Caribbean Credit Union officials pay courtesy call on President

The region’s governing credit union organisation paid a courtesy call on President Donald Ramotar, today as part of their five-day visit to Guyana. According to President of the Caribbean Confederation of Credit Unions, Aaron Moses who took up the post in June 2013, four board meetings are held annually and they are rotated amongst Caribbean territories, hence the local visit.

President Donald Ramotar with President of the Caribbean Confederation of Credit Unions, Aaron Moses and other officials

With seventeen (17) Caribbean countries, 353 Credit Unions and 2.1 million members and a total asset base of US$4.5M, the organisation is a significant player in the regional financial architecture, according to the organisation’s head.

Moses, a native of  Grenada explained, “It is making meaningful contribution to the lives of people, people who previously did not have access to the traditional financial services, transitioning them from the lower echelons of society and building a powerful middle class in the Caribbean. This is important for socio-economic stability”.

The visit, to Guyana, was described as an opportunity to speak with stakeholders as the organisation seeks to grow and develop the credit union movement in the Caribbean, Moses said. Part of this effort entails building the public’s confidence in the movement, he added, particularly since the recent economic and financial fallout across the world.

There is a lot to be done in Guyana, where despite the credit union movement having an early start, “it still exists on the periphery, in terms of growing and modernising the credit union sector,” according to the organisation’s president. These issues along with concerns, challenges and possible assistance from the parent body will be discussed, he added.

President Donald Ramotar with officials of the Caribbean Confederation of Credit Unions

A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Many credit unions also provide services intended to support community development or sustainable international development on a local level.

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