TT credit unions on growth path

Credit unions continued to maintain its philosophy and have been providing competitive financial services to members despite the unstable economy and co-operation among co-operatives is critical to the successes the movement enjoys.

Co-operation means “to work with” or “to work together”. It is a situation where two or more people are doing something together for their mutual benefit. Co-operation is a free and voluntary act.

People come together in a voluntary relationship because they have a common interest and they realise that more can be accomplished by collective efforts than individual efforts. Unity is strength.

Man was born to co-operate with man. So, we see co-operation everywhere - in the home, in school, in the church, in clubs, in businesses, in agriculture, in the government, in the community in which we live.

The history of man is the history of co-operative effort – for food, for self-preservation and for many other types of interactive efforts. The story of two mules – a fable for individuals and nations - shows that the mules had to go in the same direction and pull together to reach the hay.

A critical local context is that, through the instigation and support of the Catholic clergy and its lay members, these institutions emerged to embrace support among lower income people, responding to institutional pressures of class and other dimensions of marginalisation.

The credit union, therefore, emerged as a counter to the capitalist ethos of class, race and other distinction and out of a search for equity. Hence, here in TT, the Credit Union Movement developed independent of the state and capitalist institutions.

The League is currently pursuing strategies to develop closer relationship with non-financial co-operatives with a view to strengthening that sector and to build co-operative strength.

It is important to maintain our identity and not let regulatory or economic pressures weaken our foundation.

The charts above show the movements’ growth.

Credit unions remain the preferred financial choice for our members as they seek to free themselves of the high cost of loan fees, interest rates and other charges in competing financial houses.

The League will remain focused on this thrust to ensure the interest of our members are best served.