Chief Executive Officer (CEO) of the National Cooperative Credit Union (NCCU) Curth Charles has hailed the signing of a Memorandum of Understanding (MOU) that facilitates shared deposit and withdrawal services between the National Cooperative Credit Union (NCCU) and the Nevis Cooperative Credit Union as “a significant step forward in enhancing the convenience and accessibility of financial services for our members across the region.”
Both sides signed the agreement at the NCCU’s headquarters in Roseau and according to Charles of NCCU Dominica, “this Memorandum of Understanding is more than just a formal agreement; it is a testament to our commitment to serving our members in the best way possible, as outlined under the five pillars of our Strategic Plan for 2023 to 2024—Pillar # 1 Excellent Member Services. By enabling members of both credit unions to conduct deposits and withdrawals at each other’s branches, we are breaking down barriers and creating a more interconnected financial ecosystem. This collaboration will provide our members with greater flexibility and access to their funds, regardless of their geographical location, ensuring that they can manage their finances with ease and confidence.”
He labeled the move “a milestone in Cooperative collaboration” and stated, “The cooperative spirit that drives the credit union movement is about collaboration, solidarity, and mutual support.”
“Today, we are demonstrating that spirit in action. This partnership exemplifies the cooperative principle of cooperation among cooperatives and by leveraging our collective resources and strengths, we are expanding our service offerings to our members. This initiative is a shining example of how credit unions can work together to achieve common goals while maintaining their unique identities and unwavering commitment to our members. As we know, the financial landscape is ever-evolving, and we must remain agile, innovative, and responsive to the changing needs of our members,” Charles stated.
He explained that this agreement will provide the following benefits to members:
- Enhanced Accessibility: Members of both NCCU and Nevis Cooperative Credit Union will have the convenience of accessing their accounts, making deposits, and withdrawing funds at any participating branch. This expanded service network is particularly beneficial for members who travel frequently or reside in the twin islands of St. Kitts and Nevis. It allows them to manage their finances seamlessly across our branches without geographical limitations.
- Improved Member Experience: By expanding our deposit and withdrawal processes, we make financial access more convenient and efficient for our members. This collaboration provides our members in St. Kitts and Nevis with the ability to access their funds held in NCCU accounts with no added fees, ensuring seamless financial management regardless of their location.
- Strengthening Community Ties: This partnership not only benefits individual members but also fosters stronger ties between our islands. By working together, we are promoting a spirit of unity and cooperation that extends beyond our borders. This collaboration demonstrates our shared commitment to supporting the financial well-being of all our members and advancing the cooperative movement across the Eastern Caribbean.
While enhancing convenience is a priority, we also recognize the importance of maintaining the highest standards of security and compliance. Both our institutions have worked diligently to ensure that this partnership operates within regulatory frameworks and adheres to best practices in financial security. Our members can be assured that their transactions are safe, secure, and compliant with all regulatory requirements.
This MOU Charles stated “is just the beginning” and they envision a future where this collaboration paves the way for even more shared services and joint initiatives that will continue to enhance the member experience.
“Whether it is through shared technological platforms, co-branded products, delinquency management, or further expansion of our service networks, we are committed to exploring all opportunities to bring greater value to our members. This initiative is the first of many MOUs that will be executed across the Caribbean region. We have already begun discussions with the St. Kitts Cooperative Credit Union, the St. Kitts Police Credit Union, Liberty Credit Union in Anguilla, Community First Credit Union in Antigua, the Public Workers Credit Union in Barbados, Ariza Cooperative Credit Union in Grenada, and two credit unions in St. Lucia. Our ultimate strategy is to connect the Caribbean, enabling our members to have full access to their funds and to make deposits, no matter where they are.”
“Members, this partnership is a reflection of our ongoing commitment to you. We are constantly seeking ways to improve our services and provide you with more convenient, secure, and accessible financial solutions. This Memorandum of Understanding is a testament to that commitment, and we are excited about the possibilities it brings. As a Caribbean region, we will continue to work together, as one cooperative family, to build a future where our members can enjoy the full benefits of accessible, reliable, and member-focused financial services. Let’s celebrate this milestone as a step towards a brighter, more connected future for all our members,” he said.
Also sharing some thoughts at the signing ceremony were Denis Garfield Manager of the Caribbean Confederation of Credit Unions (CCCU), President of NCCU Dominica McDowill Paul, and Sydney Newton General Manager of Nevis Co-operative Credit Union.
According to Newton, they began discussions on the matter back in 2019 but had to pause because of COVID. This new venture he stated is an important step in the OECS and he was “happy to be part of it and they were looking forward to a smooth and effective implementation.”