CREDIT UNIONS REMAIN AN IMPORTANT PART OF ST. KITTS AND NEVIS’ FINANCIAL SYSTEM

BASSETERRE, St. Kitts, October 16, 2017 (Press Unit in the Office of the Prime Minister) – The Financial Secretary in the Government of St. Kitts and Nevis, Mrs. Hilary Hazel says credit unions remain an important part of the Federation’s financial system, as they continue to serve as a catalyst for the improvement of the livelihoods of many citizens and residents.

 

The Financial Secretary made those remarks while delivering an address to mark the observation of Credit Union Week and International Credit Union (ICU) Day 2017, which this year falls on Thursday, 19th October, under the theme “Dreams Thrive Here.”

 

International Credit Union Day is observed annually to reflect upon the credit union movement’s history, promote its achievements and to raise awareness about the great work that credit unions are doing around the world.

 

There are four credit unions that operate in the Federation of St. Kitts and Nevis, namely the St. Kitts Co-operative Credit Union, the Nevis Co-operative Credit Union, the Police Co-operative Credit Union and the FND Enterprise Co-operative Credit Union.

 

According to Mrs. Hazel, these four institutions have amassed an assets base in the region of EC$310 million, “with shares and deposits of EC$253 million, loans of EC$211 million and reserves of over EC$43 million.”

 

The Financial Secretary continued by saying, “This is a remarkable achievement and we hope that the credit union movement in the Federation would continue to grow from strength to strength in the coming years.”

 

Commenting on the theme “Dreams Thrive Here,” Mrs. Hazel said we in St. Kitts and Nevis “should pause as a nation to reflect and celebrate the contribution that the credit unions are making to enable many of our citizens to realize their financial and personal dreams, thus improving the socio-economic development of our Federation.”

 

A number of events are being held throughout the week in observation of Credit Union Week 2017. These events, organized by the St. Kitts and Nevis National Co-operative League, included joint church services held at the Wesley Methodist Church in Basseterre and the New Testament Church of God on Bath Road, Nevis on Sunday, 15th October.

 

A joint meeting of volunteers and managers of all four credit unions in the Federation is planned for Tuesday, 17th October at the OTI Conference Room. That meeting will be addressed by the General Manager of the Caribbean Confederations of Credit Unions, Mr. Ralph Wharton.

 

The four credit unions will also host independent activities throughout the week that will seek to educate and show appreciation to their members.

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