“When you plant a seed, it is watered and fertilised with care. The resulting tree can be extremely impressive.” Lt-Col Trevor Browne, one of the founding members of The Light and Power Employees Co-operative Credit Union Ltd, highlighted this as the main lesson learnt since the organisation was first established.
Speaking during their 40th anniversary gala at the Accra Beach Hotel on Saturday night, Browne admitted that at its inception, no one could fathom that they would be creating an over $60 million asset operation.
Known for his involvement in several high-profile projects, Browne admitted, “This Light and Power Employees Co-operative Credit Union represents the project of which I am most proud and happy to have had the privilege to be associated with.” He remains impressed with their role in the development of people, “especially those people who have volunteered their time, their efforts and their abilities to serve in the interest of this credit union and its members.”
Describing the company as revolutionary in its approach, he noted, “We digitised all of our operations, got rid of the pass books, and our members were able to have their accounts fully computerised before anybody else in Barbados and possibly in the Caribbean.”
Several founding members were in attendance.
Among the organisation’s accomplishments highlighted were the early use of their resources to purchase buildings and provide credit cards, before banks in Barbados offered them. They also operated their own supermarket, gas station and forged a relationship with Cave Shepherd allowing their members to use their credit card within that store.
However, Browne urged the credit union to advance beyond its original mission to meet the evolving needs of members. He advised, “Members need to focus on strategic investment products about building wealth, not just accessing funds through loans and grants. Building wealth to be passed on to future generations so that they don’t start where we started.”
He encouraged the credit union to once again lead the way, using its human resources to promote cooperative principles across the country, extending beyond financial services.
He explained, “You have learned your lessons in financing; you can easily transfer that to energy, agriculture, business, productivity and tourism.”
Browne suggested that the Light and Power Employees Credit Union foster relationships with other cooperatives, saying, “If two or three of your members have a brilliant idea for a business, don’t just lend them the money and let them go out there and see how they do. Form a joint partnership with them, a 50-50 partnership, so that you can bring the credit union’s experience and knowledge along with them until they catch their feet, and they are really successful, and you can step back and help somebody else.”
Browne reiterated , “Light and Power Credit Union, you have the capacity, the experience, the expertise, the personnel to take the lead in showing how this can be done.”
The celebratory event brought together several founding members, representatives from the Barbados Cooperative Credit Union League, and other credit unions from across the island, and featured a performance by sibling duo Nikita Herbert and Jabari Browne. (STT)
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