National Credit Union for TCI gets Funding  

By Dana Malcolm 

Staff Writer 

#TurksandCaicos, March 2, 2023 – A National credit union for the citizens of the Turks and Caicos Islands is one step closer to fruition as the funding for the financing institution was approved in Cabinet on February 22nd according to government updates.

The need for its swift establishment cannot be overstated; credit unions tend to have better interest rates and more flexible payments than banking institutions, and according to the Caribbean Confederation of Credit Unions (CCCU), are responsible for more than $5 billion worth of loan financing in the region as of 2020. But as no unions have been established in the TCI residents are not benefitting.

The push for a National Credit Union comes four years after the legislation allowing credit unions to be established in the country became law (in 2019) after initially being approved in 2016 under the former PNP administration.

The cash for the proposed union will come from a to-be-established ‘Citizens Empowerment Fund’ held for all Turks & Caicos Islands Status Holders and British Overseas Territories Citizens, TCIG explained. A lump sum grant from the government will be held in the National Wealth Fund until the Credit Union is operational and membership will be offered to the public.

The government also joined the World Council of Credit Unions (WOCCU) in 2020 under the PDM Administration in an effort to stimulate the creation of local credit unions. So far no unions have been established in the country.