A message from the St. Lucia Cooperative Credit Union League
Today Credit Unions and their members worldwide will be in celebration of International Credit Union Day, an annual event which, since 1948 has been celebrated on the third Thursday in October.
Every year, the global Credit Union Movement aims to articulate its culturally rich uniqueness. This day is recognized to reflect upon the credit union movement’s history and to promote its achievements. Today is one to honour those who have dedicated their lives to the movement, recognize the hard work of those working in the credit union industry and show members our appreciation.
Guided by its co-operative values of self-help, democracy, equality, equity and solidarity, the Credit Union Movement, more than ever is on a relentless pursuit to meet the socio-economic needs of its members. This year’s International Credit Union Day theme is the “Authentic Difference” and Credit Unions all around Saint Lucia are gearing up to portray just that.
AWARENESS
The ultimate goal is to raise awareness about the great work that credit unions are doing around the world and give members the opportunity to get more involved. Credit unions and associations throughout the world celebrate the day with fundraisers, open houses, contests, picnics and parades.
Credit Unions as non-profit Co-operative Financial Institutions are, and should be used as a tool for economic and social development. Above all else, through the encouragement of thrift and financial literacy, this is our ultimate function. Operating as a non-profit organization fortifies that the focus of credit unions is to be people oriented.
‘Necessity as the mother of all change’ was the driving force behind the idea for Friedrich Wilhelm Raiffeisen, Mayor of a village called Flammersfeld in Germany. During 1849, all of Germany was plagued by famine, crop failure, unemployment and poverty. Naturally, Raiffeisen’s first instinct was to seek the assistance of those who were wealthier and had the means to provide and as this endeavor did not work out as intended, he remained committed to find an equitable solution.
He remained adamant that a solution to this problem resided within his town, and that it did. He was convinced of the ideology that despite the situation of destitution, collectively, the people could provide for each other. The result of this idea was the formation of a Credit Union in 1864, with a ‘community-first’ ethos, compounded by principles of interdependence and a volunteer management system that successfully resides in every Credit Union till this day.
A 1.8 (US$) trillion dollar Movement, from 60,500 Credit Unions to serve 223 million people, Credit Unions are hailed as a force for positive economic and social growth and have provided significant value in both developed and emerging nations much like Saint Lucia. ICUD is sponsored by World Council of Credit Unions, the international trade association and development agency for credit unions, as well as numerous national credit union trade associations and federations around the world.
Celebrate with your respective Credit Union on ICUD as Credit Unions continue to demonstrate their “Authentic Difference!” through community commitment and positive economic and social change. Credit Unions pride themselves on putting people before profit to provide all members with affordable financial services. This is the authentic difference that makes a real impact in our world.”