Devon Evans, Ocho Rios
PRESIDENT OF the Jamaica Co-operative Credit Union League, Christopher Samuda said despite the challenges in financial climate in Jamaica last year, the credit union movement was still able to make substantial gain.
He said there was growth in all areas of operation including savings, loans, membership and total assets, with the latter enjoying 14 per cent growth and now standing at $32 billion.
Mr. Samuda said saving within the movement grew by 13 per cent to $25 billion, loans grew by 23 per cent to a portfolio of over $21 billion and membership increased by 56,000 to a total of 812,000 persons.
Mr. Samuda made the disclosure while speaking on Saturday at the 65th annual general meeting of the Jamaica Co-op Credit Union League at Sunset Jamaica Grande Resort in Ocho Rios.
He said that although the challenges faced by the financial sector are becoming greater, the credit union movement is fully prepared to overcome these challenges with an even higher degree of success.
Speaking about the future of the movement, Mr. Samuda's target for the upcoming year includes an increase in membership and savings as well as ensuring that credit unions continue to operate prudently.
He added: "We intend to intensify our education campaign to ensure that people realise that there is a credit union difference. Credit unions exist for everyone, from the marginalised to those who wish to engage in big business."
And, in reference to the ongoing discussion on new regulations for the movement by the Bank of Jamaica Act, Mr. Samuda said everything is being done to arrive at an agreement that will ensure the movement's safety and soundness and facilitate an effective response to the needs of members for modern and efficient financial services.
He said the legislation should ensure the preservation of the relevance of the league as a service provider to credit unions.
"Your league in consultation with you, has established an approach to, and a position on these outstanding matters and will have further dialogue with the Minister of Finance and Planning and the Bank of Jamaica in our aim to secure a favourable solution."
Mr. Samuda said the movement has a very bright future and will continue to create successes for its members.
