CREDIT union HOPE

The Barbados Co-operative and Credit Union League Limited (BCCULL) President, Hally Haynes says in the coming year the BCCULL hopes to have in place deposit insurance for credit unions.

Haynes stated the League has been meeting with Government in relation to this matter.

“What we want to do is ensure that the playing field is level and that is why we have been calling for the deposit insurance so we give the credit union members that assurance [of] what is parity, what existed in the banking system where you have a deposit insurance of $ 25 000.”

He continued, “We want to have that in place by 2021 and we have had meetings with the Government and I am confident that one of the things that we will have early in the New Year is deposit insurance for credit unions.”

Haynes said at present there are “in excess of 215 000 members across Barbados, we have assets of $2.5 billion” and he holds the view that credit unions “are in an excellent space to take over the financial services space.”

He stated in 2021, there will also be focus by credit unions on educating members about financial literacy.

“One of the key components of the credit union is] that for 2021, we will spend a lot of time on financial literacy. I think we need to ensure that every Barbadian, every credit union member is empowered to make financial decisions and part of our remit is that we’ve working with the Financial Literacy Bureau which was recently established by the government and we will be playing our part to ensure that we provide financial information so that each member can make financial decisions in the interest of themselves [and] in the interest of the country so that we are better position as it relates to the financial well-being of our country.”

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