Outgoing President of the Dominica Co-operative Societies League (DCSL) Dexter Ducreay says “significant growth momentum” has been noted in the movement’s operations on the island.
Ducreay was addressing the 59th Annual General Meeting (AGM) of the DCSL which was held on Saturday 25th April 2015.
He said at the end of the 2014, the surplus generated by the movement increased by 8.9 percent from $ 4.4 million to $ 4.795 million and its asset base grew by 9.1 per cent from $577,864 million to $ 630,432 million. He added that member credit unions also mobilized over $ 384 million in savings and deposits from a membership total of 67,105.
According to Ducreay, since May 30, 1951, when the Roseau Cooperative Credit Union first began its operations at Pack House, (which is now the location for the St. Martin’s School) the credit union movement has grown from strength to strength.
“The significant growth momentum we have all witnessed since its inception is remarkable by any standards,” he said, adding that the movement continues to impact Dominica by providing social support and educating the communities in which they operate.
However, he pointed out that despite their notable success, credit unions are experiencing some difficulties.
“The movement is facing many challenges that require addressing,” he said and identified some of these challenges as shifting regulatory issues, mobile technologies and youth membership.
To date credit unions are serviced by 231 staff and 187 volunteers.
Ducreay pointed out that with a penetration level of 96 percent from a population of 70,000 the credit union movement in Dominica is a “model and envy of many countries around the world.”
There are more than 50 persons representing credit unions, non-financial cooperatives such as the Fisheries and Home Industries as well as the Pierre Charles Secondary School, Dominica Community High, Youth Action Club (a subsidiary of the National Cooperative Credit Union in Vieille Case).
The AGM’s theme is: Reinforcing the Cooperative Principles.
I cannot link that to the PM where is this coming. People are members of their Credit Union before PM was born. I just find we like to put our dirty politics in every thing. Stupess.
The statistics as presented in the article refers to the Credit Union Movement and not the League.
Please note correction.
Thanks
Now for all those who question our blessed Prime Minister’s fiscal policies this is a shining example of who is right and who is wrong! It is because of the Honorable Dr. Roosevelt Skerrit’s aggressive economic development strategy why the NCCU can now boast of an upsurge in it’s business. The opposition and their rogue supporters, however, continue to discredit the undeniable wisdom of our great Prime Minister. The sad part about that is that they have no fresh ideas of their own that has created any personal or group wealth among themselves. Our Dear and Honorable Prime Minister, in the meantime has amassed great wealth for both Party and Country! Bless his soul.
Please read BEB’s comment below. Educate yourself a teeny, tiny bit.
In fact, you are very right wi…PM Skerritt has a MAJOR role to play in the surplus Credit Unions enjoying. It’s because our standard of living is so low in Dominica, that we have to take a loan to buy EVERYTHING we need. We’re so poor, we cannot just buy a ferry ticket to travel just to St. Lucia and shop; we must take loan.
That’s why credit unions in Dominica are so profitable. So my dear, you are very right, Thank God for Skerritt.
Lol…wat a dumb comment…
Mr. Ducreay ! You are now reporting that the league of what you are part off, has made a substantial increase in surplus to its assets. That’s sounds good. A business that is not making increase to its assets is no business at all. Do you know that came about by me and others paying high interest rates to our loans, receiving minimal dividends to our savings and fixed deposits. Knowing of the high inflation rates to the cost of living, you and the other members of the Board could reach some amicable solution to award a little interest on the share holders dividends, their savings and fixed deposits and lowering the rares on loans, by this the share holders and members will be happy and you also will be happy, stop bleeding the members I thank you.
Nice pic. Like the decor.
I joined the credit union at the now Convent Primary as a student I start by saving 50 cent weekly I am still a member. All this started with nuns of the Catholic Church . Bashers remember alot of good was done and promoted by our church. Thank God.
Hay DNO a little info and education if you please. Tell us. In the credit union business, what is surplus and is it a good thing. From what little I know of business and economics in general, I understand that surplus in some instances can be a sign of a weak, apprehensive management approach in which resources are accumulated and go under utilize. In full view of the present Dominican economy what does this increased surplus really mean. Enlighten us if you will. Thank you.
Is the report on the Dominica Cooperatives Society or National Cooperative Credit Union, the highlights only speak of NCCU. There are other credit unions working hard and I believe the agenda of some to nationalize to one credit union, headquartered in Roseau is centralizing something the grew off the backs of poor working people, esp. those in the countryside who may not want to be in this large organization. The single credit union thought takes away the root in the communities that built the credit union movement in Dominica.
This model works soon it will be 100 percent patapisition , we can get things done if we all speak the same language and take charge of our destiny. Every other area of our life should be modeled after the Dominica credit union. Production of food, exporting of product, self sufficient in every area of our life. We can be proud of our achievement, lets blow the trumpet on the mountain top. And we did not need Skerritt help, we did it all on our own. Now we have to use our money to create jobs and industries like big chicken, rabbits, hog, and fish farms. The same people who run the credit union can tell us what to do. You dont need to beg Government for help, thats called begging and singing for your supper.