Credit unions empower individuals to build wealth, strengthen local economies and create a more resilient and inclusive financial system says Prime Minister, Dr. the Most Hon. Andrew Holness.
“In today’s world, where access to financial services can determine whether a family thrives or struggles, financial inclusion is more than a policy goal; it is a necessity. Credit unions have emerged as a transformative force in this mission, providing affordable and accessible financial solutions to those often overlooked by traditional banking institutions, by offering fair credit, saving opportunities and financial education,” he said.
Prime Minister Holness was speaking recently during the official launch of Infiniti Co-operative Credit Union Limited at the AC Hotel by Marriott Kingston.
He noted that in Jamaica, where approximately 23 per cent of the population remains unbanked or underbanked, credit unions play a critical role in providing financial services.
“They provide access to affordable credit for farmers and entrepreneurs. They provide savings and investment opportunities for individuals and families, and they provide financial literacy programmes that empower members to make informed decisions.
“By offering these services, credit unions help to break the cycle of poverty, create opportunities for upward mobility and foster economic resilience in communities across the island,” Dr. Holness said.
He informed that Jamaica’s credit unions collectively serve more than one million members with total assets exceeding $194 billion, while pointing out that they offer a nurturing alternative to the formality of traditional banking establishments.
“The credit union movement has grown into a cornerstone of Jamaica’s financial landscape, evolving from 96 dispersed credit unions in the 1970s to the strong consolidated 23 institutions we have today. The movement has weathered storms, embraced change and remains steadfast in its mission to serve,” the Prime Minister further stated.
Jamaica’s first credit union was established in 1941.
Infiniti is a merger of EduCom Co-operative Credit Union Limited and Gateway Co-operative Credit Union Limited.
A credit union is a non-profit financial cooperative institution, which is owned and controlled by its members.
They provide a safe and convenient place for members to pool their money and save in order to obtain loans and other financial services at competitive rates.