SVG boasts second highest penetration of Credit Unions in world

The president of the Caribbean Confederation of Credit Unions (CCCU) has heaped glowing praises on the credit union movement within St Vincent and the Grenadines (SVG) for its “phenomenal growth in membership.”

Aaron Moses, from Grenada, applauded SVG for this feat during a meeting of the CCCU board of directors last Thursday, which was hosted locally by the SVG Cooperative Credit Union League.{{more}}

Attributing this success in huge part to the movement’s outreach to the Vincentian diaspora, Moses said: “St Vincent now boasts of the second highest penetration in the world – that is, indeed, commendable!”

He also noted that SVG has “seen it wise to pursue strategic amalgamations and mergers,” bringing it down to four credit unions in total.

“I think that speaks well to the leadership and management of your movement. I’m pretty sure the membership across St Vincent already have begun to enjoy the fruits of those mergers and amalgamations via improved and enhanced customer service.”

Serving 17 countries regionally, the CCCU holds four quarterly conferences annually and this latest one was held from January 20 – 23.

Moses said that the meetings give the organization the opportunity to “interact with our constituents, to discuss with you pertinent issues… across the region, to listen to your concerns, to share best practices… but most importantly to touch base with critical stakeholders – stakeholders that can influence and shape what we do.”

Despite the successes that the regional credit union movement has been seeing over the past few years, the CCCU president said that there are still many challenges that confront the regional movement.

He identified three strategic moves that the various cooperatives and credit unions need to do to overcome said challenges:

1) continue to shape and influence the environment in which we live by nurturing constant discussions, negotiations and collaborations with policy makers; 2) anticipate the needs of members by providing a suite of service, products and processes that will satisfy members’ “ever-changing” needs; and 3) continue to engender and build confidence in the credit union movement.

Kelvin Pompey, president of the SVG Cooperative League, also delivered remarks, insisting that each cooperator’s role in managing the credit union movement is a “tremendous responsibility”.

“By no way should we underestimate our value and our contribution to the development of our respective countries, because the credit union movement comes in very close behind the public sector, the government and the private sector… in terms of its contribution to the social and economic development of our islands,” he asserted.

Pompey added: “As we see other financial institutions withdrawing and shrinking, it is the credit union movement that is stepping up to first base and providing that access to credit and that access to savings that is so necessary – as a critical ingredient for economic development.”

Moses explained that with several “pay day loan sharks” operating within the financial sector, people have been living pay-cheque to pay-cheque, primarily because they unable to engage in better financial management.

“It is our responsibility – that’s what we were built on – to go back to the drawing table, and to demonstrate to our communities… so they can appreciate what makes the credit union movement unique.

“This is what is going to make us distinct from the rest… This is what is going to make our members think credit unionism when they think socio-economic progress, because we have delivered, we have enhanced lives. We have made a tremendous impact.”

He added: “These are the things that will influence the policymakers to ensure that the environment in which we operate is enabling.”

The other CCCU board directors who attended were Halley Haynes, vice-president (Barbados); Joseph Remy, secretary (Trinidad and Tobago); Clement Usher, treasurer (Belize); Lennox Bowman, director (St Vincent and the Grenadines); Derek Tulloch, director (Jamaica); and Andre Goindoo, director (Trinidad and Tobago).

There were also representatives from the SVG Cooperative League, the SVG Police Cooperative Credit Union, the General Employees’ Cooperative Credit Union, the SVG Teachers’ Cooperative Credit Union, the Kingstown Cooperative Credit Union, the St Vincent Automotive Cooperative Society, and the SVG Financial Services Authority.

The CCCU board of directors also met with the Prime Minister Dr Ralph Gonsalves and Minister with responsibility for Cooperatives Frederick Stephenson at the Prime Minister’s Office. (JSV)