What began as a savings society under the Civil Service Association in 1970 is now the largest and most profitable credit union in the Caribbean. The Barbados Public Workers’ Cooperative Credit Union Limited (BPWCCUL) is celebrating 55 years of excellence, profit, and prosperity, as it continues to be the credit union of choice for over 100,000 Barbadians.
Their beginnings were indeed humble, with less than 150 members in their first year of operation. They initially operated as the Barbados Civil Service Credit Union, which officially changed to BPWCCUL in 1977. From there, they operated from the National Union of Public Workers (NUPW) headquarters in Belmont Road as they worked towards having their own location. Progress was sure and steady, and within their first seven years, their membership had grown to 1500 members with share capital assets north of $12 million.
Any successful enterprise looks to expand its reach in efforts to optimise business opportunities. After establishing their first off-site branch in 2001 on Broad Street in the city, more locations would follow over the years. Next was the Emerald City, Six Roads branch in 2008, followed by Black Rock in 2012 and Mile and a Quarter in 2017.
BPWCCUL was built on the shoulders of visionaries. Because of this, they have always set a very high bar as it pertains to innovation and invention. They were the first credit union in Barbados to provide ATM services in 1995. This move was based on their understanding of the high demand for members to access their funds outside of business hours. Another stroke of brilliance on their part was the issuing of Barbados’ first Mobile Financial Branch in 2023, which allowed the company to visit prospective members in various communities across the island who stood to benefit. There was also the creation of their online and mobile platforms to ensure various means to transact business. And just for good measure, BPWCCUL members are now entitled to a state-of-the-art Debit Mastercard, which offers unique benefits and features to improve the membership experience.
Furthermore, the company’s desire to create strategic subsidiaries led to the acquisition of Capita Financial Services Inc. (Formerly CLICO) and Capita Insurance Brokers Inc., which allowed BPWCCUL to offer additional services to their members in the form of insurance and advisory services.
BPWCCUL is firmly embedded within the consciousness of Barbadians, and their focus on prioritising their members’ needs has kept them at the forefront amidst formidable competition. Emphasis on the people, especially the youth, is not a business strategy for BPWCCUL, but part of their ideology. Education provides opportunities, and Barbados’ biggest credit union has always been a facilitator of educational opportunities for young academics. Awardees from the Common Entrance, Caribbean Secondary Certificate Examinations (CSCE), Caribbean Advanced Proficiency Exams (CAPE), along with government exhibition and scholarship winners, were all the recipients of monetary incentives from BPWCCUL, totalling over $50,000 as tokens of appreciation for their hard work and academic perseverance.
Community outreach and social responsibility remain top priorities for BPWCCUL. This remains evident in their sponsorship programmes and charitable initiatives across churches, schools, youth development schemes, cultural initiatives and government agencies. Though BPWCCUL remains an indomitable force in the financial sector, it is clear that they continue to strive for excellence and lead the charge as the credit union of choice for Barbadians.
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