Haynes: Regional credit unions doing well

The credit union movement is alive and well in the Caribbean, recording significant growth in 2017.

Word of this came earlier this week from Hally Haynes, President of the Caribbean Confederation of Credit Unions (CCCU). He was speaking at the opening of the 61st Annual International Convention at the Hyatt Regency Hotel in Trinidad, which is being held under the theme “Credit Unions: The Power to Change the Future”.

According to Haynes, despite myriad social and economic challenges experienced across the region, at the end of December 2017, the regional credit union sector – with 212 affiliated credit unions and a total
membership of 2 270 644 members – saw a 1.4 per cent increase over the figure recorded in 2016. Haynes further told those gathered that in respect of total savings, they recorded an increase of 12.21 per cent for the same period. That, he said, took the savings from US$4.26 billion to US$4.78 billion. He made the point while revealing that the highest growth in savings was recorded by Bermuda with 24.69 per cent, and Trinidad and Tobago with 24.3 per cent.

The President also disclosed that the credit union sector is quite sought after in respect of loans. According to him, the sector’s loan portfolio increased by 11 per cent, moving from US$3.5 billion to US$3.9 billion. Moreover, speaking to total assets, he said this also rose, moving from US $5.13 billion in 2016 to US $5.74 billion at the end of 2017, an increase of approximately 12 per cent. In both cases, he said Trinidad and Tobago was the leading country, recording the highest growth in loans and assets, both increasing by 25 per cent.

“Ladies and gentlemen, brothers and sisters, would you agree with me that the credit union movement in the region has recorded significant growth over the last year. The credit union movement in the region continues to contribute to economic development through the wider community, mobilising significant volumes of savings. They have transformed the social and economic status of thousands of members, enabling them to advance from the underprivileged class to the homeowner class, by providing affordable terms and conditions for access to loans to finance a wide range of programmes,” he said.

While noting that the co-operative business model continues to be resilient and sustainable, Haynes said the model should be adopted on a wider scale to assist the region in shaping its policy agenda. As such, reflecting on the theme of the conference, he said it is their belief that the regional credit union movement has a greater role to play if the region is to build strong, stable and sustainable economies going forward. (JRT)

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