The shareholders of EduCom Co-operative Credit Union and Gateway Co-operative Credit Union have given their respective approvals for the amalgamation of the financial institutions. 

Following months of discussions and due diligence, the shareholders cast their votes on the merger in separate meetings.

The members of Gateway voted for the merger on Thursday, April 18, while those from EduCom approved the resolution Thursday, April 25, at the Jamaica Conference Centre in downtown Kingston.

“This event is seen as an historic moment in the Credit Union Movement, as it is the first time that a Credit Union from the East is being merged with one from the West. Under the credit union movement’s rules of association there were no common bonds between members of Gateway and EduCom Credit Unions, as they live and work in separate parishes,” a joint release from the credit unions outlined.

Headquartered in Montego Bay, St James, Gateway Credit Union operates two branches in that parish  — one on Church Street and another at Fairview  — and the others in Falmouth, Trelawny, and Lucea, Hanover.

EduCom Credit has eight branches across Jamaica in the parishes of St Andrew, St Catherine, St James, and Manchester.

The merger is expected to be completed by year-end and a new entity should emerge come January 1, 2025, operating under a new name. The joint entity will boast assets of over $28 billion and will operate from 13 locations, with over 200 members of staff serving a membership of over 174, 000 Jamaicans. 

The credit unions have indicated that their members will benefit from having a wider array of financial services and improved service delivery channels powered by technology.

Both the president of Gateway Co-operative Credit Union, Reverend Glenroy Clarke, and the president of EduCom Credit Union, Hector Stephenson, have endorsed the merger, calling it “ an exciting journey for both credit unions”.

The name of the new entity will be decided by the membership of both credit unions through a “ Name It” competition set for launch soon.

The merger of Gateway and EduCom Credit Unions will reduce the number of credit unions in Jamaica to 24.