Guyana Public Service Co-op Credit Union celebrates silver jubilee today with roster of activities

THE Guyana Public Service Co-operative Credit Union will today be celebrating its 50th anniversary; and a programme of activities will be held to mark this silver jubilee milestone.That programme begins with a church service at St Andrew’s Kirk in Brickdam, Georgetown, starting at 9:00 hrs.

On March 3, 2014, an opening ceremony will be held at the National Cultural Centre (NCC) from 17:00 hrs, after which there will be a reception in that institution’s foyer.

Meanwhile, a dominoes competition commenced last Tuesday, February 25, 2014, with several teams competing for trophies and monetary rewards.

On March 6 and 13, 2014 two “young workers’ workshops” would be held in New Amsterdam and Linden respectively, to examine the role of youths in succession planning and development of the credit union in finding ways and means to diversify its products and services to remain viable in a competitive market.

HISTORY
The GPSU Co-op Credit Union was formed as the Guyana Civil Service Co-op Credit Union as a result of the countrywide 90-day trade union strike in 1963, the crippling effects of which were severe on workers and their families. Many incurred debts at the commercial banks and insurance companies, and from friends and family members. Money lenders made a fortune from this situation, because they were lending at high interest rates.

The dilemma that most working families found themselves in was getting alarming, and senior members of the Civil Service Association (CSA) decided to band themselves together to improve their then financial situation and to avoid recurrence of those ill effects should another strike take place; hence a decision was taken to form a credit union in which its members can have access to funding when the need arises.

After several meetings by the group, 29 persons signed an application for the registration of the then Guyana Civil Service Co-operative Credit Union Limited.

The inaugural meeting of the credit union was held at the Association’s registered office at Regent and New Garden streets in Georgetown on April 2nd, 1964.
By Shirley Thomas

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