Today is International Credit Union Day

The annual signature event serves as a motivating factor to encourage credit unions to strive for excellence on a continuous basis, both in operations, financial and human resources.

Using the PEARLS Monitoring tool to measure the financial performance of credit unions, the winners that emerged will be those that would have excelled over their peers in the categories of very small, small, medium, large and very large credit unions.

As the National Umbrella Body for credit unions in the country, the League wishes to reiterate that credit unions are unique in several ways – while the cost for our products are low, the authentic difference is in the critical fact that the quality of our services are of a higher standard of many in the financial market-place.

Credit Unions continue on a growth path from year-to-year and this is a testimony of the facUt that we are impacting the lives of our members from a financial as well and a social standpoint. Our social work includes financial counselling, art, craft, and several developmental short courses along with family days and sporting activities that bring families together.

In doing all of this, however, we recognise that the current environment, more than before, requires a high level of good collaboration which will add value to our members.

It is no longer a time when organisations can hold on to their own turf. Rather, the ever-changing dynamics of business dictates the need for partnership and alliances.

We can do more together.

The principle of Co-operation among Co-operators must be embraced! This strategy was instrumental in our signing of two Memoranda of Understanding in 2016. The first with Executive Corporate Holdings of Antigua and SugaPay Trinidad and Tobago Limited for the introduction of Automatic Teller Machines at our credit unions with the aim of bringing technology closer to our members.

The second is with the Association of Certified Chartered Accountants (ACCA).

In the main, the parties will work together to promote the work of both organisations to the memberships in Trinidad and Tobago by conducting joint workshops, product sensitisation activities, career guidance activities and conferences.

Both parties are committed to maintaining a constructive and co-operative working relationship that is based on common values of opportunity, integrity, diversity, accountability and innovation.

Our partnership with the Credit Union League of Connecticut, the Curacao League and the Cipriani College of Labour and Co-operative Studies also remains intact.

We operate in an uncertain environment and as leaders we must adapt to the changes that are necessary to modernise our products and services so that they are fresh and relevant. In doing all of this, we continue to be the voice for the Credit Union Movement and have been speaking strongly on legislative matters, crime, consumer issues, retrenchment and labour amongst others. On all such issues, we made strong representations both in public and away from the cameras – as the case required.

We also recognise that keeping abreast all of these require that our annual Calendar of Events be packed with relevant workshops that will serve to mould and shape leaders to fit into the everchanging financial market and to propel them up the success ladder. Each year we train over 500 persons from within and outside of the credit union movement.

Our workshops are designed after careful observation and analysis on the needs of our members and the societies at large.

While many take advantage of the opportunities and commendation is in order, we are disappointed that some leaders do not submit themselves to continuous training and development as often as is necessary. The importance of this cannot be over-emphasised if we are to lead effectively.

Speaking about the significance off the awards ceremony, League’s Chief Operating Officer, Dianne Joseph lauded the work of the League and credited the outstanding performances of credit unions to its continuous educational thrust.

Happy International Credit Union Day!