NAAR
CHURCHES COOPERATIVE Credit Union has entered its 35th anniversary having achieved what general manager Basil Naar says are its 'ambitious' targets in respect of loans and savings.
Its surplus for 2005 will be at least 30 per cent above the figure recorded for 2004. That achievement was aided by the fact that the organisation was also able to cut its expenses to end the year 15 per cent below budget through the control of potentially 'runaway elements', such as overtime pay.
PLANS FOR 2006
On the cards is the introduction of at least two new products in 2006. Having received the nod from its membership via a special general meeting last year, Churches Credit Union will be launching its Micro Business Unit in the first quarter of this year, to move toward being a major provider of micro business loans and boost its profile as an organisation that has long supported entrepreneurship. The Credit Union's Retirement Fund product is also expected to be out in the second quarter of 2006 and plans are also already in train to increase Churches Credit Union's role as a provider of mortgages.
Additionally, the organisation will bring a new technology system on stream during 2006, which its general manager says will place the credit union on par with the best service delivery-assistance technologies that can be found anywhere in Jamaica's financial services sector.
"The bottom line is that we expect to grow the results achieved in 2005 to make 2006 our most successful year ever," Mr. Naar added.
