Naar AT A time when many organisations are still cautiously testing Jamaica's investment waters, Churches Co-operative Credit Union (CCCU) continues to be in solid expansion mode, having invested $37 million in Montego Bay, St. James, and Portmore, St. Catherine, during this year alone.
Montego Bay will be the first area from which the Credit Union expects to begin seeing a return on its investment, with the opening of a new branch in that city next Monday, August 18.
According to a release issued on behalf of the organisation, Churches Credit Union has invested $10 million in a 2,200 square-foot building in Montego Bay, a move expected to significantly boost the quality of service it began offering residents there in 1997. The Montego Bay branch will also become a hub for the credit union's expansion in western Jamaica.
Basil Naar, general manager of Churches, explains that the expansion into Montego Bay is in keeping with the original medium-term objective to have a branch in Montego Bay, mid-Jamaica and Kingston. Although establishment of the Montego Bay office was deferred for a number of reasons, the credit union was committed to have a branch in that city by this year to serve the 1,500 members it already had there but who were being serviced from the Kingston office.
"We were also encouraged to meet that deadline by surveys that show our name and goodwill are very strong in this area, as well as by marketing data that points to a great possibility for credit union development in Montego Bay and the western region of the island as a whole," Mr. Naar added.
Churches Credit Union is estimating a 230 per cent increase in its membership in Montego Bay and surrounding areas to 5,000, and an increase in savings to $120 million by year three of its expanded operations in Montego Bay.
"And we do believe that these are very conservative goals when one takes into account that, without a branch, we were able to attract deposits of $10 million and shares of over $5 million," Mr. Naar said.
He said the Montego Bay 'hub' would facilitate the opening of additional retail units in western Jamaica, encompassing kiosks, sub-branches with a small staff, as well as other credit union delivery units that offer either full or limited service, depending on members' needs.
Mr. Naar emphasised that the solid return the credit union anticipated on its investment would be driven by a number of factors, including employment, that would be of direct benefit to the community.
The branch's eight-member team have all been drawn from the western end of the island and includes manager Marcia Bailey, a former manager of the Hanover Co-op Credit Union and a 22-year veteran of the credit union movement; credit officer Corrinne Royer, former manager of the Palisadoes Co-op Credit Union, and supervisor Joy Parkin, who was employed by Workers Bank/Union Bank for more than 19 years and last held the position of operations manager. Five member-service representatives complete the branch's team.
The credit union also expects to engender a high level of member satisfaction from CCCU's strong service ethos, combined with some attractive new products and services. In addition to its already extensive range of savings, investment and loan products, the credit union will be offering two new products to its members in western Jamaica. These comprise a pre-approval facility or "Fast Track Loan", and secured lines of credit, referred to as "Super Easi Loans", for up to a maximum of $1 million.
PRE-APPROVAL
Under the pre-approval/fast track process, the credit union verifies that a member can purchase a commodity such as real estate or a motor vehicle, or needs financing for any other provident or productive purpose in a specific price range, within a specified time. The credit union will then conditionally commit, in writing, to approve a loan, even though the member has not actually applied for a loan. The same principle applies to the secured lines of credit/Super Easi Loans.
Mr. Naar said the credit union will also be introducing a Wellness Programme that concentrates on offering planning advice, at the workplace, that helps employees enhance their savings and investment habits and prepare for retirement. "We have found that a lot of people simply do not give full consideration to how much their lifestyles will change if they have not prepared adequately for retirement," he said, "By offering this service to the community, we hope to help change that and, in so doing, also contribute to the level of dedication that workers bring to their jobs."
In addition, the credit union will be rolling out its "SmartMouth" electronic facility that allows members simply by entering their account number and security code to get general information on rates and services, check account balances, transfer funds and process loan payments.
Churches Credit Union's Montego Bay branch will be able to comfortably accommodate up to 100 members in the banking hall at any given time.
