MANDEVILLE — Minister of State in the Ministry of Finance and the Public Service, Senator Arthur Williams, says Jamaica's credit unions have opened doors for many persons who would otherwise have been ineligible to access funds from the financial sector.
“Many people would not have been able to afford homes, start businesses, get tertiary education or even attempt saving, without the help of the credit unions,” Mr. Williams told the official opening of the Mandeville branch of Money Masters Limited (MML), at the COK Sodality Co-operative Credit Union office, on Thursday.
He added that the credit unions have stuck to their core mission, thereby ensuring that members can realize their dreams, and become significant contributors to the economy.
“These dreams may have otherwise seemed unattainable, especially if they were to depend solely on the commercial banking institutions,” Senator Williams stated.
In commending COK for establishing a branch in central Jamaica, Senator Williams noted that members of the credit union will gain access to an expanded menu of investment solutions that can be customized to fit their personal money management needs.
“This partnership will also help to get individuals in the mindset of creating and building wealth for personal sustainability,” he said.
He told the audience that the Government welcomes investment initiatives which seek to create sustainable wealth, as it will have long-term benefits for the country.
“The Government’s primary goals for the medium term in helping to stimulate growth in the economy, is to encourage wealth creation. It will help to drive investment, which will create growth,” Senator Williams explained.
He said that the Government is grateful to entities, such as COK and MML, who consider business development initiatives that will take the country from stability to growth.
Senator Williams told the gathering that investment options for credit union members will broaden with the partnership between COK and Money Masters Limited, a licensed securities dealer involved in funds management.
“COK, being an institutional shareholder of Money Masters Limited, will broaden opportunities for its members, as this alliance will enable the membership to take their financial endeavours and aspirations to another level,” he said.
He noted that the partners were embarking on the venture at an interesting time in Jamaica’s history, as Jamaica is officially coming out of the recession and, for the first time in many quarters, there will be growth in the economy.
By GARFIELD L. ANGUS, JIS Reporter