Manager of the Dominica Co-operative Societies League Ltd (DCSLL), Phoenix Belfield has said in recent times there has been an increase in calls for a reduction in the delinquency in its loan portfolio and for corporate governance and accountability.
He was addressing a press conference held at the Garraway Hotel on Tuesday during a visit to the island by a delegation from the World Council of Credit Unions (WCCU).
“We have seen in recent times, an increase in the call for reduction in our delinquency in our loan portfolios, the increases in calls for governance, increase corporate governance and accountability,” Belfield said. “We have also seen an increase in calls for tighter regulations of the financial sector.”
He stated that this a matter of urgency in the organization that needs to be addressed systematically.
“For us we see it as a matter of urgency, we see it as a matter of need that we not only address them, but address them in a matter that is systematic, address them in a matter that is coherent with our strategic plan,” he stated.
Belfield is of the view that presently it is critically important for the League to see how it is that it can continue to play that significant role in leading nation building.
He went on to say that the League plans to place focus on enhancing the membership experience through efficiency in its service.
“For us it is really with strategic intent that we are looking to increase our role as the vanguard of the financial sector in Dominica and we are now going to be focusing on enhancing the membership experience through efficiency in our services, reducing those gaps from the time members apply for loans to the time they are paid and generally increasing financial access for our members,” he said.
Belfield believes that it is critically important now for credit unions to see how it is that they can continue to play that significant role in leading nation building.
Meantime, President and CEO of the WOCCU, Dr. Brian Branch said that Dominica credit union system stands out because it has the hightest penetration rate in the world.
He gave his word that the WOCCU will continue working with the Dominica credit union system well into the future
“We are looking forward to working with you in the challenges ahead and being partners…,” he stated.
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