Credit unions in Barbados are set to benefit from long-sought legislation to establish deposit insurance..
The announcement, reported in Barbados Today, was made by Kemar Cumberbatch, president of the Barbados Cooperative and Credit Union League, at the opening ceremony of the Caribbean Confederation of Credit Unions (CCCU) Annual Conference over the weekend.
Cumberbatch said the move was a historic breakthrough for a sector that has spent more than a decade advocating for stronger protection for its members.
“Since we last gathered, the global financial landscape has transformed completely, yet our core philosophy remains unshakeable: people helping people,” he added, while thanking government officials, regulators and regional partners for their support.
Credit unions in Barbados now manage assets exceeding US$1.7bn, he said, making the sector a critical pillar of financial inclusion.
However, he said the most significant development was the impending introduction of deposit insurance legislation.
The sector will now focus on securing credit union-specific legislation to further strengthen and modernise the industry.
Fnance minister Ryan Straughn also addressed the conference, urging credit unions across the Caribbean to deepen regional co-operation and invest more heavily in solutions that keep wealth within the region.
He warned that large volume of insurance premiums leave the country each year, and said Caribbean institutions should be better positioned to retain and reinvest those funds. The co-op model, he added, is one of the most effective tools for building generational wealth and creating youth opportunities throughout the Caribbean.
