Credit Unions thriving despite global economic crisis
Share Share 205 Views no discussions Share Sharing is caring! LocalNews Credit Unions thriving despite global economic crisis by: Dominica Vibes News – March 20, 2015 Tweet President of the CCCU, Aaron MosesThe Caribbean Confederation for Credit Union (CCCU) continues to experience growth despite global challenges, as a result of the unique structure of the organization, its president Aaron Moses has said.Moses revealed at a press conference which commenced the first of its co-quarterly meeting in Dominica on Thursday 19 March 2015 that the policy that guides the organization attributes to its success, while other financial intuitions worldwide face severe challenges, including closure. “One of the critical values of the credit union movement is that we are community oriented, we actively participate and contribute to the growth and development of our community, primarily because we mobilize local resources to be used locally, so our unique proposition and difference is that we are not owned and driven by external decision”. “We are community centric and hence the reason you do not see credit unions disappearing and withdrawing services from our communities as you recognize have been happening by other financial institutions,” Moses explained. He added that the credit unions worldwide have been achieving growth, even during the economic crisis, which is based on broadening its relationship with the community. The movement throughout the Caribbean, during the last decade, has been achieving in excess of five percent continuous growth with its membership now at 2.2 million. “The very existence of the credit union movement owes itself the similar type of economic circumstances. It was in the midst of very deep economic worldwide recession where the poor was finding it extremely difficult to survive and to access the financial services available that gave birth to the movement,” he said. The union, which is not profit but service driven, has become more sensitive and responsive.“So rather than run away from economic challenges, we go in the opposite direction because we solve people’s problems,” Moses noted.