MESSAGE FROM THE DEPARTMENT OF CO-OPERATIVES
& FRIENDLY SOCIETIES
(MINISTRY OF INDUSTRY, TECHNOLOGY, ENERGY AND
COMMERCE)
The Registrar and staff of the
Department of Co-operatives and Friendly Societies
congratulate the members, volunteers, management and staff
of the City of Kingston (COK) Co-operative Credit Union Limited
on the occasion of attaining forty (40) years, as a
corporate body, providing financial services to the Jamaican
society. Forty (40) years of excellent service is a
tremendous achievement for any organization.
Our records show that since 1967, COK has withstood the test
of time and survived many challenging situations without
veering from the path that its leaders and members had
charted, with immense personal and financial sacrifices.
Those visionary decisions have propelled COK to the position
as number one (1) Credit Union within the Caribbean, with
membership exceeding 199,000 individuals, savings of $5B,
assets of $6B and a loan portfolio of $4.3B. The Credit
Union’s operations have remained viable while generating
quality products and services to its members. Undoubtedly,
that is a testament to the level of discipline and prudence
displayed by its management and staff over the years.
The financial services sector has become very competitive,
with a convergence of the products and services on offer.
Therefore, it is imperative that COK’s management and staff
remain cognizant of the new paradigm wherein Credit Unions
operate and recognize that differentiation by quality will
be the means by which competitive advantage is achieved,
rather than by common bond as we have grown accustomed to,
within Credit Unions.
Gone are the days when Credit Unions could command the
patronage of individuals solely on the basis of where they
live or work, or through family connection. Today’s members
are very disparate and their patronage can only be counted
on through the provision of quality services that meet and
exceed members’ expectations on a continuous basis. Credit
Unions can no longer expect to be inefficient while counting
on geographical or institutional boundaries to deprive their
members of enjoying top quality products and services that
they deserve and are available elsewhere.
There are no substitutes for delivery of efficient and
effective services to members. Sustained growth and
profitability can only be assured through prudent management
and effective service delivery. Consequently, COK must
ensure that frontline-employees and other customer care
personnel interfacing with members are properly trained and
committed to become customer service evangelists within the
Credit Union.
As we ponder on the advent of the proposed Bank of Jamaica
Credit Unions Regulations, the Credit Union’s management and
staff are challenged to use this period to equip themselves
and the members to function with increased efficiency and
effectiveness within the new paradigm. The increased
visibility of Credit Unions has placed the Credit Union
Movement prominently among the Financial Institutions. With
the lines of demarcation becoming less visible and the
market more competitive, COK must be congratulated on the
strategic alliances and partnerships that it has entered
into, to enhance the spread and quality of its service
delivery. It is expected that COK will use its sphere of
influence to get the Credit Union Movement to accept that
Credit Unions have similar aims and aspirations, and must
foster the spirit of co-operation, rather than seeing each
other as competitors.
I implore members, volunteers, management and staff to bask
in the glory of the accolades bestowed on the COK, at this
time, and use the positive energy so generated to enhance
their strategic vision as they chart the course of the
Credit Union for another 40 years. May the COK continue to
be the trailblazer of the Movement in transforming itself to
enhance the profile and fulfillment of expectations within
the sector.
From the Registrar of C-operative Societies
& Friendly Societies and Staff
Last Updated: March 2007
