Credit unions told to embrace change

In making the observation, he urged credit union members to hold fast to the philosophy and principles of the movement, while attempting to modernise their operations.

Ali spoke at an orientation programme for potential directors and members seeking office on the institution’s credit and supervisory committees.

Ali concentrated on new governance structures that would ensure that fit and proper shareholders serve on the board and statutory committees of financial co-operatives.

He said the movement has avoided intrusion from external forces and maintained its self-regulatory framework for more than 150 years.

He lauded the efforts to upgrade the skills and competencies of directors and volunteers that would pave the way for transformation of the sector.

Co-operative Credit Union League president, Gary Cross, said modern legislation was inevitable to improve and enhance the performance of financial co-operatives. He stressed that a departure from its co-operative moorings and ethos will render the movement vulnerable to profiteering and the self-seeking interest of non-cooperators.

In his contribution, Eastern Credit Union (ECU) president, Lennox Marcelle, invited participants to embrace the changing landscape of credit unions and to formulate their own responses to the new legislative framework.