This year marks the seventieth year of celebrating the International Credit Union Day, which will be observed on Thursday, October 18. This year, the credit unions are celebrating under the theme “Finding Your Platinum Lining in Credit Unions”. One of several activities scheduled for this month was held yesterday. The Belize District financial literacy quiz competition took place at the Belize Elementary auditorium and had the participation of nine schools. Love news spoke with Corinne Fuller, Executive Director of the Belize Credit Union League, about the other activities line-up for this month.
Corrine Fuller – Executive Director, Belize Credit Union League “We get all the Credit Unions together and we have a convention and that will be held on the 20th of October and then we will have an Awards banquet on the 20th night and the purpose of that is just to have the Credit Unions get together and you know the importance that they play in the Belizean economy and on the 18th, that’s the International Credit Union day. Credit Union’s will be honoring their members, some Credit Unions will have events at the Credit Unions, some Credit Unions they go out and they do public service so it will be all across the country that the Credit Unions will be focusing on their importance of the lives of their members.”
Fuller says that credit union members make up more than fifty percent of the population and that membership comes with multiple benefits.
Corrine Fuller – Executive Director, Belize Credit Union League: “Our purpose is to allow everyone who comes through the Credit Union’s door to have access to affordable financing and a key thing Credit Unions do to is to help you not to overextend yourself so that you are able to repair your loan and also save at the same time. It’s a membership organization so every member of a Credit Union is also an owner of the Credit Union in which they are members so they owners and that simply means that when a Credit union does well you are given some of the profits and so some of the Credit Unions they pay dividends to members at the end of each year, they provide free services as well like loans are ensured, you don’t have to pay for the insurance or the loans.
In 1943, the first credit union, St. Peter Claver, was established in Punta Gorda Town, Toledo District. It is no longer in operation but it has paved the way for the credit union movement in Belize.