Texas, Jamaica CUs In Planning Session
MONTEGO BAY, Jamaica-With financial markets in this country growing more competitive, a strategic planning session between the Jamaica Co-operative Credit Union League (JCCUL) and the Texas Credit Union League (TCUL) focused on improving operational efficiencies.
The two associations, affiliated through WOCCU's International Partnerships Program since 2005, met to help JCCUL plan the next five years of growth and development. There are 22 individual credit union partnerships between the two countries."
The planning session focused on readying Jamaica's credit unions for pending regulations, the need to diversify income sources in the face of declining interest income, a move to a more pro-active microlending program to strengthen bottom lines and increase service penetration, the need to develop stronger risk management awareness and programs, and the need to re-engineer processes to cope with a changing environment.
"Jamaica's credit unions have developed tremendous market penetration and public awareness over the past five years," said Dave Grace, WOCCU vice president of association services, who helped facilitate the meeting.