CHARLESTOWN, NEVIS (March 10, 2017) -- The Nevis Cooperative Credit Union (NCCU) has concluded a highly successful vehicle loans promotion that has helped young people to not only own cars, but to also improve their credit history.
A director of the Nevis Cooperative Credit Union, Mr Vernel Powell, has also advised that the vehicle loan promotion which ran for five months had the intention to increase the credit union’s market share.
“Its (promotion) intention was to increase our market share with very profound consideration to our changing demographics,” said Mr Powell who spoke on behalf of the credit union’s President Mr Collin Walwyn and the Board of Directors at a function held on Thursday March 9 at the credit union’s Ingle Blackett Building in Charlestown.
“But our great thought was that it gives young people a chance to establish credit because the world in which we live if you do not have credit or a good credit rating you do not get very far. Every place you go to get a loan they want to know about your credit history and so the Credit Union has played its part in ensuring that young people establish a financial purpose and we now call on those persons to play their part and repay their loan in a timely manner.”
Director Powell added that he wanted to impress on all those who would have gotten the loans to purchase the vehicles that the Credit Union staff and the Credit Union Board and Committees were not only concerned with just giving the money to get a nice vehicle, but were cognisant of the freedom of owning a vehicle would bring and for one to get away from the hassle of public transportation.
“This is strictly about buying and selling money,” advised Mr Powell. “So if you do not pay your loan and pay in a timely manner other persons are not in a position to benefit in the way you did. We are grateful to have you as new members because for the Credit Union to thrive you must have new members.”
NCCU’s General Manager, Mr Sydney Newton who chaired the proceedings, noted that the vehicle loan promotion which had commenced in October 2016 and ended on February 28, 2017 had been facilitated by the Board of Directors by way of policy changes that enabled persons in the community, younger persons and potential members to become members and access loans for vehicles through attractive terms and conditions.
“We are particularly pleased that a number of young persons took up the offer and became members of the credit union and have since owned their own vehicles,” noted Mr Newton. “I am pleased to report that the promotion was highly successful, and generated over 200 new loans for the five-month period that it existed.”
He acknowledged the hard work of the Loans Department staff who carried the load of the promotion and also acknowledged staff of the Operations Department who were responsible for signing up new members and for activating the accounts of dormant members, many of whom benefited from the promotion.
“All the stakeholders who participated in the vehicle promotion have contributed immensely to its initial success,” said Mr Newton. “So I would like to encourage the beneficiaries to protect the assets that you have gained through the credit union’s programme and initiative and to keep close to your Credit Union for the next promotion.”
All persons who took part in the vehicle loan promotion had their names entered in a box and a raffle was held to determine the winner of an all-expense paid ticket to attend the 60th Annual Convention of the Caribbean Confederation of Credit Unions (CCCU) that will be held in Varadero, Cuba, in the period June 16-21.
General Manager of the Caribbean Confederation of Credit Unions, Mr Ralph Wharton who was present, pulled the winning name with the assistance of NCCU’s Internal Auditor Ms Zahvelisia Claxton. The winner was 22-year old Mr Davin Ellerson Smithen of Stoney Grove, Nevis.
“The Annual Convention of the Caribbean Confederation of Credit Unions is the premier event in the region for education, for networking, for allowing Caribbean credit unions primarily to be able to speak to one another,” said Mr Wharton.
“The members are able to see what is new in terms of development, the programmes, the processes, so when they come back to their places of domicile they are better able to activate the membership both current and the potential, and also to ensure that the credit unions in the region play a more dominant role in terms of their economic development.”
He hoped that the Nevis Cooperative Credit Union would take the opportunity to not just look at what had happened (vehicle loans promotion) but to go beyond demographics and to ensure that they devise a programme on for every individual member based on his or her stage in life to ensure that it can truly become the member’s financial partner from the cradle to the grave.
Present at the function included Mrs Cherrill Barrett-Field, NCCU Secretary; Mrs Catherine Forbes, NCCU Treasurer; Ms Julet Chiverton, Administrative and Human Resource Manager; Ms Lauren Pemberton, NCCU Marketing Consultant; Mr Ken Williams, Loans Manager; Ms Earther Scarborough, Senior Loans Officer; Mr René Smithen, Compliance Officer; Mrs Erica Mills, Loans Administrative Assistant; Ms Tamalyn Vyphuis, Loans Officer; and Mr Julian Nisbett Jr, Information Communication Technology Officer.
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