There is light at the end of the tunnel

.

Introduction

The establishment of a credit union in the Turks and Caicos Islands is expected to become a reality this year pending approval of the application by the Financial Services Commission.

This has been a very long process as the Ordinance for the Credit Union was passed in August 2016 when our Current Premier, Hon Washington Misick was the Minister of Finance and Hon. Rufus Ewing was Premier at that time. However, the regulations to affect the Ordinance did not take place until 2019 during the reign of Hon. Sharlene Cartwright-Robinson.

Step by Step, we are getting there

A group of individuals formed a committee in 2019/2020 to explore the establishment of a credit Union. Our credit union effort failed because it required more time than committee members, who were all fully employed, could give. We needed a full-time coordinator.

Anyway, all hope was not lost because in January 2023, the Government put a tender out for the consultancy for the operationalization of a credit union. That tender was successfully won by The Central Finance Facility, a cooperative of Credit Unions in Trinidad and Tobago. The consultant was on the ground and had meetings in Grand Turk, South Caicos and North Caicos.

To effectively implement consultancy for a credit union, the Government must establish a project implementation credit union.

In February 2025, the Government appointed members to the Project Implementation Committee.

Project Implementation Committee

The Project Implementation Committee comprises of a cross section of people from the Private and Public Sectors. We meet twice a week, and much progress is being made and so we are very close in establishing a credit union in the TCI.

The Operation of the Credit Union

For the record, the Government will not be operating the Credit Union. The Government has started the process to ensure that the credit union gets off the ground. They have further assisted the process by budgeting $7.5million for the operationalization of the credit union which will provide $500 for each member.

The credit union will be headed by a Board who will be selected by the members of the Credit Union, not the Government. The project implementation Committee is not the Board.

Anyone who is 18 years old and is a Turks and Caicos Islander or ordinarily a resident of the Turks and Caicos Islands can join the Credit Union.

The great news about the establishment of a credit union in the Turks and Caicos is that there will be multiple branches throughout the islands in TCI thus giving the residents particularly those in North Caicos and Middle Caicos, an opportunity for physical access to a financial institution.

Conclusion

As you can read from this article, the creation of a credit union has been a nine-year-long journey. We are optimistic that the credit union will be operational this year.

Though progress seems slow, we must persevere and find ways to change the status quo. The opening of the credit union will provide benefits for everyone involved.