Governments throughout the Caribbean region need to provide incentives as stimuli for the growth and development of credit unions, especially in these trying times.
In the early 20th century, poor persons were able to receive financial assistance from burial clubs for burying their dead. It was these burial clubs that paved the way for the establishment of the small man’s bank. The idea of sharing a common agreement encouraged members to share their common experiences, needs and goals and with time permitted them to own and operate a credit union.
In T&T, 90 credit unions were registered between 1946 and 1950. Due to their comparatively lower interest than banks, credit unions have always helped in strengthening the economic resilience of persons. Many of our nation’s credit unions still provide scholarships, books and devices to needy students.
Our Government needs to consider granting tax relief to credit union investors. This is a sure way by which every struggling citizen can be assisted and commercial activities generated. There would be a greater affordability of loans and the average citizen may be able to venture into a profitable small business. Consequently, the economy would regain its vibrancy while the credit unions are placed in a stronger position to serve.