International Credit Union (ICU) Day stands as a timeless reminder of the extraordinary power of cooperation, especially among those who may not be viewed as powerful or influential. For generations of working-class and middle-income Barbadians, there has been a deep, long-standing, and mutually rewarding relationship between our people and the local credit union movement.
Across Barbados, 24 financial cooperatives operate under the umbrella of the Barbados Co-operative & Credit Union League Limited. Together, they continue to demonstrate the strength that comes from pooling resources and uniting around shared goals. What began as the collective effort of a historically underserved community, people combining their financial and human capital for the common good, has grown into a thriving, multibillion-dollar sector that continues to uplift lives and communities.
This year’s global ICU Day theme, Cooperation for a Prosperous World, could not be more fitting. It perfectly captures the spirit, resilience and success of our credit union movement here in Barbados.
Since its inception in 1948, International Credit Union Day has been a time to reflect on the history of the movement, celebrate its achievements, and recognise the men and women whose commitment and shared experiences continue to fuel its growth. It is also an opportunity to raise awareness about the vital work that credit unions and financial cooperatives perform here and around the world, empowering members and improving lives.
Here in Barbados, our credit unions have remained resilient and responsive through every stage of the island’s social and economic journey. Today, the movement continues to play a critical role within our dynamic financial landscape. Membership remains strong and growing, savings across the movement are nearing $3 billion, and total assets are approaching $3.4 billion. Members also continue to place their trust in their institutions by turning to credit unions for business development, housing, education, transportation and personal financial empowerment.
For us at the league, cooperation is not merely a slogan; it is the foundation of who we are. From our headquarters at the Patrick E. McDonald Building, Upper Collymore Rock, St Michael, we serve as the engine room of the sector: guiding strategy, providing leadership training and equipping volunteers and future leaders to navigate evolving financial and regulatory landscapes.
From governance and risk management to financial literacy, technology and member engagement, our determination to upskill those who operate in the sector remains clear.
We continue to champion initiatives that strengthen our credit unions’ capacity in information technology and cybersecurity while advancing our mandate to secure inclusion of the sector within the national deposit insurance programme.
As we celebrate International Credit Union Day 2025, let us reaffirm our commitment to the spirit of cooperation that has powered our progress. Together, we honour our shared history, embrace the opportunities ahead and continue to build a prosperous and inclusive future for every member, every community, and for Barbados as a whole.
Happy International Credit Union Day!
The post Message from Kemar Cumberbatch, president of the Barbados Co-operative & Credit Union League Limited, on the occasion of International Credit Union Day 2025 appeared first on Barbados Today.
