BASSETERRE, St. Kitts – GENERAL MANAGER of FND Enterprise Cooperative Credit Union, James Webbe told SKNVibes Business in an exclusive interview that the financial organisation would be aggressively promoting the movement in schools within the Federation.
Webbe pointed out that investing in educating the Federation’s students on the benefits and opportunities available in being a part of the Credit Union is what his organisation would do. He said the Credit Union is facing stiff competition from commercial banks because many people have chosen to save and do business with those institutions. He also said that it is important for children to better understand what the credit Union Movement is all about.
“Gone are the days when it was automatic that children joined the Credit Union, as the culture 15, 20, 25 years ago meant that people would have been part of the Credit Union. However, today, with all the competition being offered by the commercial banks the Credit Union Movement is facing serious and intense challenges in remaining competitive and viable,” he said.
Webbe claims to foresee the Credit Union’s survival amidst the many challenges and difficulties being faced. He said the Credit Union has been around for decades and it would remain that way, while explaining that the difficult economic times have helped with its growth and development.
The General Manager declared that as the Federation joins the rest of the world in confronting the economic crisis, saving is what his organisation would promote.
“A number of commercial banks are offering loans during this period, but what we at FND Enterprise Cooperative Credit Union is offering is an opportunity to save, as prudent spending during this period is critically important,” he said.
He noted the importance of cooperatives, stressing that it helps in many ways when people come together to save and look out for each other.
“The Credit Union Movement continues to be a very strong financial institution because of the principles upon which it was built. We can only survive the current difficulties that we are faced with by applying the principles of the Credit Union Movement,” he said.
The Credit Union stalwart stressed that he would like parents, community leaders and others to impart the importance and benefits of savings, especially when taking into consideration that the financial and economic challenges have far reaching effects.
Webbe said he intends to lead the charge, declaring that he would be visiting a number of schools to hold discussions with the students to better promote Credit Unionism.
“While I would like every child to have an account at my Credit Union, that is not my primary goal, as I am more important in ensuring that each child can understand what the Credit Union Movement is all about and how they can benefit by being a part of it. They can save wherever they choose to, but getting them to know that being a member of a credit union pays, is my primary objective,” Webbe said.
The GM said that his organisation would be honoured in assisting with promoting the Credit Union Movement. He noted that his organisation would continue to play its part in educating the public on the Movement, stressing that churches, community, social and other groups would be visited as they seek to get the message of Credit Unionism to all.
Highlighting some of the critical issues that affects the Credit Union Movement, Webbe said the issue of regulations has become topical since the current economic meltdown.
“I have been saying that we need to understand that credit unions have always had internal regulations and operate by the prudential international standards that were set up by the World Council of Credit Unions, which is across the board for all credit unions,” the General Manager said.
He pointed out that his organisation is cognisant of the fact that governments within the region have begun ‘turning their eyes’ to see what is happening within the credit unions in an effort to see if sufficient regulations are in place. He noted that because the Credit Union Movement is guided by strict regulations, they are able to weather the challenges.
He declared that the Movement does not wish to be regulated in the same way that banks are. “It must be noted by all that credit unions are different financial institutions and therefore attempts are being made so that governments and other stakeholders understand that we are a unique organisation. That is what we at FND Enterprise Cooperative Credit Union have been and will continue to preach,” he said.
Webbe further noted that with the growing financial and economic difficulties, his organisation would continue to promote it as being the financial institution of choice, adding that it should also be the credible alternative.
“We at FNDECCU have a responsibility to promote the organisation as the financial institution of choice. And let me stress that the Credit Union should also be seen as a credible alternative.”
