KINGSTON, Jamaica–This country’s prime minister said the credit union movement in Jamaica has now become the largest membership organization here.
Speaking at an event at the Montego Bay Cultural Centre to launch Gateway Co-operative Credit Union, Prime Minister Andrew Holness said Jamaica’s credit union now include one-million members and rival the number of depositors and accounts in commercial banks.
“With $73 billion in savings, $64 billion in loans and $95 billion in assets, it is clear that credit unions are a powerful institution in Jamaica and have been meeting a clear demand,” Holness noted.
The Prime Minister said the guiding structure of credit unions enables these institutions to develop financial products that are tailored to their members. “They also play a significant role in supporting education, training, housing, micro and small enterprises, and generally supporting the economic development of Jamaica,” he said.
Holness told the assembled crowd that credit unions, at their core, are focused on communities and play a key role in fostering greater access to financial services.
Gateway Co-operative Credit Union Limited was formed through a merger of the Montego and Hanover Co-operative Credit Unions on Jan. 3, 2017. As a single entity, Gateway is now the fourth largest credit union in Jamaica, boasting membership of approximately 70,000 and total assets of $6.1 billion.
The Prime Minister pointed out that the Government is firmly committed to financial inclusion and that credit unions, with their great penetration, play a critical role in achieving this and also “driving our growth agenda.”
With credit union-related legislation now before the government, the prime minister said he has held meetings with Jamaica’s credit unions and that there is a “climate of trust.”