Turks and Caicos Islands Government has joined World Council of Credit Unions as an associate member to initiate the development and introduction of credit unions to its people.
A British Overseas territory with its own system of self-governance, Turks and Caicos passed a suite of 2019 legislation that permitted the licensing of credit unions in the country for the first time. The Turks and Caicos Ministry of Finance then sought and was approved for membership with World Council, which will allow it to access World Council's best practices in credit union development and networking.
“We believe that a relationship with WOCCU will afford the Government an opportunity to achieve, as WOCCU describes it: ‘the self-sustainable development of credit unions and other financial cooperatives…to empower people through access to high quality and affordable financial services’ within our country,” said Turks and Caicos Premier Sharlene Cartwright-Robinson.
Many businesses operate informally in Turks and Caicos, as both entrepreneurs and immigrants find it difficult to access financial services though banks.
“World Council believes all people should have access to affordable, reliable and sustainable financial services. We have been developing credit unions across the globe for nearly 50 years and we welcome the opportunity to help Turks and Caicos establish financial cooperatives that work for everyone,” said World Council President and CEO Brian Branch.
Turks and Caicos becomes the 19th Caribbean island jurisdiction with a World Council member. A full list of World Council members can be seen here.