It was a wet day for the 10 credit unions on the island as they gathered at Victoria, St. Mark to celebrate International Credit Union (ICU) Day last Thursday under theme: “Find your platinum linings in credit unions”.
The heavy downpour of rain did not deter the credit unions from recognising the day, but the original venue had to be changed from the waterlogged playing field in Victoria, St. Mark to Heroes’ Square, Victoria, St. Mark.
ICU, recognised every year since October 1984, is aimed at reflecting upon the credit union movement’s history, promote its achievements, recognise the hard work and share members’ experiences.
The goal of the celebration is to raise awareness about the tremendous work that credit unions and other financial cooperatives are doing around the world and give members the opportunity to get more engaged.
Despite the inclement weather some of the credit unions did their usual march through the street and though the usual speeches could not have been held, President of the Grenada Co-operative League limited, Phillip Telesford spoke to reporters about achievements of the league.
Telesford said the financial performance of the league is good with over $800,000,000.00 in worth.
“We have a number of people who have come together to make sure that the movement is strong. So far this year, we’re over $850,000,000.00 worth of assets. Our loan portfolio is performing very strong”, he said.
“We’re already into double digits, so in terms of loans for the year, the profit figures from the various credit unions (are) looking very strong, very healthy, they’re doing extremely well.
We continue to encourage our people to save to pay (back) the loans to support the credit union,” he added.
Membership in the credit union, according to Telesford continues to grow, especially for this year.
“The young people have chosen to join the credit union movement. We are very happy and comforted by that but we are saying every working person in Grenada should be a member of a credit union. Credit unions should be like a theme throughout every household in Grenada,” he said.
The League President noted that the movement is working to developing some more cooperatives on the island and to work alongside the Ministry and the Department of Co-operatives to assist in building the productive co-operatives.
“We have some strong ones and we want to encourage those that are not so strong to come on board to strengthen themselves because it is important (as) governance and management within those cooperatives are extremely important. So, we are doing some work there,” he said.