Message By Governor General H.E. Dame Cecile La Grenade In Observance Of Credit Union Month

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.