund, York University, and the City of Toronto.

The report, Igniting Black Economic Success, explores how a Pan-African Credit Union could support Black economic success in Ontario. Drawing on both quantitative and qualitative data from a diverse range of participants, the study highlights the financial needs, lived experiences, and expectations within Black communities across the province. The report also underscores ongoing systemic barriers, such as poverty, employment discrimination, and inequitable access to financial services, that limit opportunities for entrepreneurship, homeownership, and wealth creation.

PACU envisions a community-driven alternative rooted in co-operative economics, with the long-term goal of serving Black Ontarians across the Greater Toronto Area and beyond. If approved by the Financial Services Regulatory Authority of Ontario, PACU’s approach could include tailored financial products such as microloans, alternative credit scoring models, and culturally relevant savings options. Further community engagement sessions are expected throughout Ontario to continue discussions and gather feedback.

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