Two of Barbados’ credit unions have joined forces for the betterment of their memberships.
The Barbados Worker’s Union Co-operative Credit Union joined the Barbados Public Workers Credit Union on their CarIFS Network as an Associate Member.
The official implementation occurred today; and at a press conference at the BWU head quarters at Solidarity House Harmony Hall, St. Michael General Manager at the BWU credit union, Clyde Sobers, referred to the occasion as “long in coming”. While the continued advancement of technology was great, Sobers said, it also brought with it a huge price tag. What this new relationship does was to ensure that they continued to offer their members the services they demanded as they strived to serve them better.
“By working together you would be able to bring a situation where you can offer services your membership is demanding but at the same time to deliver it to them more cost effectively,” he said.
“It would do the credit unions in Barbados well to see where they could work together to control the costs of operations by perhaps sharing the significant investment that they make in their systems with those who are not as fortunate to do it and who may be able to access additional services for their members collaboratively at a more manageable cost.
“The larger credit unions who are working together can create that dynamic and facilities would be able to make available to the other credit unions additional services that they deserve for their members. Additional services that allow the credit union movement to compete adequately with other financial institutions which have a different motive or perhaps, because of their motives are able to invest more in technology than credit unions generally would. ,” Sobers noted.
President of the BPWCCU, Glendon Belle, said the collaboration was necessary. He said they would have been pressured from increasingly sophisticated and exposed membership whose needs have changed over time and demanded more. Other reasons he gave for the collaboration was the increased regulatory requirements, innovativeness and diversity in service delivery channels, the ability to rationalise resources to achieve greater efficiency and economy of scales to leverage what they had across the movement. (KC)