PR – “Empower Your Financial Future with a Credit Union”
International Credit Union Day is celebrated annually on the third Thursday in the month of October. To mark this important occasion, the members of Grenada’s 10 credit unions join with credit unions the World over, in a month-long celebration, to celebrate their achievements, share experiences, and encourage their members to spread the word about cooperative finance—the unique feature that distinguishes credit unions.
This year’s theme— Empower Your Financial Future with a Credit Union – is particularly apt, as it reflects both the mission and the work done by our credit unions here in Grenada.
The idea of a credit union was a transformative one. The first credit unions started in Germany over a century ago as a legally authorized system to promote thrift and sound financial practices.
Over the years we have seen the credit union movement in Grenada do just that. Starting with only 2 credit unions, the number in our country has grown to 10, as each, in its own unique way, continually meets the demand of providing financial services, often on less rigorous terms than commercial banks, while promoting a culture of saving, thereby improving the financial wellbeing of Grenadians.
The contribution of credit unions to our society through the meaningful and beneficial work of the Grenada Co-operative League Limited cannot the overlooked or taken for granted. The League serves as an important vehicle for the development of our people and the nation.
Over the years, the services offered by Grenada’s credit unions have continuously expanded. The progress made by the League is most noteworthy, as this progress is reflected in the work done and benefits offered by our credit unions to Grenadians. Our credit unions make a significant contribution to the economic empowerment of our people.
As of June 2022, the Grenada credit unions recorded over 82,000 member accounts, with assets in excess of $1.2 billion EC dollars. Our credit unions have therefore become important players in Grenada’s economy.
The shift to the use of digital platforms which emerged during the COVID 19 pandemic, has become the norm. Despite the challenges of today’s financial services sector, our credit unions must seize the opportunity to embrace digital transformation to better serve their members, while at the same time preserving their unique strengths of providing excellent and personalized customer service, investing in youth through the provision of grants and scholarships to attend school, sponsoring community projects and, last but certainly not least, providing vitally needed capital to support small and medium sized businesses.
This October, as members celebrate the achievements of their credit unions, I take this opportunity to congratulate all on your many contributions to Grenadian society, particularly your deep and abiding commitment to the development of our communities.
I congratulate you on these accomplishments as well as your service to our country and thank all involved for their dedication to ensuring the continued development of sound, people-oriented financial institutions that empower Grenadians to build a better financial future for themselves and their children.
It gives me great pleasure to declare credit Union month, 2022, open.
I thank you.