Press Releases

International Credit Union Day 2019 President's Message

Hally Haynes

Fellow credit unionists, members and supporters of the wider co-operative family, it is my distinct pleasure and an honour to address you on the occasion of the celebration of International Credit Union Day (ICU) 2019.


As you are aware, since 1948, International Credit Union Day has been celebrated on the third Thursday of October. On this day, Credit Union members throughout the world take the opportunity to reflect on the Movement’s history, to celebrate and promote its achievements, to honour those who have dedicated their lives to the growth and development of the Movement, and to recognize the hard work of the many workers and volunteers in the sector.


This year’s theme for ICU Day “Local Service. Global Reach” is indeed reflective of the impact of credit unions locally, regionally and internationally. During the last year, there has been significant growth in the movement in terms of assets, deposits and loans.  In addition, many members have deepened their relationship with their respective credit unions by doing more business.  Whilst, we welcome the increase in business, credit unions have to ensure that their financial architecture is robust enough to meet the international financial regulatory standards.  To this end, as a movement, we have enhanced our anti-money laundering regime not only to satisfy local regulators but to meet international standards.  In the coming weeks, in association with one of our strategic partners, we will be rolling out internal audit and compliance services to the credit unions, which will among other things strengthen the robustness of our credit union systems and processes.


In addition, during the second quarter of 2020 the Barbados Co-operative & Credit Union League Limited in association with CAPITA Financial Services Inc. will be providing members of the sector with a suite of transaction services including international debit card and foreign exchange services, which will expand the service offerings of credit unions in Barbados.  This new generation of services will allow participating credit unions to provide their members with banking-type services, without leaving their credit unions. This will provide sustainable competitiveness in the financial services arena, to the benefit of all.



The success of the credit union movement in large measure can be attributed to the quality of service provided by our loyal and trusted staff members, along with the many volunteers.  They go beyond the call of duty to ensure that the interest of our members is always paramount, in the provision of affordable financial services.  In addition, to the provision of financial services, credit unions also play a critical role in facilitating social goods and services as well as empowering the communities they serve.


As we celebrate international credit union day, I would like to use this opportunity to salute our committed volunteers and valued employees for staying true to the credit union philosophy of “people helping people”, I implore all of you to continue to let excellence be the norm as we seek to meet and surpass the financial needs of our members.


Comrades, it gives me great pleasure to publicly announce that after a decade of lobbying the Government of Barbados to have a seat on the Social Partnership in our own right, we have achieved success!  I am delighted to announce that the Prime Minister of Barbados, the Honourable Mia Amor Mottley on Monday the 14th October 2019 at the meeting of the Social Partnership formally welcomed the Barbados Co-operative & Credit Union Limited as a Member of the Social Partnership.


Let me express sincere thanks and appreciation on the behalf of the 210,000 credit union members to the Prime Minister of Barbados for embracing the credit union movement as part of this important Body.  As a Movement, we give the assurance that we will continue to put the interest of Barbados first, and play our part in building a country that is fit for purpose in the 21st Century.


Happy International Credit Union Day 2019!



Mr. Hally Haynes


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