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President's
Message
At
the beginning of a new year, attention is usually focused on the
challenges and opportunities which may lie ahead. One of the greatest
challenges that will confront Credit Unions, as a result of impeding
globalisation, is the question of how they will adapt to operating in the
same arena as international financial organisations. Globalisation and
liberalisation of the market economy will be challenging, however,
the Credit Union heritage has a strong foundation, built with cooperatives
values and principles.
Continued
success will, however, require the development of better management
practices without sacrificing the characteristics and equality of the
credit union. It will also mean that the human resource factor, emplyees,
volunteers and members must be well trained; that appropriate
technological advantages and changes are introduced; the continual
enhancement of boards of directors and committees through training,
education and careful recruitment.
It will
essentially be the responsibility of elected officials and management and
indeed of all those involved in the Credit Union to ensure that it remains
a viable organisation. I am therefore of the view that investing should
always take into account the safety of our members' shares and deposits
which is the life-blood of the Credit Union!
Investments
should be made only in high quality, minimum risk investments, e.g.
government paper. The key investment objectives should therefore be:
·
safety of principal
·
liquidity: easy conversion to cash
Investment
speculation should not be tolerated and all investments should be
transparent. However, as the Credit Union develops, cash resources will
increase and prudent management will dictate that those funds be invested
according to the rules governing our system.
The
delivery systems used by the credit must be continuously reviewed and
changed. The kind of delivery systems implemented will have to be more
focused and more relevant to the rapidly changing needs and priorities of
our members. This would mean staying in touch with our members' needs.
Improving
our products and services are a priority. In the coming year we will
launch our web page on the Internet and endeavour to have credit cards
available to the membership.
The
membership sees the credit union as a way of uplifting their
socio-economic situation. Therefore the socio-economic needs of our
members must be paramount on our agenda with special attention being paid
to the disadvantaged and children.
Youth
are the most important resources in the world and they should be involved
in the development of society. Their knowledge, ability and talents need
to be developed through training and exposure to the credit union at an
early age.
The
members of our Junimembers committee, which was recently elected, will be
leaders of the future and must therefore be included in the planning
process. Learning money management, business development and global
economies along with the development of good working habits and leadership
skills will be essential to their personal development .
Improving
performance is the primary responsibility of Credit Union leaders and the
membership can be justly proud of this Credit Union's success over the
last sixteen years and be assured that the Credit Union will always work
towards enhancing the standard of our performance.
Our future will however
depend on how we respond to the challenges.
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