Roseau, Dominica December 11, 2023: The Dominica Cooperative Societies League Ltd. has submitted on the behalf of the Credit Union Movement, a proposal to the Minister of Finance regarding the submissions made to the Parliament with respect to the enforcement of licensing for Credit Unions.

The sector’s communique to the Minister of Finance presented an alternative mechanism which would see the Credit Unions contributing to the regulatory oversight budget in a more equitable and progressive manner, taking into consideration the size and financial performance of the Credit Unions among other areas.

The General Manager of the DCSLL, Mr. Phoenix Belfield highlighted that “the proposal is a result of a coordinated and negotiated common position of the Credit Unions in Dominica attending to their individual size, capacity, ability and balance sheet strength. A comparative analysis at the regional level was also made to better inform the Government of the rationale for said position among other factors.”

Credit Unions in Dominica are Financial Institutions regulated under the Cooperative Societies Act by the Financial Services Unit and was formed for the purpose of promoting thrift between members and has been providing them with access to low-cost credit for almost seven decades. Credit Unions put these characteristics to work every day by serving all of their members, including those of modest means.

The Credit Union Movement in Dominica is comprised of six Credit Unions namely: St. Mary’s Cooperative Credit Union Ltd., Grand Bay Cooperative Credit Union Ltd., West Coast Cooperative Credit Union Ltd., Marigot Cooperative Credit Union Ltd., Central Cooperative Credit Union Ltd. and National Cooperative Credit Union Ltd.

The Dominica Cooperative Societies League Ltd. is the Apex body for Cooperatives in Dominica and has been serving the sector since 1957 through advocacy, training, governance and strategic support.