NCCU implements institution-wide changes, sees ‘robust growth’

President of the National Cooperative Credit Union Ltd (NCCU), McDowill Paul is reporting an increase in the company’s membership from 51,734 at the end of 2022 to 52,628 at the end of the year in review, an increase of 894 new members or (1.72%). He presented the annual report for the fiscal period under review January 1, 2023, to December 31, 2023,  providing its achievements, operational highlights, community involvement, and strategic direction.

The NCCU held its 14^th Annual General Meeting (AGM) at the Castle Bruce Secondary on Sunday.

“It is undeniable that without our dedicated and loyal members who continue to make the NCCU their financial partner, our institution would not be where it is today,” he said. “We welcome our new members to the NCCU family, and we implore that you take advantage of the many products and services tailored specifically for your needs.”

In addition, Mr. Paul said the Member Share Capital grew to $7.1 Million as of December 31, 2023, from $6.6 Million at the end of December 2022.

“This reflected an increase of $0.5 Million (7.58%), which signifies the confidence that the membership has placed in NCCU,” he stated.

Furthermore, he said, it has been a year of excitement highlighted by the official launch of the new NCCU brand and logo.

“This is not just a logo change but an institution-wide change where we aim to take our rightful position as the leading financial institution in Dominica,” Mr. Paul stated. “We began this journey in the year by further transforming the NCCU into a member-oriented organization, providing you, our members, with the change that you so desire.”

He continued, “This includes an even stronger focus on offering excellent products and efficient services throughout all our seven (7) branches across Dominica.”

However, he indicated that despite a challenging and competitive financial environment, the NCCU has demonstrated resilience and achieved significant milestones throughout 2023, which has translated to a solid performance for the year under review.

Meanwhile, Mr. Paul pointed out that the NCCU strategic plan which was completed in 2023 and subsequently approved in 2024, focuses strongly on providing efficient member services.

“The Member Care Centre was officially opened in 2024 as one of the initiatives designed to provide prompt and efficient attention to member queries [and] throughout the year, we took action towards the manifestation of this initiative,” he explained. “In addition, we continued to focus heavily on the provision of innovative financial products as we successfully launched the Beyond the Mortgage credit facility and continued the seasonal ‘Get It Now’ loan and ‘5% Snap Mortgage’ credit facility.”

Mr. Paul further explained that their strategic initiatives have led to an unprecedented growth of $77 Million or 16.8% in our Loans Portfolio, the highest increase in the Loans Portfolio since the existence of the NCCU.

In conclusion,  he said the year 2023 has been a period of substantial progress and notable achievements, “ for our Society”. And despite the challenges posed by the external economic environment, its strategic initiatives have propelled the NCCU forward, “and we have seen robust growth and improved operational efficiency across our Branches. “

He added that the NCCU’s focus on innovation and commitment to excellence continues to drive its competitive edge, ensuring that the organization not only meets but exceeds the expectations of its members.

“As we look ahead to 2024, we are well positioned to capitalize on new opportunities and navigate any challenges that may arise,” Paul noted.

He said the Board of Directors and Management Team remain committed to upholding the highest standards of governance and accountability, with a clear focus on sustainable growth and member value creation.

“Our financial health remains strong, with significant gains in key performance indicators, reflecting the effectiveness of our adaptive strategies and the dedication of our members,” he stated.