– $5.5B in shares; $4.8 B in loans and $1.4 M in reserves

PRAISING credit unions for exemplifying the values of thrift, self-sufficiency, and volunteer leadership, Labour Minister, Joseph Hamilton, has underscored the important role of credit unions to Guyana, in a message to mark International Credit Union Day on Thursday.

Celebrated annually on the third Thursday of October, International Credit Union Day has been observed since 1948. This year the event is being celebrated under the theme “Inspiring Hope for a Global Community”.

“Credit unions proudly stand as solid global financial institutions aimed at improving the lives of its members by providing prudent savings and loan facilities, awards to members’ children and donations to the vulnerable,” the minister said.

In commemoration of the day, credit union members throughout the world are called on to take the opportunity to reflect on the movement’s history, celebrate and promote its achievements; honour those who have dedicated their lives in service to the growth and development of the movement; and recognise the hard work of its many workers and volunteers.

“Many people would not have been able to afford their own homes, vehicles, start new businesses or attend school without the help of their credit unions. In some areas of the world, people would have no access to financial services without being a member of a credit union. Looking beyond our local community helps us to recognise credit unions for the important role they play in many distressed urban and rural areas worldwide,” Minister Hamilton shared.

Credit unions were established in the 1860s, as not-for-profit financial co-operatives, providing members with an effective and viable alternative to for-profit financial institutions, whereby members are able to save and qualify for attractive loan offers, with little to no interest.

Globally, over 85, 000 credit unions exist, accounting for more than 274 million members across 118 countries, and providing a plethora of financial services for their members. They are recognised as a force for positive economic and social change.

In Guyana, credit unions membership have grown to over 33,000 members currently with assets standing at $8.4 billion, of which $5.5 billion are in shares; $4.8 billion are in loans and $1.4 million in reserves.

Guyana credit union membership is drawn from organisations and communities.
Guyana is a member of the Caribbean and International level of Credit Unions Assembly.

“Today, Guyana joins with the world to extend warmest and heartfelt wishes on this International Credit Union Day 2020; as we reflect on the work and positive contribution of Credit Unions throughout the world, in the Caribbean and here in Guyana. In the spirit of this day, looking beyond our local community helps us to recognise credit unions for the important role they play in many distressed urban and rural areas worldwide,” Hamilton said.

Minister Hamilton highlighted that with 2020 seeing the world being ravaged by economic decline due to the COVID-19 pandemic, the credit unions played an even more significant role remaining resilient against the commercial banks and other lending institutions, which made it hard for persons to access loans at reasonable interest rates.

“[They] generously [provide] a high-level of service to their members and demonstrated generosity to their local communities throughout this year’s COVID-19 crisis; it has set them apart from other financial institutions. Hence, credit unions are truly inspiring hope for a global credit union community,” the minister said.

“Today is a celebration of the impact credit unions have made and continue to make for their members. It is also a chance to be thankful for the lives and communities that have been improved by the movement. As Guyanese, we are happy to be a part of the celebration for the contribution made by the movement.”