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Caribbean Credit Unions Climb Out of COVID

Economic recovery and rebuilding is particularly difficult for credit unions in the Caribbean.

By Charles Toutant | June 19, 2020 at 09:00 AM
central america landscape map Source: Shutterstock.

In the Caribbean, where credit unions have a 65% penetration rate, leaders of those institutions have been coping with economic and governance challenges presented by COVID-19.

Rebuilding a regional economy hit hard by the pandemic, as well as supporting credit union members who lost their jobs, was on the agenda at a recent webinar held by the Caribbean Confederation of Credit Unions. The event, “Credit Unions & COVID-19: The Regional Response,” featured leaders from several member associations of the Caribbean Confederation of Credit Unions (CCCU), which represents 212 credit unions with 2.4 million members in 17 countries. The group’s members have assets of $6.2 billion, a loan book of $4.2 billion and savings of $5.2 billion (in U.S. dollars).

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