Over 763,000 members belonging to 133 credit unions nationwide are set to benefit from a Memorandum of Understanding signed between the Co-operative Credit Union League of Trinidad and Tobago and the Trinidad and Tobago Mortgage Bank.
The formal Memorandum of Understanding signed on Thursday will enable access to mortgage financing for credit union members who may not qualify through traditional banks and similar institutions.
President of the Co-operative Credit Union League, Auldric Neptune, described the partnership as a valuable opportunity.
“One of the foundations of the credit union is to bring persons who found themselves outside of the banking sector into the frame, so to speak, so it allowed persons who were not otherwise able to access credit to access investments, to develop and to grow through financial inclusion into the credit union movement.”
Mr. Neptune said the League’s core role is advocacy for its members and the MoU is a positive step towards enhancing their benefits.
“So this discussion has been going on for probably more than a year. We’ve had meetings, we’ve had presentations from TTMB in terms of presentation to the Board, we’ve had discussions among the membership so, we decided that it has come to this point where we have brought it together and as the CEO indicated, we do not intend for this document to just be sitting on a shelf, we intend to act, to make it a live document and to really activate and progress what we have engaged here today.”
Trinidad and Tobago Mortgage Bank’s Acting Chief Executive Officer, Brent McFee, emphasised the Credit Union League’s role in financially empowering its members. He noted the existing synergy between TTMB and the League, and affirmed TTMB’s commitment to maintaining financial inclusion as a core priority.
“They understood that the mission of Trinidad and Tobago Mortgage Bank is not like the normal commercial bank, we are here for the development of housing, and it is with great pride that we have reached this particular milestone that persons, that credit union members, can understand that there is a partner, a financial partner out there that can work with their particular credit union, develop housing for their members, we do project financing so that means that we can finance the purchase of the land and development.”
Mr. McFee added that the arrangement supports the government’s affordable housing programme, offering rates as low as 2% for eligible applicants. He affirmed TTMB’s continued collaboration with the League to promote financial inclusion.