Transcribed Remarks by the Prime Minister and Minister of Finance
Hon. Dr. Terrance Drew
Credit Union Week
Saturday 14th October 2023
My fellow citizens and residents,
It is with immense pleasure that I declare the opening of Credit Union Week on this historic 75th Anniversary. This week is not only a celebration of the achievements and progress made by our credit unions locally and across the globe, but also a moment to reflect on the values they uphold – solidarity, community, and financial inclusion.
This year’s theme, ‘Digital Transformation for Financial Inclusion,’ arrives at the perfect moment, striking a chord of utmost relevance and urgency. In an era where technology has become an integral part of our daily lives, it is imperative that our financial institutions keep pace. This theme underlines the commitment of our credit unions to not only adapt to this digital age but also to lead the way in ensuring that every member of our community has access to the tools and opportunities they need to thrive. It is imperative that we collaborate to devise innovative ways to accomplish this.
The St. Kitts Nevis National Cooperative League Ltd. has been a cornerstone of our nation’s financial landscape. For decades, it has played a vital role in fostering economic empowerment and social development. Through prudent management, innovative programs, and unwavering dedication, the League has facilitated countless dreams and aspirations, turning them into tangible realities for our citizens.
In the Federation of St. Kitts and Nevis, there are four operational credit unions: the St. Kitts Co-operative Credit Union, the Nevis Co-operative Credit Union, the Police Co-operative Credit Union, and the First Federal Credit Union. Each one plays a pivotal role in the economic fabric of Saint Kitts and Nevis, embodying the essence of community empowerment and financial inclusivity.
As member-owned financial cooperatives, they provide a vital alternative to traditional banking institutions, offering accessible savings, loans, and other financial services to individuals and small businesses. Particularly in a nation characterized by its close-knit communities, credit unions serve as engines of local economic growth, channeling funds back into neighborhoods and fostering self-reliance. Moreover, you have demonstrated exceptional resilience in times of economic turbulence, standing as steadfast pillars of stability and support for your members.
Through your unwavering commitment to democratic financial practices and community development, credit unions continue to be linchpins in Saint Kitts and Nevis’ journey towards economic prosperity and inclusive financial well-being for all.
Today, as we celebrate your incredible contributions, we also look to the future. The digital transformation of our credit unions will not only streamline operations but also enhance accessibility and efficiency for all members. With the advent of online services, mobile banking, and digital lending platforms, we are breaking down barriers and reaching even more citizens, especially those in remote areas.
In this Government’s vision of the future, credit unions will stand as trailblazers, boldly embracing innovation and redefining the landscape of financial services. These institutions will not only remain steadfast in delivering crucial financial support but will emerge as guiding lights of knowledge, empowerment, and enduring economic prosperity for countless generations.
Now is the time for action. Let us harness the transformative potential of technology to usher in an era where no one within our community is left in the shadows. Together, we are authors of a groundbreaking narrative on the extraordinary journey of credit unions, as we chart an unwavering course towards unparalleled financial inclusion. Join us in shaping a future where prosperity knows no bounds!
Thank you and let us embark on this 75th Credit Union Week with renewed vigor and determination.
May God continue to bless your organizations and our beloved Federation.