BASSETERRE, St. Kitts – GENERAL Manager of the FND Enterprise Cooperative Credit Union Ltd., James Webbe is appealing to the public to adopt a strong spirit of ‘Credit Unionising’ in an effort to withstand the current economic challenges facing many countries.
Webbe said this is pertinent as he pointed out it was the Credit Union that helped many Caribbean countries in the 60s and 70s during very difficult periods.
“When the region was experiencing grave financial difficulties in the 60s and 70s, it was the Credit Union Movement that came through and helped many countries to survive,” he said. The General Manager expressed the belief that the Credit Union Movement has not died but could only survive if the public recognises that coming together is the way to go.
Giving SKNVibes Business an insight into the success of his Credit Union, Webbe pointed out that the history of FND has helped to build the one-year-old Credit Union on the principles of a strong history, philosophy, principles and values.
He declared that the region as a whole, and the Federation in particular, could overcome the challenges being faced, stressing that Credit Union helps in its members pooling their resources together.
“The Credit Union was established in the days of hardship and great difficulties, but with people pooling their resources together it demonstrated one of the identities of the Credit Union movement,” he said.
Webbe noted that he is cognisant of the benefits and opportunities that continue to exist within the movement. He said that the Credit Union caters for the small man, a group that is regularly bypassed by commercial banks.
He pointed out that the Credit Union became a strong organisation owing to the principles and values that determine credit unions.
“The Credit Union sees its members as part of its family, and the movement became strong because everyone looks out for each other. It’s not a movement that is concerned about how much you save, but rather teaching you the concept of saving,” Webbe said.
Webbe however warned that if systems were not properly implemented the movement could die. He noted that gone are the days when it was generally accepted that someone would automatically join the credit union, stressing that people today are not as keen as years gone by in joining the movement.
“The credit unions today are faced with increasing challenges and competitions as the commercial banks are competitively attempting to increase their clientele, and we as a credit union also are forced to do the same,” Webbe explained.
He added: “Maybe two or three decades ago it was customary and expected for persons to save, regardless of their income. Unfortunately, today, people are complaining that what they earn is not enough to save so it means that convincing someone about the importance of setting aside some money for times like these will continue to prove a challenge.”
The FND Enterprise Cooperative Credit Union GM explained that recognising the importance of credit unionism is very important, as the public would appreciate the benefits it has to offer. He said they have seen rapid growth since the formation of the Credit Union by FND.
Webbe admitted that the anticipated growth has already been surpassed by more than 100 percent. “We had anticipated to see a certain level of growth, but fortunately that has grown more than we had even anticipated as people continue to join.”
He stressed that it is also important that when considering saving, persons should evaluate and examine the various financial institutions with the view of banking with one that offers better rates and service.
The General Manager declared that his organisation would continue to aggressively pursue the market with a view of educating the public while encouraging persons to become members.
“Without the credit union we will continue to be faced with more challenges and difficulties. Therefore, we must recognise the importance of becoming part of the Credit Union Movement,” he said.
Noting some of the challenges that his Credit Union faces, Webbe said the financial regulators continue to look at credit unions as banks, stressing that this would further impede their plans and growth for development.
He nevertheless made his intentions clear that FND would continue to pursue the market in terms of strengthening its financial resources and membership with the view of being a sound and financially-secured institution.
Admitting that there is an urgent need to further promote and market the organisation, Webbe said part of their plans includes visiting a number of schools and various communities in an attempt to develop the credit union spirit. He said this would greatly help in promoting the movement as the better financial institution to save and advance one’s wealth.
Webbe said he is pleased that the membership of his Credit Union understands and appreciates the importance of maintaining such an organisation. He further said strengthening the Credit Union Movement is strengthening the community and ultimately the country in addressing challenging issues.
“The stronger the Credit Union becomes is the more secure a country’s future is, as it helps greatly in addressing the difficulties and challenges faced.”
Although the FND Enterprise Cooperative Credit Union Ltd. is still in a stage of infancy, Webbe declared that part of its success story has been as a result of the track record that FND had prior to becoming such an entity.
“FND was known by many and fortunately had a very good track record as a financial institution. So when it was converted into a credit union, arguing for membership has not been a major challenge…because it had already established itself as being successful,” Webbe said.
