10% increase in surplus to $396 million

Community and Workers of Jamaica Co-operative Credit Union managed to attain a 10 per cent increase in surplus of $396 million for 2020, despite the onslaught of the COVID-19 pandemic on the credit movement in Jamaica.

The board and management of Jamaica’s only listed credit union described this feat as remarkable, given COVID-19. Surplus for the quarter ended December 31, 2020 was $134 million, representing an 11 per cent decrease relative to the corresponding period for 2019.

The board and management pointed out that as the world continues to be arrested by the evolving effects of COVID-19, the resulting new norm of doing business has challenged Community and Workers of Jamaica Co-operative Credit Union to continue to deliver and exceed the expectations of its members and other stakeholders.

Moratorium necessary to provide reprieve to members

According to the board and management, “the Credit Union remains resolute to continue to deliver on its mission of enhancing the well-being of our Members through innovations, efficiency and responsible stewardship. Our members in various sectors namely transport, agriculture and tourism continue to be negatively impacted by the pandemic”.

The board and management contend that the current moratorium has provided the necessary reprieve to ease the burden on the affected members. “The Board and management have assessed the financial implications that may result as the moratoriums expire and is confident that the Credit Union remains resilient in its response,” read a section of the director’s report to shareholders.

Community & Workers of Jamaica Co-operative Credit Union is considered Jamaica’s leading credit union with 21 branches islandwide. clientele includes past and present employees of the Marine and Allied Industries and their relatives, also past and present employees for Desnoes & Geddes Ltd. Employees of other registered co-operatives current and former employees of LIME, C&WJ, Telecommunications of Jamaica and JAMINTEL.

The credit union offers a wide variety of savings and loan options to its members, boasting some of the most attractive interest rates on the market. Members obtain free life insurance on saving and loans, quick turnaround time on loan processing, and up to 100 per cent financing on motor vehicle loans.

The new and improved online banking system allows for faster transfers to commercial banks, faster posting of salaries, and wired transfers between local financial institution.