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The Community & Workers of Jamaica Co-operative Credit Union Limited on Half-Way-Tree Road in St Andrew, Jamaica (Photo: Jamaica Observer)

C&WJCCUL listing on Ja Stock Exchange among changes to reposition credit union

The Community & Workers of Jamaica Co-operative Credit Union Limited on Half-Way-Tree Road in St Andrew, Jamaica (Photo: Jamaica Observer)

Many would agree that the name ‘Community and Workers of Jamaica Co-operative Credit Union Limited’ (C&WJCCUL) is a mouthful.

With this in mind, last Friday, during the listing ceremony for CWJCCUL’s 450 million Series A 7.35 per cent variable-rate deferred shares, the institution’s CEO, Carlton Barclay, announced that the financial institution would soon begin a process of rebranding — including a possible name change.

Jamaica Stock Exchange Managing Director Marlene Street Forrest speaking during the listing ceremony of Community and Workers of Jamaica Cooperative Credit Union Limited 7.35 per cent Series A variable-rate deferred shares on Friday, July 31, 2020.
(Photo: Karl McLarty/Jamaica Observer)

Advancing the credit union movement

This move by the credit union forms part of a series of changes to reposition the financial institution and re-energise the credit union movement.

“The future is bright for C&WJCCUL and the credit union movement. We recently launched our [prepaid] Mastercard to our already competitive suite of products, which include internet banking portal and mobile banking app,” Barclay pointed out, adding: “We intend to launch a rebranding campaign soon and are even considering a name change.”

“When all is said and done, the vision of the C&WJCCUL is to be the financial service provider of choice for stakeholders in the communities and industries here in Jamaica and the Diaspora …”

— Carlon Barclay, CEO, Community & Workers of Jamaica Co-operative Credit Union Limited

CWJCCUL also recently introduced an individual retirement scheme for self-employed individuals and operators of micro, small and medium-sized enterprises.

A strong foundation

With JM$17.8 billion in assets under management, C&WJCCUL is the largest credit union in Jamaica.

The CEO, in his delivery, therefore, strongly defended the institution’s financial performance. He noted that it is well capitalised, even without the listing of the deferred shares, and has met liquidity and capital requirements.

Chief Executive Officer of Community &Workers of Jamaica Co-operative Credit Union Limited Carlton Barclay (File photo)

Furthermore, he asserted, the credit union continues to post growth in both assets and profits in the context of a contracting economy due to the coronavirus pandemic.

“When all is said and done, the vision of the C&WJCCUL is to be the financial service provider of choice for stakeholders in the communities and industries here in Jamaica and the Diaspora, and we are on the journey to fulfilling that vision,” Barclay said.