Barbados’ largest credit union expands digital services amid sector growth

Barbados Public Workers Co-operative Credit Union Limited (BPWCCUL), the island’s largest credit union, is set to expand its digital footprint to meet the growing demand for affordable and convenient financial solutions, according to General Manager Anthony Pilgrim.

Speaking at the annual International Credit Union Day luncheon at Mahogany Ridge, Pilgrim, who announced that he will retire next month, emphasised the need for robust IT and cybersecurity measures to protect members’ data as the organisation evolves.

“With the expansion of our digital footprint, we must maintain a robust IT and cybersecurity posture to protect the integrity of our members’ data,” he said.

The event, which brought together key stakeholders, celebrated the credit union movement’s history and achievements while looking towards future developments. BPWCCUL’s assets have grown to $1.78 billion, representing 55.23 per cent of all credit unions’ total assets in 2024.

“We are as large as a mid-sized commercial bank in Barbados, and one of the largest credit unions in the region,” he remarked.

But Pilgrim also acknowledged that the Barbadian credit movement is lagging behind some “progressive” movements in other parts of the region, like Dominica Jamaica, St Vincent and the Grenadines.

The general manager reflected on the transformative role credit unions have played since their inception in 1947.

“Credit unions have significantly improved the life chances of ordinary Barbadians, transforming them from being mere consumers of financial products to stakeholders with rights of participation,” he said.

Pilgrim emphasised the importance of social responsibility, highlighting the work of the BPWCCUL Legacy Foundation in supporting various community initiatives.

“Our size comes with great responsibility,” he added, stressing the need for high standards in governance, risk management, and transparency.

Thursday’s luncheon, which celebrated International Credit Union Day – observed since 1948 – adopted this year’s theme of One World Through Co-operative Finance, reflecting the global movement’s inclusive nature.

The event concluded with a special recognition award presented to Basil Murray for his contribution to the design of the credit union logo.

(LG)