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.”
RkJQdWJsaXNoZXIy MTUzNTI=