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JAM | Jun 5, 2024

With an aging membership, JCCUL goes after young professionals

Josimar Scott

Josimar Scott / Our Today

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Reading Time: 3 minutes
Jamaica Cooperative Credit Union League President Andrea Messam

The Jamaica Cooperative Credit Union League (JCCUL) is on a drive to attract a younger demographic to its membership, citing an aging pool of shareholders within the local movement.

President of JCCUL Andrea Messam, at the organisation’s convention in Trelawny last weekend, revealed that the average age of the membership stood at 55 years old as of December 2023. This she disclosed during the NexGeneration Youth Congress.

“Do you therefore see how crucial it is for us to engage you at this time?” she asked, adding: “We need a fresh perspective that brings innovative ideas to drive growth and maintain a competitive edge.”

Messam noted that as credit unions face a rapidly evolving business landscape, they will also have to deal with a highly competitive industry in which financial institutions are vying for a shrinking share of the market. She said that Jamaica’s gross domestic product growth is projected to remain flat for 2024/2025, adding context.

Audience members are engaged in the presentations during the NextGeneration Youth Congress, an event that formed part of the Jamaica Cooperative Credit Union League Convention last weekend in Trelawny.

With this in mind, the JCCUL president urged credit unions to “engage the next cohort of leaders for the movement, though pointing out that the JCCUL has been “fortunate to have attracted such promising young talent”.

Another challenge Messam raised was the erosion of trust between the general public and financial institutions.

While highlighting that such challenges will require a strategic and proactive approach to ensure the continuity and growth of the credit union movement, Messam shared, “In response to these pressing issues, we aim to implement increased engagement strategies and programmes to attract a younger membership and transitioning youth savers to eventual members.”

She added that the JCCUL is now looking to its young professionals to take the lead in strategising and executing plans that will help credit unions attract other young members and grow.

Participants at the JCCUL NexGeneration Youth Congress pause for a photo.

“You understand the needs and aspirations of younger members better than anyone. As the next generation of leaders in the credit union movement, you possess the energy, creativity, and drive to navigate these challenges and seize the opportunities that lie ahead,” she stated.

Call on NeXGeners to “BE THE CHANGE”, Messam asserted that leadership from young people was not only needed within the credit union movement, but also at the national, regional and global levels.

Referring to the JCCUL Convention, she emphasised that such an opportunity for networking will allow NeX Generation Leaders to work with other talented credit union professionals to be a force for good in the world.

“As a NexGen Change Maker, you will also have the chance to participate in regional and international programs.  These programmes, such as the Caribbean Development Educator Programme, commonly known within the movement as CaribDE, and the World Council’s Young Credit Union Professionals programme or WYCUP, offer invaluable learning experiences, showcase the interconnectedness of our movement and the strength we derive from working together,” the JCCUL president said.

By being here today, you are pledging to be part of this global community of credit union professionals. You will have the full backing of the Credit Union Movement as you go out into the world and execute your strategic plans,” she added.

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