KCCU kicks off year of activities to mark 60th anniversary

As the Kingstown Co-operative Credit Union (KCCU) turns 60, memories of humble beginnings, challenges resulting in near death to the union and an ultimate happy ending were evoked by its president.

The KCCU, on the eve of its 60th anniversary, which will be on April 12, kicked off the year of activities, Tuesday, March 20, with a ceremony at the KCCU main building in Kingstown.

The president of the KCCU, Cynthia Hope-Browne, indicated pride and joy on the occasion, especially since they will be the first union to cross this milestone in St Vincent and the Grenadines (SVG).

The union was an idea, an idea pioneered by Thomas Saunders in 1957, and which took root in 1958. Hope-Browne described the details of the humble beginnings at the intimate ceremony, with other credit unions in attendance. “The KCCU, however, was registered on the 12th of April 1958, with a share capital of a mere $253.98, and a membership of 53 persons.”

After this, there was growth and the union reached a point wherein it “had 700 members, a share capital of $104,211.83, and loans outstanding of $61,844.38.”

This was not enough, Hope-Browne revealing that the KCCU “had a very challenging first 25 years, and towards the end of that period, in 1984, the Registrar had actually prepared dissolution papers.”

However, the Registrar, still having faith in the idea of the union, gave it a chance to revive itself and after the appointment of a management committee, it slowly rose from the ashes.

“From then on the credit union continued to grow from strength to strength,” the president indicated. Continuing, she said “Today, KCCU can boast it has a share capital of $2.5 million, total assets – we have just moved into the hundred thousand million figure, a membership of 20,000 persons, loans to members of $68 million.”

Today, the union has fully stretched its wings, with branches in the Grenadine islands of Bequia, Union Island and Canouan.

Minister of National Mobilization Frederick Stephenson, who has been a member of the KCCU since 1988, in his congratulatory remarks, informed the audience: “Last week or two weeks ago, we had the good news that St Vincent and the Grenadines is third in the world in the penetration rate of co-operatives, and that is something that should be applauded.”

The CEO, Clement Lynch, indicated that the union will be offering a number of products in commemoration of the 60th anniversary, including two loan programmes dubbed “Diamond Wheels” and “KCCU Protect”.

“Diamond Wheels” is a vehicle loan programme, with a repayment period of 60 months, an interest rate of six per cent and payment period of the first payment of 60 days.

“KCCU Protect” is a loan product “designed specifically to protect against natural disasters”, with a maximum of $20,000, with favourable interest rates.

Finally, the union is having a raffle, wherein tickets may be purchased for $10 for a chance to win a Suzuki Swift Sport.

Hope-Browne concluded, “Together we have grown our Credit Union into a profitable contender in the financial services sector… The future is unknown, the past is reassuring, and the present is encouraging.”