Credit Unions are the “Financial Hub” of the working class and we need to create the appropriate oversight arrangements for this Sector and its 650,000 members.
This, according to Minister of Youth Development and National Service, Foster Cummings, as he delivered the Feature Address at the Appointment Ceremony of a Team for the Implementation of Recommendations of the Cabinet-Appointed Committee on the Future of the Credit Union Sector in National Development.
The Ceremony took place on Monday at the Government Campus Plaza.
Minister Cummings explained, “I must commend the Credit Union Movement for weathering the storm and staying relevant to their membership during this pandemic. The Movement has truly demonstrated its resilience. Today, we are strengthening that footing by seeking to implement the recommendations of the Cabinet-Appointed Committee on the Future of the Credit Union Sector in National Development in the shortest possible time. We need to encourage our young people to get involved in the Movement and utilize the Movement in the area of Entrepreneurship. As a Government, we have taken significant steps to assist the Micro and Small Enterprises (MSEs). In this year’s Budget, $50 Million was allocated to assist MSEs in areas including record keeping, preparation of tax returns and statutory compliance.
The Credit Union Sector can also play a critical role in the implementation of Government support mechanisms,” Minister Cummings articulated.
Permanent Secretary in Ministry of Youth Development and National Service, Farook Hosein stated “At the Ministry of Youth Development and National Service, we are acutely aware of the inextricable chords that bind Youth Development, SMEs and Credit Unions. This is one such aspect where the work in the Credit Union Sector contributes to National Development. Credit Unions operate with principles and values such as self-help and mutual assistance to provide services for their members prudently and effectively. This is why the implementation of the outlined recommendations of the Inter-Ministerial Committee is critical.”
Also speaking at the ceremony was Charmaine Mc Millan, Commissioner of Cooperative Development. Ms Mc Millan shared her vision for the Implementation Team saying that their role was critical for the positive outlook and expansion of the Credit Union Sector.
The Team for the Implementation of Recommendations of the Cabinet-Appointed Committee on the Future of the Credit Union Sector in National Development consists of:
Mr. Joel Edwards – Chairman
Mr. David Moe – Vice Chairman
Ms. Anila Singh – Member
Mrs. Nyree Brathwaite – Member
Mr. Hayden Manzano – Member
Mr. Joseph Remy – Member
Mr. Ivon Andrews – Member
Mr. Derek Joseph – Member
Ms. Gail Sooknarine – Member
Mr. Kenneth Allum – Member
Ms. Sherry Ann Joseph – Member
Ms. Patricia Babwah – Member