Credit Unions must be a refuge in COVID times, says BCCUL

by Marlon Madden

The credit union movement in Barbados is being called on to take the lead in helping Barbadians to dig themselves out of the economic doldrums brought on by the COVID-19 pandemic.

The suggestion came from President of the Barbados Co-operative and Credit Union League (BCCUL) Hally Haynes.

Stating that the credit union movement has been responsible for “moving people from the low working class to the middle class and upper class” over the years, Haynes said, “This great movement primarily is about people helping people and pooling the resources of each and every one for the benefit of the entire society.”

“As we sit here today and reflect, given the challenges of the COVID-19, given the economic challenges of our country, it is this movement that will have to raise its hand in the air to help our brothers and sisters. And this is what the credit union movement is all about – people helping people,” said Haynes.

He was addressing the recent 50th anniversary celebrations of the Barbados Public Workers’ Co-operative Credit Union Ltd. (BPWCCUL) at the Hilton resort.

The BPWCCUL now boasts over $1.7 billion in assets and more than 100,000 members.

During the golden anniversary celebrations, which were delayed from May this year due to the COVID-19 pandemic, several credit union stalwarts were recognised for their contribution to the growth of the company and the credit union movement over the years.

Chief Executive officer of the Financial Services Commission (FSC) Kester Guy encouraged the BPWCCUL to “continue to set the tone for the sector”.

This, he said, would call for continued prudence in internal controls and policies and for activities and management of the organization to adequately meet the size and complexity of the operations.

Urging the credit union to also maintain the confidence of members, Guy also warned that “credibility should always be a major factor in your operations in much the same way that helping to build the confidence in the financial system in this country.”

“You should be resilient and continue to stay relevant, remain dynamic, even as the board of financial services rapidly develops and adapts,” said Guy.

One of the oldest credit unions on the island, the BPWCCUL was showered with accolades on the night of celebration from representatives of the regional credit union movement.

President of the 50-year-old financial institution Glendon Belle, in giving a synopsis of its journey, recalled that after starting with close to $2,000 and just over 130 members, it was perseverance that led to its continued growth.

It was in 1970 that the then Barbados Civil Service Savings Society was registered as a credit union. It was then renamed the BPWCCUL seven years later.

“This credit union, after its shaky start as a savings society, now boasts, together with its totally owned subsidiary, Capita Financial Services Incorporated, acquired in 2010 – assets of approximately $1.7 billion and over 100,000 members,” said Belle.

He attributed the longevity of the institution and its continued success to the foundation of “unwavering contributions and commitment” of those who helped to start it and worked to build it over the years, including Keith Bourne, Ralph Boyce, Errol Gay, Dr George Reid, Clarence Greenidge and Lilias Vaughn.

He also credited the success of the BPWCCUL to the late Olive Trotman, Sir Harcourt Lewis, Goldwin Edwards and DeLisle Hurley.

(marlonmadden@barbadostoday.bb)