International Credit Union (ICU) Day serves as a powerful testament to the transformative impact of collective effort, particularly among communities often overlooked in traditional financial systems. In Barbados, the credit union movement has forged a deeply rooted and mutually beneficial relationship with the working-class and middle-income populations for generations. Today, 24 financial cooperatives operate under the Barbados Co-operative & Credit Union League Limited, showcasing the strength of shared resources and unified goals. What began as a grassroots initiative to address financial exclusion has evolved into a multibillion-dollar sector that continues to uplift individuals and communities alike. This year’s ICU Day theme, ‘Cooperation for a Prosperous World,’ resonates profoundly with Barbados’ credit union movement, highlighting its resilience and success. Since its inception in 1948, ICU Day has been a time to reflect on the movement’s history, celebrate its achievements, and honor the individuals who have driven its growth. It also serves as a platform to raise awareness about the critical role credit unions play globally in empowering members and improving lives. In Barbados, credit unions have remained steadfast through the island’s social and economic challenges, now holding nearly $3 billion in savings and $3.4 billion in total assets. Members increasingly rely on these institutions for business development, housing, education, transportation, and personal financial empowerment. The Barbados Co-operative & Credit Union League, headquartered in St. Michael, acts as the sector’s strategic hub, providing leadership training, governance support, and financial literacy programs. The league also champions initiatives to enhance technological capabilities and cybersecurity while advocating for the sector’s inclusion in the national deposit insurance program. As Barbados celebrates International Credit Union Day 2025, the movement reaffirms its commitment to cooperation, honoring its shared history and embracing future opportunities to build a prosperous and inclusive future for all.
Message from Kemar Cumberbatch, president of the Barbados Co-operative & Credit Union League Limited, on the occasion of International Credit Union Day 2025
