Four credit unions on the island have been formally amalgamated with the Roseau Cooperative Credit Union to form the National Cooperative Credit Union (NCCU)
A special ceremony was held to mark this “historic” achievement last night at the Roseau branch office.
The Vielle Case, St Paul, St David, La Salette credit unions have merged and are now in a better position to conduct their financial transactions, President of the NCCU Dexter Ducreay said at the ceremony last night.
“The amalgamation has enabled our members to perform transactions at any of the five branches. I am pleased to report that our members have seen the benefit of originally registered at one branch but can now do business at any of the five branches. It is therefore hoped that cooperators will further take advantage of the benefits of amalgamation,” he stated.
Ducreay said that the members of the amalgamation can also enjoy two new services from the NCCU. “I want to inform our members that among our ray of services, we have added two new ones. Number one, we’ve signed an MOU (Memorandum of Understanding) with the Central Cooperative Credit Union. That MOU enables our members to perform limited transactions at Central Credit Union. As you know, Central Credit Union has two branches – one in Goodwill and one in Portsmouth,” he stated.
“So we’re targeting that new service, in particular the members of the Vielle Case branch. They can now go to the central branch in Portsmouth and withdraw. Number Two, members can now purchase LIME top-up using the CUCALL service,” he said.
Meanwhile, Minister for Community Development Gloria Shillingford said that the amalgamation marks a truly significant milestone in the life of credit unions in Dominica. She highlighted that the amalgamations brings the new NCCU to a membership of over 36,000 members and assets of over $330 million.
Representative of the Vielle Case Branch Cletus Joseph said that the amalgamation did not come without its challenges.
NCCU awards were presented to a number of persons who contributed to the movement over the years. Recipients included Hudson Savarin (deceased) and Kenneth Richards.