NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 1
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 2 Let us renew our commitment to ‘PEOPLE HELPING PEOPLE’ CREDIT UNION WEEK IN REVIEW FEATURE MY FELLOW credit union leaders, members, and friends across our 17 proud Caribbean nations, we celebrated a whole week of activities across the region as we observed International Credit Union Day on October 16. We are joining hearts, voices, and values with a global family of over 74,000 credit unions serving over 400 million people worldwide. Under this year’s inspiring theme, ‘Cooperation for a Prosperous World’, we are reminded that prosperity is not merely measured in wealth, but in the well-being and the empowerment of the people we serve. We are further reminded today that we belong to an extraordinary movement, one that transcends borders, cultures, and economies, and that together, we have built and will continue to build a living testimony of the unity, service, and cooperation that remain the strongest tools for building better societies. The Caribbean credit union movement, through our 197-member credit unions and 23 non-affiliated credit unions, stands tall within this global network. Collectively, we represent 2.9 million members, hold US$10.7 billion in assets, and employ approximately 4,700 dedicated professionals who continue to serve with excellence and commitment. Ours is not merely a financial network, it is a movement of purpose, people, and power, improving lives from the smallest rural community to the widest regional market. We in the Caribbean embrace this theme, as both a reason to celebrate the impact that credit unions have already left on this world and also a strong call to action that affirms the same spirit of solidarity that gave birth to our movement. Let us continue to hold fast to our seven foundational principles: voluntary and open membership, democratic member control, member economic participation, autonomy and independence, education, training, and information, cooperation among cooperatives and concern for community. These timeless principles are not mere words; they are our compass and are at the heart of who we are, reminding us that people come before profit, that community matters, and that integrity in governance is non-negotiable. As we strengthen the Movement, the harmonisation of policies and shared services across our credit unions cannot be a distant goal but is a progressive necessity. By aligning our systems, sharing learnings, and pooling our resources, we will expand our capacity to serve members more efficiently and deliver the full benefits of cooperative finance. Additionally, harmonisation allows us to scale impact, reduce duplication, and develop regional solutions to shared challenges, such as compliance, financial management, technology, and product innovation. It is together, rather than separate that we can unleash the full potential of the Caribbean credit union movement and strengthen the financial well-being of every member we serve. As we embrace the digital future, growth means adapting. Digitisation and technology are no longer optional; they are essential tools for survival and success. By embracing secure digital platforms, credit unions can improve accessibility, lower operational costs, and deliver faster, safer, and more personalised service. Yet as we move forward, we must also protect what we build, ensuring our systems are fortified against the rising risks of cybercrime and digital threats. The Caribbean Confederation of Credit Unions (CCCU) remains committed to guiding and supporting member organisations in building cyber resilience, adopting fintech innovations, and crafting future-ready cooperative financial models that serve all, especially the underserved. Our movement thrives because of the dedication of our volunteers, the diligence of our management and staff, and the oversight of our regulators. Together they form the backbone of sustainability. To each of you, those who give tirelessly at board tables, in offices, and in communities, I express profound gratitude. Our charge is clear. We must leave the credit union movement stronger, more innovative, and more inclusive than we found it. We must protect its values, practice good governance, invest in youth leadership, and ensure that our cooperative legacy remains a beacon of hope and ethical finance in the Caribbean and beyond. As we reflect on the International Credit Union Day celebrations, let us renew our commitment to ‘people helping people’. Let us stand shoulder to shoulder, heart to heart, as stewards of a vision bigger than ourselves. Let us move forward, confidently, cooperatively, and courageously, knowing that the seeds we plant today will become trees of empowerment for tomorrow. The future of Caribbean credit unions is bright, not because it is easy, but because it is ours to shape. Together, with faith in God, trust in each other, and loyalty to our members, we will continue to build not just a prosperous movement, but a prosperous world. CARIBBEAN CONFEDERATION OF CREDIT UNIONS PRESIDENT’S MESSAGE – ANDREA MESSAM JP, FCCA, FCA DAVID MADDEN PHOTO “Let us continue to hold fast to our seven foundational principles: voluntary and open membership, democratic member control, member economic participation, autonomy and independence, education, training, and information, cooperation among cooperatives and concern for community. These timeless principles are not mere words; they are our compass and are at the heart of who we are, reminding us that people come before profit, that community matters, and that integrity in governance is non-negotiable. As we strengthen the Movement, the harmonisation of policies and shared services across our credit unions cannot be a distant goal but is a progressive necessity. By aligning our systems, sharing learnings, and pooling our resources, we will expand our capacity to serve members more efficiently and deliver the full benefits of cooperative finance”
CREDIT UNION WEEK IN REVIEW FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 ADVERTISEMENT 3
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 4 CREDIT UNION WEEK IN REVIEW FEATURE EVEN AS grey clouds gathered over Emancipation Park, the spirit of praise and celebration filled the air at the Credit Unions of Jamaica’s Praise in the Park Gospel Concert on Thursday, October 16, 2025. With umbrellas held high, scores of patrons flocked to the venue to receive their evening blessing despite the rain. The third staging of the Credit Unions of Jamaica’s Praise in the Park concert delivered on its promise of a night filled with worship, community spirit, and uplifting performances from both emerging youth acts and seasoned gospel vocalists. Praise in the Park forms part of Credit Unions of Jamaica’s ongoing outreach efforts to strengthen ties with credit union members and the wider community through faith, music, and service. The initiative reflects the movement’s focus on holistic empowerment, supporting not only financial well-being but also spiritual and social growth. On-site was a soup kitchen sponsored by CUNA Caribbean Insurance Jamaica Ltd, the concert’s title sponsor. Media coverage was provided by SORA Media, which also sponsored the event. Other sponsors included CUMAX Wealth Management (a subsidiary of the Jamaica Co-operative Credit Union League Ltd), NEXGen Changemakers (the youth arm of the credit union movement in Jamaica), SR Music/Entertainment Factory, Rhon Matthison Music, and Gospel Praise Squad moved the patrons with songs of praise, living up to their name at the CUJ Praise in the Park Gospel Concert. Patrons lift their hands in praise as the last remnants of the rainy evening subsides at the CUJ Praise in the Park Gospel Concert. SHOWERS OF PRAISE AND UNITY CREDIT UNIONS OF JAMAICA HOST PRAISE IN THE PARK 3.0
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 5 CREDIT UNION WEEK IN REVIEW FEATURE Team Cumax Wealth Management, supporting sponsors of the CUJ Praise in the Park Gospel Concert enjoy an evening of musical worship. Pictured from left: Dionne Francis-Walker, Cumax Wealth Management office assistant, Sweelien Blackman-Williams, Cumax Wealth Management Executive Assistant, Norris Gilbert, Cumax Wealth Management Deputy Chairman, Herbert Hall, Cumax Wealth Management CEO, and Robin Levy, Cumax Wealth Management Board Director and Jamaica Co-operative Credit Union League’s Group CEO. Vibing in the chill room, Toni-Ann Hudson, JCCUL Group Marketing Officer and Vaughn Campbell, Lascelles & Partners Co-operative Credit Union Marketing Office, interview sponsors and patrons at the CUJ Praise in the Park Gospel Concert. Caribbean Gospel TV. Held on International Credit Union Day, the concert marked the culmination of Credit Union Week (October 12-18), a week-long celebration across Jamaica honouring the credit union movement. Credit unions islandwide hosted activities such as Members’ Appreciation Days, online giveaways, outreach activities, and more. The Credit Union Movement in Jamaica traces its origins to 1941, when Jesuit missionary Father John Peter Sullivan founded the first credit union to help lower-income families access affordable financial services. “The credit union movement is a worldwide thing … over 400 million members from over 80,000 credit unions across [more than] 98 countries. Now that’s something big,” said Robin Levy, Group CEO of the JCCUL, highlighting the global scope of the movement. Jamaica Co-op Credit Union League, like many of its subsidiaries, remains committed to nation-building, investing in communities, supporting local projects, and empowering members to create financial stability and build lasting legacies for their families. The concert opened with an energetic performance by Genesis Praise Squad (GPS), a youth group comprising members from various churches and denominations. Dressed in army green and declaring spiritual victory through song, they had the crowd on their feet despite the drizzle. “We’re excited for the Credit Unions of Jamaica for doing this. It feels great to lead Jamaica into worship. We’re so happy for this opportunity,”shared Jucal Dyer of GPS. Despite the showers, the audience remained in high spirits, PLEASE SEE PRAISE, 6
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 6 singing along, waving umbrellas, and dancing under the park’s lights. The sense of fellowship and joy captured the essence of the Credit Union Movement’s values of unity and community. “I will always support the Credit Union Movement. I am a credit union member myself,” shared Psalmist Carey Sayles following his performance. The evening also featured spirited performances from Sterling Gospel Award winners Levy’s Heritage. Their electrifying performance spoke heavily to the family’s legacy in ministry. The trio voiced their support of the Credit Union Movement and their eagerness to return next year. After the legacy performers, the vivacious Petra Kaye took the stage, delivering a soul-filled performance that had the crowd on their feet. Bringing the night to a powerful close, gospel youth sensation Johnmark Wiggan blended reggae rhythms with gospel passion, sending waves of praise rippling through the park. Fun crowd activities, including trivia games that tested attendees’ knowledge of the Credit Union Movement and prize giveaways, kept the audience engaged and energized throughout the night. “It’s about building faith, family, and community, even despite the rain. We’re so thankful for the people who came out to support Praise in the Park, and we can’t wait for 4.0!”said Katrina Grant D’Anguilar, Group Marketing and Communications Manager of the JCCUL. CREDIT UNION WEEK IN REVIEW FEATURE Levy’s Heritage share songs of praise and get the patrons jumping to the gospel at the CUJ Praise in the Park Gospel Concert. Petra Kaye invites patrons onstage to share in the gospel as she got the crowd moving and shouting messages of blessings and praise at the CUJ Praise in the Park Gospel Concert. Johnmark Wiggan’s explosive performance set the CUJ Praise in the Park on fire, drawing a joyful crowd of patrons and fellow acts for an impromptu, all-out praise party, proving when the Spirit takes over, you can’t stand still. PRAISE CONTINUED FROM 5
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 7 CREDIT UNION WEEK IN REVIEW FEATURE CREDIT UNION Week 2025 was more than just a celebration for Lascelles Credit Union, it was a chance to live our values, uplift our community, and showcase what true cooperation can achieve. Under the powerful theme ‘Cooperation for Prosperity’, we set out to make a difference, one act of kindness at a time. The week began with reverence, as we joined the Credit Unions of Jamaica national opening church service, grounding our intentions in gratitude and faith. From there, the spirit of giving came alive. One of our most heartfelt initiatives took place at the Women’s Centre of Jamaica Foundation, where we hosted a motivational session paired with light refreshments. The aim was simple yet profound: to uplift expecting teen mothers, reminding them of their worth, their strength, potential, and that one bad decision should not define their whole life. At the end of the session, we presented the centre with much-needed supplies, including sanitary pads, baby formula, diapers, and other essentials. This would not have been possible without the generous support of T. Geddes Grant Distributors Limited and Nestlé Jamaica Limited. It was a beautiful reminder that, when we work together, we multiply our impact. Believing that every child deserves the chance to dream, we visited Union Gardens Basic School, a nearby kindergarten, to donate books that could open worlds of imagination and possibility. Far too many children are falling behind, with just over 65% reading at mastery level and some not reading at all. By placing books into little hands and hearts, we hope to spark a lifelong love for learning, one story at a time. It’s a small gesture, but we know that it will help build brighter futures. On International Credit Union Day, the celebration came home. We transformed our property into a vibrant Credit Union Village, where members could access important services with ease, enjoy complimentary refreshments, and take in the music, entertainment, and festive atmosphere. It was a Cooperation for Prosperity Lascelles Credit Union celebrates with heart and purpose PLEASE SEE LASCELLES, 8
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 8 CREDIT UNION WEEK IN REVIEW FEATURE true gathering of the Lascelles family members old and new, coming together, dancing, sharing stories, and simply enjoying the moment. A special cake-cutting ceremony and thoughtful tokens for each member reminded everyone just how much they are appreciated. We ended the week with the Credit Unions of Jamaica at Praise in the Park, a joyful celebration of faith, unity, and gratitude. At Lascelles Credit Union, we believe prosperity isn’t just measured in dollars, it’s in the strength of our communities, the smiles of our members, and the opportunities we create together. This Credit Union Week reminded us that cooperation is more than a theme; it’s the heartbeat of everything we do. To all our members, thank you for walking this journey with us. And, to those just joining our family, welcome home. Follow our continued efforts and celebrations on our social media pages.
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 9 CREDIT UNION WEEK IN REVIEW FEATURE THE CUNA Caribbean Insurance team proudly celebrated Credit Union Week with credit unions and their members across the island. Here’s a look at some memorable moments of appreciation shared with the community. CUNA Caribbean Insurance remains committed to providing financial security ‘FOR ALL PEOPLE’. CUNA Caribbean Insurance Jamaica celebrates Credit Union Week Georgia handing out prizes – Praise in the Park 2025 Tesia Douglas & Oneika Spalding at PSEC-ICU day 2025 Tiffany Smiley at C&WJ – MoBay branch _ ICU day 2025
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 10 CREDIT UNION WEEK IN REVIEW FEATURE LAST WEEK, the JTA Co-operative Credit Union proudly joined the global Credit Union movement in celebrating International Credit Union Week, and what a celebration it was! With vibrant activities across our branches, on member appreciation days, we took the time to honour our members and reflect on the remarkable journey that has brought us to where we are today. For 66 years, the JTA Credit Union has stood as a beacon of financial strength, unity, and empowerment for Jamaica’s educators and their families. From humble beginnings, our Credit Union was born out of a vision by teachers to create a financial institution that understood their needs and worked in their best interest. Over the decades, we have not only stayed true to that mission but have grown to become one JTA Co-operative Credit Union General Manager, Robert Ramsay (right) shares a dance with one of our loyal members.
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 11 CREDIT UNION WEEK IN REVIEW FEATURE All eyes were on the wheel! Members waited with excitement to see where the spin would land. of the most trusted and respected credit unions in Jamaica. Our journey is one of service and impact. We have helped countless educators own their first homes, send their children to university, purchase their dream vehicles, and build financial security for their families. We have been there through life’s milestones – supporting members through the ups and downs, offering affordable loans, sound financial advice, and genuine care. That is what makes the JTA Credit Union special. Even as we stay true to our roots in education, we have grown to serve the wider education community. Today, persons no longer have to be a member of the Jamaica Teachers’ Association (JTA) in order to join our Credit Union. Our doors are open to anyone employed in the education sector whether they are a young teacher, a school bursar or an education officer. Our commitment has remained unwavering: to serve our members and impact their lives positively. As we reflect on the success of Credit Union Week and celebrate our 66 years of service, we take this moment to say a heartfelt thank you to our loyal members. Your trust, your support, and your belief in the cooperative spirit have made this journey possible. You are the reason we continue to grow and evolve. The JTA Co-operative Credit Union is more than a financial institution we are a movement of people helping people, building dreams, and shaping a better future for all. Together, we will continue to touch lives, empower communities, and keep the Credit Union spirit alive for generations to come.
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 12 DURING CREDIT Union Week 2025, the JPS & Partners Co-operative Credit Union Limited family proudly joined Credit Unions across Jamaica and around the globe in celebrating the unique spirit of the cooperative movement. This year’s global theme, ‘Cooperation for a Prosperous World’, reflected the essence of unity and mutual support that defines credit unions everywhere, putting people before profit and prosperity within everyone’s reach. The week began with our participation in the National Church Service on Sunday, October 12, 2025, where representatives of our credit union joined other cooperators in thanksgiving and prayer, acknowledging God’s blessings over our years of service to members and communities across Jamaica. In keeping with our strong community focus, we made donations to partner schools across the island, reinforcing our long-standing commitment to education and youth empowerment. These visits allowed our team to interact with students and educators, reminding them that our credit union continues to be their financial partner for life. A highlight of the week was our CREDIT UNION WEEK IN REVIEW FEATURE Students from The Queen’s School for Girls in St Andrew smile proudly as they receive their donation from Chad La Ronde (left), general manager, JPS & Partners Credit Union, during Credit Union Week. Onlookers include Trudi Morrison-Reid (2nd left), The Queen’s School vice-principal, and Jennifer Williams (2nd right), The Queen’s School’ principal. PHOTO BY PAUL THOMAS Credit Union Week 2025: Celebrating cooperation for a prosperous world Students from the Polly Ground Basic School in Ewarton, St Catherine gather around their donation from JPS & Partners Credit Union during Credit Union Week. They are supported by (from left): Novelette Edgar (principal, Polly Ground Basic), Camille Archibald (business development manager, JPS & Partners Credit Union) and Sonia Robinson, (Ewarton branch supervisor, JPS & Partners Credit Union). PLEASE SEE WORLD, 12
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 13 CREDIT UNION WEEK IN REVIEW FEATURE Ashara Beth Miller, one of the winners in the Social Media Extravaganza put on by JPS & Partners Credit Union during Credit Union Week. radio interview, where our business development manager shared insights into the enduring relevance of credit unions in Jamaica’s financial landscape. The discussion emphasised how JPS & Partners Credit Union continues to empower its members through financial education, innovative products, and people-centred service. Another major feature of the week was our webinar titled ‘Prosperity: Home Ownership Matters’. This informative session featured a guest attorney-at-law who addressed critical legal considerations in the homeownership process, while a representative from the National Housing Trust (NHT) spoke on the benefits available through our strategic partnership, guiding members on how to achieve their dreams of owning a home. Across all our branches, members were treated to member appreciation activities, complete with booths and exhibitions from partners such as CUNA Caribbean, PICA, car dealerships, and real estate professionals. Members also enjoyed free health checks, participated in our Prize Wheel games, and received branded tokens as a small gesture of our gratitude for their continued loyalty. To further engage our online audience, we hosted an exciting Social Media Extravaganza, where members participated in fun trivia to win prizes. The virtual energy mirrored the warmth and enthusiasm felt across our physical branches throughout the week. Credit Union Week 2025 was a true celebration of cooperation, prosperity, and people empowerment - a reminder that, together, we can build stronger communities and a brighter financial future for all. Across all our branches, members were treated to member appreciation activities, complete with booths and exhibitions from partners such as CUNA Caribbean, PICA, car dealerships, and real estate professionals.
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 14 CREDIT UNION WEEK IN REVIEW FEATURE PWD COOPERATIVE Credit Union Limited held a successful National Credit Union Week from October 13 to 18, reinforcing the powerful role cooperative financial institutions plays in supporting the community. The theme, ‘Co-operation for a Prosperous World’, guided the week’s activities, demonstrating that collective effort and mutual support are key to shared prosperity and growth for our members and the wider community. HEALTH, EDUCATION, AND SECURITY The week began with a focus on health and wellness. Our Health and Wellness Fair, held in partnership with the Heart Foundation of Jamaica, provided members with free essential health screenings, including blood pressure, blood sugar, body mass index, haemoglobin and cholesterol level tests. Mid-week offered engagement with an inhouse trivia giveaway on Tuesday, which encouraged members to test their knowledge of the Credit Union’s history and product offerings. On Thursday, our focus shifted to security and wealth. In observance of Cybersecurity Awareness Month, our IT Officer, Dervon Palmer, hosted a webinar providing members with crucial knowledge for staying safe online. We also welcomed Miguel Lewis from Cumax Wealth Management, who offered expert advice on effective wealth management, equipping members to secure their financial futures. APPRECIATION AND COMMUNITY UNITY The celebration culminated on Friday, the 17th, with our Members’ Appreciation Day. This event featured live entertainment, food, and refreshments, which helped strengthen the atmosphere of connection and camaraderie. As a token of our gratitude, members in attendance received prizes and tokens. A special thanks is due to the Jamaica Biscuit Company for their generous donation of snacks, which added a nice touch to the day. The PWD Co-operative Credit Union team sincerely thanks all members, partners, and staff for making National Credit Union Week a resounding success. The participation throughout the week was a clear demonstration of our unity and dedication to a thriving community. PWD Co-operative Credit Union Week celebrations
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 15 CREDIT UNION WEEK IN REVIEW FEATURE EACH OCTOBER, the global Credit Union movement pauses to celebrate the legacy and mission that unite us. This year, under the theme “Cooperation for a Prosperous World”, International Credit Union Day was marked on October 16 and Infiniti proudly joined with the wider movement to observe National Credit Union Week from October 12–17, 2025. We began the week in thanksgiving, with representatives from Infiniti participating in the National Church Service at the East Queen Street Baptist Church. This annual tradition grounds our work in gratitude and reinforces our shared purpose, to empower lives and strengthen communities through financial inclusion. Educating, Elevating and Giving Back Throughout the week, the Infiniti team visited several schools within our communities to deliver engaging presentations on financial literacy, encouraging students to establish healthy money habits early. We also embarked on a special outreach initiative to visit our retired and shut-in members. Care packages were hand-delivered as a simple but heartfelt expression of appreciation for their years of loyalty and contribution. Internally, the week also served as a time of reflection and recommitment for our staff. Educational sessions were held on the history and philosophy of the Credit Union movement. Additionally, representatives from JCCUL’s NexGen Infiniti Co-operative Credit Union celebrates the spirit of the movement Mrs. Camille Campbell Drummond, Chief Executive Officer (2nd left), is all smiles as she assists in a cake cutting exercise at the Oxford Terrace Branch during International Credit Union Day on October 16, 2025. Also pictured are Danielle Guthrie Passard, Branch Supervisor (l), Anthoy Fagan, Branch Manager (r) along with two of our longstanding members. PLEASE SEE INFINITI, 16
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 16 CREDIT UNION WEEK IN REVIEW FEATURE Changemakers engaged our staff, highlighting the strategic importance of preparing young leaders to sustain and evolve the movement for decades to come. On International Credit Union Day, across all 12 branches, members were treated to a day packed with entertainment, prizes and refreshments. Each branch hosted a commemorative cake-cutting ceremony and distributed branded tokens. We also prioritised wellness with trained medical personnel providing complimentary health screenings to ensure our members were cared for holistically. As we continue to innovate, expand and serve, Infiniti remains anchored to its core commitment: to provide financial solutions that uplift individuals, families and communities. In partnership with our members, staff and the wider movement, Infiniti is proud to continue advancing a future where possibilities are truly endless. INFINITI CONTINUED FROM 15 Leslie Blake (l), a Registered Nurse from the Mandeville Regional Hospital, checks a member’s blood pressure at the Old Harbour Branch, on International Credit Union Day, October 16, 2025. Rev. Glenroy Clarke (l), President of the Board of Directors, and Kenya Adamson (r), Branch Manager – Falmouth Branch, present a special token to one of our members during Credit Union Day. Lisa Bent, Branch Manager, Fairview Branch, presents a care package to one of our shut-in members, Ms. Cynthia Thorpe, who has been a part of the credit union family since 1977.
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NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 18 CREDIT UNION WEEK IN REVIEW FEATURE Bornette Donaldson/Contributor FINANCIAL SUSTAINABILITY CREDIT UNIONS play a vital role in enhancing economic development, promoting financial inclusion for underserved populations, supporting small businesses and contributing to systemic resilience and financial stability. Credit unions, which are member owned and not-for-profit financial co-operatives, have evolved into crucial institutions for fostering broader access to finance, economic empowerment, and sustainable development worldwide. In the contemporary global economy, issues of inequality, financial exclusion and systemic instability remain pressing. Credit unions represent a distinctive form of financial institution prioritising member ownership and democratic governance rather than profit maximisation. Originating in 19th-century Europe, credit unions have expanded globally to serve over 411 million members across 104 countries with assets exceeding US$3.7 trillion (WOCCU, 2025). Around the Caribbean credit unions collectively manage assets of over US$10.6 billion, as at December 2024 (CCCU, 2024). In Jamaica alone, credit unions serve more than one million members with assets growing to over J$200 billion, as at March 2025 (JCCUL, 2025). ECONOMIC EMPOWERMENT A fundamental value proposition of credit unions is their role in extending financial services to underserved and marginalized groups. Credit unions’ emphasis on community ownership creates strong trust relationships that encourage responsible financial behaviour and facilitate asset accumulation. Unlike commercial banks, credit unions prioritise access over profit, enabling low- income individuals, rural residents, and informal sector workers to save, borrow and invest prudently. Evidence from developing countries such as Kenya, the Philippines, Mexico, Ecuador and Poland demonstrate that credit unions reduce financial exclusion barriers, contributing significantly to poverty alleviation and human capital development (IMF, 2012). This way credit unions enhance access to financial services by reaching into communities and impacting populations who normally would have been excluded from traditional banking systems. In the Eastern Caribbean, credit unions hold substantial market shares, in Barbados and St Kitts and Nevis for example over 80% of the population are members of credit unions (CCCU, 2024). Credit unions in Jamaica have membership of over one million, which is more than one-third of the population. These institutions have been mobilising savings and creating accessible credit products that improve members’ socio-economic position, including facilitating higher education. The role of credit unions has been highlighted in low-income countries such as Kenya, Mexico and the Philippines, where they facilitate savings, lending, and asset building (IMF, 2012; Crear, 2009), by reducing barriers to credit and enhancing community savings, they enable members to improve human capital and transition from poverty to upward mobility. NATIONAL DEVELOPMENT Credit unions have a marked impact on national and local economies primarily through generating savings and channelling them into productive investments. They not only finance consumer type lending, but also foster social mobility, such as facilitating transitions from rental housing to home ownership (IMF, 2012). In many countries, credit unions constitute vital financial intermediaries supporting growth within the financial sector. The pooling of liquidity by credit union centrals provides economies of scale, enhances access to payment systems, and offers an alternative to commercial banks. This structural integration is particularly evident in Canada’s three-tiered system, where provincial centrals aggregate resources from individual credit unions and interface with national central. Small and medium-sized enterprises (SMEs) receive essential funding from credit unions, particularly when commercial banks tighten lending. For example, Community Development Credit Unions (CDCUs) in the US manage over US$327 billion, financing local businesses and job preservation. Savings and Credit Co-operatives (SACCOs) in Kenya are pivotal in agricultural and rural economic development, underscoring credit unions’ ability to catalyze local economic multipliers (Oxford Economics, 2021). In Jamaica, while credit unions cannot lend directly to businesses, small business owners are able to access well needed liquidity in times of need. STRUCTURES AND GOVERNANCE Credit unions operate under democratic governance, generally with a one-member, one-vote principle, ensuring equitable influence irrespective of capital contributions. However, the structures of credit union systems differ across jurisdictions. Canada features a three-tiered system linking credit unions to provincial centrals and a national central (national association), ensuring liquidity pooling and economies of scale (TPCU, 2021). The United States, in contrast, employs a model where federal credit unions are supported by corporate centrals (NCUA, 2022). Similar to the US, in countries such as Australia, South Korea and several European states, co- operative central institutions act as intermediaries to provide payment system access, shared services, compliance support, and market access. Other countries employ a hybrid or co-operative banking models where central institutions perform essential liquidity provisioning and payment facilitation roles, vital for small credit unions’ integration into broader financial markets. In Jamaica, the trade association is the Jamaica Co-operative Credit Union League (JCCUL) which provides the support services, advocacy, liquidity, payment services (through third-party arrangements), training and development that are essential to credit unions. The League, however, does not have a licence to offer payment services, remittances, or banking type services. Its interest in operating as a Specially Authorised Credit Union (SACU) is the subject of much discussion under the imminent Credit Unions (Special Provisions) Bill currently being reviewed by the Bank of Jamaica. Most credit unions in Jamaica are relatively small and would be challenged to offer the types of services members now require without a central organisation such as the League to provide the economies of scale necessary for viability. The debit card service, for example, offered by most credit unions through the League, would be prohibitive based on cost for the average credit union. To be competitive, credit unions in Jamaica need an efficient not-for-profit structure to support their seamless integration into the financial system. The model of operating through commercial banks is not only suboptimal, it would be unwise. Further, some credit unions may not have the wherewithal to deal directly with the central bank (and vice versa), should it choose to provide similar services as the credit union central. SUSTAINABILITY, RESILIENCE & MEMBER BENEFITS Credit unions are increasingly active in financing sustainable development. They support renewable energy adoption, housing efficiency upgrades and climate adaptation initiatives at community levels. Their member-centric approach enables them to distribute climate finance Role of credit unions in modern economies PLEASE SEE ROLE, 19 Bornette Donaldson
NAME OF FEATURE | THE GLEANER | FRIDAY, NOVEMBER 7, 2025 19 CREDIT UNION WEEK IN REVIEW FEATURE equitably and effectively. Credit unions generally demonstrate higher financial stability and resilience than many commercial banks. During the 2008 global financial crisis, credit unions engaged less in risky subprime lending, contributing to their steadier performance (UN, 2009). During the FINSAC crisis of the 1990’s in Jamaica, credit unions were largely unfazed by the challenges. Notwithstanding, individual credit unions have found themselves in difficult times over the years. This would explain the nearly forty (40) mergers in the last 25 years, reducing the number of credit unions from 60 in the year 2000 to 23 today (JCCUL Data, 2025). The member-focused model of these institutions also translates into consumer benefits including lower loan interest rates, reduced fees and higher returns on deposits. The redistribution of surplus earnings as member benefits rather than profits promotes community wealth accumulation and sustainable economic development. Furthermore, credit unions invest in financial education, enhancing members’ financial literacy and long-term resilience. The embeddedness of credit unions within communities ensures trust and accessibility, enhancing their developmental impact. These institutions offer an alternative to traditional banking by fostering broader access to finance, economic empowerment, and community upliftment, particularly among low and middle-income demographics. CHALLENGES ON THE HORIZON Despite the successes, credit unions face pressures related to governance, regulatory compliance, digital transformation, liquidity management and pressures to consolidate. Weaknesses in governance and limited digital infrastructure can hinder their competitiveness. A strong legal framework and supportive regulatory institutions are critical enablers for maintaining competitiveness and expanding their impact. CONCLUSION Credit unions occupy a unique and valuable position in modern financial systems as co- operative institutions that align financial services with social goals. They provide a vital counterbalance to profit-oriented banks by embodying principles of cooperation, democracy, and inclusivity. Their member-owned, democratic model promotes financial diversity, empowers local communities and SMEs, enhances systemic stability and supports sustainable development. Also, their global presence, systemic resilience and ability to align financial intermediation with sustainable development goals render them essential to modern societies. To fully realise their potential, credit unions require continued policy support, innovation and capacity building. They must also strengthen their enabling frameworks, invest in digital technology and reinforce their governance in order to maximize on future opportunities. As global economies confront inequality, climate change and digital transformation, credit unions stand as vital catalysts for resilient and inclusive financial ecosystems. Mr Bornette Donaldson is an economist holding a Master’s degree in Economics and an MBA in Banking & Finance. He is a director at the University of the West Indies, Mona Campus and holds leadership roles in the co-operative sector in Jamaica as President of the National Union of Co-operative Societies Limited, Treasurer at the Jamaica Co-operative Credit Union League, First Vice President at C&WJ Co-operative Credit Union Limited, among others. He can be contacted via email at bornette. donaldson@gmail.com. Albert Town, Jamaica, October 16, 2025: TRELAWNY COOPERATIVE Credit Union Ltd. (TCCU) is proud to announce the Grand Opening of its new Albert Town Branch, a significant milestone that coincides with Credit Union Week and is celebrated on International Credit Union Day. This event marks more than just the opening of a new facility – it represents a renewed commitment to financial empowerment, community building, and the advancement of accessible, member-focused services. The state-of-the-art Albert Town Branch offers an enhanced banking experience, featuring a spacious banking hall with four teller booths on the ground floor, designed for efficiency and convenience. The lower level houses modern offices for customer service, loan management, and delinquency management, along with a welcoming reception area – ensuring a comfortable and professional environment for all members. As part of the celebrations, TCCU also hosted Member Appreciation Day simultaneously at both the Albert Town and Falmouth branches. Members were treated to tokens of appreciation, fun activities, and warm interaction with staff – reflecting the credit union’s deep gratitude for their loyalty and trust over the years. In a keynote address during the opening ceremony, Mr. Robert Howell, General Manager of TCCU, emphasized the significance of the occasion: “We are thrilled to open our Albert Town Branch on such a meaningful day for credit unions globally. This new branch symbolises our growth and commitment to service, while also embracing technological innovations that make banking more accessible. Whether through our new full-service ATM, the convenience of our website at jtccu.com, or our AI-powered communication platforms like WhatsApp, we continue to improve on the delivery of service to our members.” In keeping with its mission of community investment and appreciation, TCCU also announced the elimination of several fees, offering a raft of free services now available to members. This move comes at a time when many financial institutions are increasing charges – a contrast that reflects TCCU’s member-first philosophy. “While other institutions are busy increasing fees,”noted the General Manager,“we are focused on reducing or eliminating them where possible. This is a tangible way we’re giving back to the people who’ve helped build this institution.” The following services are now offered free of charge to all members: • New or renewal passbook • Bank Statement • Account prints • New or renewal ATM cards • ATM deposits and withdrawals • ATM transfers • ATM payments • Coin handling • Death benefit claims • Rule book • RTGS (Real-Time Gross Settlement) transfers • ACH (Automated Clearing House) transfers • Standing orders The Grand Opening Ceremony featured a ribbon-cutting led by Mr. Glester Rowe, Past President and longstanding member of the Credit Union, and Mr. Steve Morris, the current President. Their joint participation symbolised both the Credit Union’s proud history and its dynamic future. As TCCU continues to grow and evolve, it remains grounded in its cooperative roots – committed to delivering inclusive, affordable, and modern financial services for all. Trelawny Co-operative Credit Union Ltd celebrates grand opening of Albert Town branch with new free services and community-focused commitment ROLE CONTINUED FROM 18 “We are thrilled to open our Albert Town Branch on such a meaningful day for credit unions globally. This new branch symbolises our growth and commitment to service, while also embracing technological innovations that make banking more accessible. Whether through our new full-service ATM, the convenience of our website at jtccu.com, or our AI-powered communication platforms like WhatsApp, we continue to improve on the delivery of service to our members.”
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