Tied to our vision, anchored by our values, building on our strengths
2.2.4 Review of Act and Regulations
The GPSCCU participated in a regional meeting to revise the Co-operative Societies Regulations which included representatives
from the CCCU, GARFIN, the Leagues and Regulators within the OECS. The meeting was very successful and many recommendations
emanated from these deliberations. We await the new Regulations which should result in clearer and more consistent provisions
in a number of areas. The review of the Regulations also highlighted the need for amendments to the Act in a number of areas but
specifically in the areas of capital adequacy, liquidity and treatment of Equity Shares.
2.3
New Initiatives
2.3.1 The Micro Finance Program (MIFI)
During the year a microfinance program was launched in the Credit Union through technical assistance under the Caribbean
Capacity Building project (CARIBCAP). The objective was to build a portfolio of microloans of $500k in one year and to grow the
savings attached to this portfolio. After nine months of operations the portfolio stood at $390k with savings of $96k.
The GPSCCU has been rated as one of the more successful microfinance institutions in the region under this project and its MIFI
logo, brochures and tagline have been used as examples to other MFIs during training. The name of the program, the logo and
tagline were chosen through an internal competition among the staff. The winning name and tagline was developed by Janice
Darbeau while the logo was developed by Sabrina Rodney-Ogilvie.
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2.3.2 The Excel Programme
The Excel Programme of the GPSCCU increased in both value and number of students in 2013. It grew to 796 students at the end
of 2013 amounting to a 133% membership growth. The total Excel Savings account stood at $79k at 31st December 2013, a 229%
increase in 2013 over 2012.
The Excel Programme is a savings and reward scheme for teens. It is an interactive programme which teaches the value and
principles of saving to them at an age in which they are best poised to learn. These building blocks for prudence in financial matters
will last a lifetime and plant the seeds of Credit Unionism in the youth.