Thank you for making PWDCCU a success story
NOVEMBER 18, 2018, marks the 70th anniversary of the Public Works Department (PWD) Co-operative Credit Union Limited. For an organisation that began operations in November 1948, formed by employees of the then PWD, 70 years is a remarkable achievement.
The institution, formed in the pre-independent Jamaica era out of the need to have thrift among coworkers with similar interest, and to provide basic loans to those who were immediately in need of this facility, has grown tremendously over seven decades. The founding father, Dudley M. Forrester, and the other founding members saw the need for this great organisation and charted the path for the successes about which we currently boast and the strides that have been made.
It is great to see an organisation formed by mainly low-income workers not only existing, but advancing and excelling through various eras in the Jamaican history. Political, economic, regulatory, and cultural changes as well as natural disasters have affected the development of the credit union.
POLITICAL CHANGES
Political changes in the form of separation of employees from the Ministry of Works whenever there is a change of ministry by the political directorate have made it challenging for membership retention and growth over the years. The harsh economic circumstances that faced the nation over seven decades of the credit union’s life, especially during the 1970s and 2000s, have also had an impact on the membership and savings growth potential of PWD Co-operative Credit Union Limited.
Cultural practices have shaped our strategies over the years, where the emphasis of younger individuals is more on fast-growing asset accumulation, which is more attractive than accumulation of wealth, therefore, making loan facilities more popular than savings products. Based on these adjustments, the credit union has had to make adjustment to the strategies to suit the demands of the membership over time.
Hurricanes and tropical storms (1951, 1988, 2004, 2007) have also affected the lives of our membership. These events have caused us to respond favourably to the needs of our members with loans, grants, or collateral for external loans. There is now a permanent response capability in place in the form of a disaster fund, which is financed from appropriations from surplus each year.
Many regulatory changes have caused us to make adjustments to our reporting formats, staffing structure, financing structure, and our surplus distribution. While we have been preparing for these regulatory changes, we have been steadfast in carrying out our primary mandate as set out in 1948.
To move shares from £178 ($J29,543.57) to $315 million, membership from 44 to 1,900 from one staff member to 10, from offering one loan type to 12, from one savings product to six are remarkable achievements over the years. This is a true testimony of the hard work put in not only by the volunteers, but also by the staff that, together, put their thoughts and ideas to get to the point of achieving this milestone.
With the application of the relevant technology, PWD Cooperative Credit Union Limited has remained competitive in the marketplace and is poised for improved performance over the next 70 years.
Happy anniversary and Congratulations to all the members and celebrate this moment in our history with pride and dignity!
The board, management, and staff would like to thank all those who have made a contribution to the success of the institution and for making PWD Co-operative Credit Union Limited a success story. NORRIS GILBERT President
The board, management and staff would like to thank all those who have made a contribution to the success of the institution and thank you for making PWD Cooperative Credit Union Limited a success story.