Fellow Co-operators in the Credit Union Movement, citizens of Grenada, Carriacou,ย and Petite Martinique, it is indeed a pleasure, and I am honored as the Minister withย responsibility for Co-operatives to extend heartfelt congratulations to you as you continue your month-long activities in celebration of International Credit Unionย Month.
The movement collectively is marching on to the observance of International Creditย Union Day on Thursday 20th October 2022.
International Credit Union Day is of great significance in the annual calendar ofย events for people who are members or who follow the movement โ as this dayย celebrates the spirit of the global Credit Union Movement.
It is a day on which Members worldwide pause and reflect upon the credit unionย movementโs history, promote its achievements, recognize hard work and shareย membersโ experiences.
In this the 74th year of the celebration of International Credit Union Day globally, and in Grenada, it is noteworthy that Credit Union Members are again able toย assemble for an in-person celebration of this much anticipated event after a two-yearย interruption because of the Covid -19 pandemic.
Since 1948, International Credit Union Day has been celebrated annually on the thirdย Thursday of October and this year is no different.
The event affords the Movement the opportunity to promote awareness of, andย support for the Credit Union and financial cooperative.
Credit Unions have members and not shareholders whilst Banks and other financialย institutions have customers and shareholders. These institutions must make moneyย from their customers to please shareholders whilst the Credit Union is a not-for profit institution.
I am pleased to note that the Credit Unions celebrating today are doing so under theย Grenada Credit Unions brand and have much to be proud about. The Movement hasย over the yearsโ experienced tremendous growth and has been instrumental inย transforming and uplifting the lives of many of our citizens.
The records indicate that as of June 30, 2022, the ten registered Credit Unions have combined assets of 1.2 billion dollars, total loans of 878 million dollars, totalย deposits of one billion dollars and 82,000 member accounts. This is indeed aย commendable feat. Growing from small beginnings to a strong, and formidableย sector contributing to national development.
As you continue the celebrations of International Credit Union Month, I wish to, onย my own behalf and that of Prime Minister Hon. Dickon Mitchell and all members ofย the Cabinet congratulate you on your accomplishments. We wish you continuedย success as you approach a milestone that is the 75th celebration and as you continueย to meet your corporate social responsibilities by contributing and giving back toย society.
In this context, the theme under which you celebrate this year is quite relevant andย appealing โEmpower Your Financial Future with a Credit Unionโ. This themeย encourages those who are already members of a Credit Union to remain groundedย there, and those who are not yet members to come on board so that both groups canย reap the benefits of a better and secure financial future.
Today is an opportunity to reflect on the tremendous amount of work that creditย unions and other financial cooperatives are doing within the communities here inย Grenada and to encourage members to get more engaged.
The Credit Union Movement can pride itself in its investments in all aspects of theย country and national development. However, for a moment, I wish to highlight the investments in our youths through the provision of education grants andย scholarships, donations to organizations that support youth development, theย sponsorship of sporting and cultural activities, community projects, clubs, andย events. All of these have contributed to the empowerment of not only your membersย but the youths and aspiring leaders of this nation.
Government looks forward to the forging of a strategic partnership to better the livesย of all our citizens but particularly our young people โ through investments in theย digital and creative economies, ICT, agriculture, and agri-business.
As minister with responsibility for Co-operatives I wish to remind us all, that theย Credit Union sector is an important pillar in the attainment of Governmentโsย transformational agenda. Our policy is to work with and build strategic alliancesย with the Credit Union sector, to strengthen existing co-operatives, to encourage theย formation of new co-operatives and to work towards fulfilling our vision of โAย Sustainable, Equitable and Prosperous Grenada for Allโ.ย ย
I wish everyone an enjoyable day on Thursday 20th October and look forward toย joining you as you celebrate your achievement on International Credit Union Day.
I thank you.
