Best wishes on your new voyage
SYMBOLICALLY, THE date June 7, 2017, marks a historic and momentous occasion in the life of the Jamaican credit union movement. That this milestone event should be taking place at a time when the movement has paused to recognise and celebrate its 75th anniversary, makes it extra special. It is therefore against this background that the Jamaica Co-operative Credit Union League (JCCUL), the apex body of the Jamaican Credit Union Movement, proudly welcomes into its membership the newest credit union to grace the Jamaican landscape – Gateway Co-operative Credit Union, a product of the merger of Hanover and Montego Co-operative Credit Unions.
When the paradigm shifts, everything returns to zero. It’s a
time to recalibrate and reset the compass, moral and otherwise. Well the paradigm has shifted, and continues to shift. First it was globalisation and its ubiquity, now it’s the Fourth Industrial Revolution, a phenomenon that is disrupting business models globally, as well as initiating change of such magnitude and velocity never before seen or imagined. Not only has this revolution been disrupting the
status quo, but it has also been radically changing the leadership narratives of corporate boardrooms, right here in Jamaica as well, and in this particular case, the Credit Union Movement. Paradoxically, this may have been the proverbial last straw
that broke the camel’s back, because after years of on-andoff flirtations, last year the leaders of both entities saw the need for urgency and renewed focus in concluding merger talks, culminating in the birth of Gateway Credit Union on January 3, 2017.
Shakespeare reminds us that “There is a tide in the affairs of men, which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in
miseries” For Hanover and Montego Credit Unions, their tide came on January 1, 2017, and the new entity, Gateway Co-operative Credit Union, now embarks upon its maiden journey of navigating the financial landscape. As it prepares to set sail upon the troubled waters of the pending Bank of Jamaica (BOJ) regulatory regime, and an intensely competitive environment, it may naturally feel a sense of apprehension. While this is understandable, we urge the leaders to be guided by the philosophy that leadership is not only doing the right things, but importantly also, inspiring others to accomplish goals and creating for the benefit of all stakeholders, that future which is desired by all.
STRENGTH IN DIVERSITY
The coming into being of Gateway is both timely and welcome, reflecting a shift in the status quo of traditional credit union thinking, as much as it signals a new dimension in the way in which the movement will, of necessity, transition into the new regulatory regime under the BOJ. Importantly also, it signals one of the key strategies for growth and sustainability for the next 75 years and beyond. There is strength in diversity. This coming together of the operations of both entities places at management’s disposal, a more diversified talent pool from which to leverage its strategies. The boards and management of the two former credit unions must be commended for having the courage and foresight to subordinate their respective entity’s individual ambitions to the broader objectives and aspirations of their members and the wider movement, a classic case of the whole being potentially much greater than the sum of its constituent parts.
On behalf of the board of JCCUL, I express sincere thanks and appreciation to the board, management and staff of Gateway Co-operative Credit Union for inviting me to share in this historic occasion. JCCUL extends its welcome and best wishes to the dedicated and hard-working team as you venture into this exciting, yet uncertain future. As you embark upon your new voyage, I urge you not to live out of your history, no matter how rich that history may have been. Instead, you should live out of your imagination, recognising that the future lies in your hands. Leadership, apart from doing the right things, is also about shaping the future that you desire, remembering always that in so doing, you not only lead with integrity and humility, but inspire your teams, while protecting them from externalities.
God bless the board, management and staff, as well as the members of Gateway Co-operative Credit Union Limited. God bless Jamaica, land we love.
The coming into being of Gateway is both timely and welcome, reflecting a shift in the status quo of traditional credit union thinking ... .