Congratulations on reaching your 70th
IAM pleased to share in the 70th anniversary of the Public Works Department (PWD) Cooperative Credit Union Limited not only because it is an affiliate of the Ministry of Transport and Mining and its portfolio entities, but also because it has served as an exceptional financial institution.
The PWD Cooperative Credit Union Limited and the Ministry of Transport and Mining have had a long and interesting past. The PWD, the Works Division of the former Ministry of Transport and Works, was part of the government culture and, indeed, a part of the colonial landscape, which has survived to the present.
It is quite possible that along with the Jamaica Railway Corporation, the PWD is one of the oldest government departments in the island. It has had an impact on the life of not only Jamaicans, but on the lives of people from all over the world.
STRONG AND CONSISTENT RELATIONSHIP
Even as changes have taken place across government bodies, including the numerous changes in portfolio responsibilities attached to Transport and Works, the credit union and the ministry have maintained a strong and consistent relationship. From the time of the English conquest in 1655 to what now obtains in 2018, the PWD Cooperative Credit Union Limited has been serving the Jamaican public in various ways.
This is not to ignore the fact that numerous challenges remain, but we must embrace inspiring stories. One only has to look at the preponderance of institutions populating the financial landscape – commercial banks, merchant banks, life insurance companies, same-day loan outfits, and, of course, credit unions.
With some 760,000 members (about 60 per cent of the adult population), the penetration rate of credit unions is among the highest in the world.
A credit union is a cooperative financial institution that is owned and controlled by its members. They are not-for-profit and exist to provide a safe, convenient place for members to save money and obtain loans and other financial services at competitive rates. The PWD Cooperative Credit Union Limited has lived up to this definition.
As we celebrate yet another milestone in this wonderful journey, I salute the PWD Cooperative Credit Union Limited and look towards the continued relationship with the Ministry of Transport and Mining. I am confident that you will use your considerable reach to make a positive difference not only in the financial landscape, but in the nation on a whole.
Congratulations on reaching your 70th Anniversary PWD Cooperative Credit Union Limited!