COCKBURN, Turks and Caicos–As part of a government-backed initiative to launch a credit union for residents of the islands, plans are moving forward to give each resident an account when the credit union opens.
The plan for a national credit union was announced in 2023.
The country’s premier, Washington Misick, told a local talk show hosted by Drexwell Seymour the objective is to “boost domestic capital formation and financial security in the country.”
According to the Sun, the premier said the initiative stems from legislation developed by the Progressive National Party (PNP) and passed in 2016, with further actions taken in 2019 and substantial funding allocated in 2022.
Funding Set Aside
"We put aside 7.5 million dollars for funding to operationalize the credit union. The intention was to give each person a $500 free account, and that is still the case," said Misick told the news program. "We are in the process of establishing the credit union, with consultations ongoing and a committee formed just this past Wednesday in Cabinet.”
Misick emphasized that while the government is providing the initial funding, it will not run the credit union, according to the Sun.
"The credit union by its nature is owned by the people who are members. The government is just doing the initial funding," Misick told the Sun.
Under WOCCU Guidance
He said the credit union will be governed by its members under the guidance of the World Council of Credit Unions and supervised by the Financial Service Commission (FSC).
Misick added he is hopeful that within five years, members of the credit union would at least double their initial deposits.
"This initiative is part of our effort to build social net worth and improve the Human Development Index," Misick stated.
The Sun reported that the government aims to establish the credit union before the end of the financial year.
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