#2022Message – Going forward with confidence

New Year’s Message 2022

From Hally Haynes, President of the Barbados Co-operative and Credit Union League (BCCUL).

The advent of a New Year should always be accompanied by renewed hope and the prospect of improved conditions for us as a people. As members of an expanding and strengthening Credit Union fraternity in Barbados, we remain optimistic about all the possibilities of 2022, despite the many challenges we have encountered during 2021.

It has been a year in which we were forced to respond to developments, some expected and others unforeseen. The COVID-19 pandemic, which we anticipated would be a mere memory by now, continues to overshadow our plans and cast a level of uncertainty over our lives.

We understand the importance of stability and certainty, especially in the financial services sector, where Credit Unions are important players.

Even in the face of this uncertainty, our members have remained committed to the tenets and principles of the movement. After long delays in the hosting of some annual general meetings (AGM) due to COVID-19 restrictions on physical gatherings of large groups, our largest credit union created history by successfully staging the first completely virtually AGM.

This represented an example of the determination of those in the movement to press forward, recognising that life must go on despite the pandemic, because lives and livelihoods must be preserved.

Credit Unions and their governing bodies have led by example. We have been working to ensure that more members have access to high-tech facilities and modern conveniences.

Effectively, the technological gap that once existed between commercial banks and Credit Unions is quickly closing. And while it has been a costly undertaking for Credit Unions, the body remains committed to ensuring that our members enjoy high quality services, while sheltering them from prohibitive fees.

In this connection, we at the Barbados Co-operative and Credit Union League Limited (BCCUL) were pleased to share with our membership earlier this year, that the sector was gaining access to the local financial sector’s Automated Clearing House (ACH).

This network facilitates the seamless electronic movement of money between bank and credit union accounts. The ACH facilitates transactions quickly such as direct deposits and payments by individuals and businesses.

Why is this important?  It means credit unions can literally bypass the traditional financial institutions and members can transfer funds directly to and from their credit union accounts.

Moreover, as the Caribbean Integrated Financial Services Inc (CaRIFS) network which facilitated automated banking transactions was recently dismantled, our credit unions had advanced a seamless transition to the Mastercard branded payment system.

The infrastructural and technological investments by larger Credit Unions, have allowed smaller Credit Unions to benefit from the shared services. This move has also resulted in the membership of smaller institutions benefiting from the advances occurring in the sector.

The BCCUL has also continued its emphasis on providing training to the membership despite the pandemic disruptions.

Faced with an ever-evolving regulatory environment, the movement has also advanced its compliance and governance stances, guaranteeing that we meet the rigorous operating standards of the current financial landscape.

Lastly, the movement has demonstrated its commitment to social responsibility in the fight against COVID-19. Over the past year, the BCCUL made over $100 000 in contributions, with $89 000 to the National Vaccination Fund, and $12 000 directly to the Harrison Point Isolation Facility in St Lucy, where the most ill patients who have contracted the viral disease are treated.

As we prepare to usher in a New Year, we at the BCCUL extend best wishes to our members, the Government and people of Barbados.