Credit Unions flex the muscles of local finance
In a nation whose economy is subject to a high degree of foreign penetration, Belize’s credit unions stand out as a bastion of local ownership and control. This morning credit unionists from all over the country gathered in Belize City for their annual convention, the culmination of Credit Union Week.
Gilroy Graham, President, Bz. Credit Union League, Ltd.
“If you would travel throughout this country and speak to a lot of people, they will tell you that the reason why they have been able to do some of the things that they have done like educating their children, caring for the sick, been able to get their dream home, purchase that car, and a lot of the things that they have been able to do is because of credit unions.”
Jacqueline Woods, Reporting
In the next two days, these credit unionists should have before them a number of strategies that will strengthen the movement in Belize… and strength is exactly what the credit union will need.
Gilroy Graham
“Some of the major challenges, Jackie, we see is one, globalisation, which is a major challenge for almost every industry in developing countries. As the barriers to trade are removed we will see more and more financial institutions coming into Belize and targeting the very same people we are trying to assist. So what the credit unions will try to do is to be able to improve and strengthen the infrastructure that we have in place so that we can continue to offer the services that we are offering to our members. At the end of the day what we are trying to do is to improve the standard the living of Belizeans.”
And more Belizeans than ever are choosing to place their faith and financial future in one of the nation’s fourteen active credit unions.
Gilroy Graham
“Basically a credit union is an organisation that involves the pooling of savings. In any society we have some people who are able to save more than others and we have some who will need loans, so we come together, pool our savings and those who need the loans go into the credit union and borrow.”
The convention is the second of its kind to take place in Belize. It’s held under the theme “Credit Unions: The Heart of our Communities.”
The two day convention, which is taking place at the Princess Hotel and Casino, features workshops on the financial management of credit unions, governance, personal money management, supervision, regulation and other subjects.
