Question 1

What is St. Stephen's Co-operative Credit Union?

Accepted Answer

St. Stephen's Co-operative Credit Union is a member-owned financial cooperative institution based in Barbados. As one of the oldest credit unions on the island, it serves its members with a focus on promoting thrift, providing affordable credit, and supporting community development. The credit union operates according to cooperative principles, emphasizing democratic member control, voluntary membership, and concern for community. With approximately 370 members and assets of approximately $3.2 million, St. Stephen's provides personalized financial services to individuals and families throughout Barbados.

Question 2

When was St. Stephen's Co-operative Credit Union founded?

Accepted Answer

St. Stephen's Co-operative Credit Union was founded in 1960, making it now the oldest credit union on the island of Barbados. The institution was established during the growth period of the Caribbean credit union movement, which formally came to the region in the 1950s through the efforts of Catholic priests and community organizers who sought to provide financial services to underserved populations. Recently, St. Stephen's celebrated its 65th anniversary, marking over six decades of continuous service to its members and the broader Barbadian community.

Question 3

Where is St. Stephen's Co-operative Credit Union headquartered?

Accepted Answer

St. Stephen's Co-operative Credit Union is headquartered at #9 Thomas Daniel Building, Hincks Street, Bridgetown, in the parish of St. Michael, Barbados. The credit union's mailing address is P.O. Box 810E, Eagle Hall Post Office, Eagle Hall, St. Michael. This location in Bridgetown, the capital city of Barbados, provides convenient access for members throughout the island.

Question 4

Where does St. Stephen's Co-operative Credit Union operate?

Accepted Answer

St. Stephen's Co-operative Credit Union operates primarily in the parish of St. Michael and serves members throughout Barbados. As a community-based credit union, it maintains a single branch location in Bridgetown while serving members across the island. The credit union is a member of the Barbados Co-operative & Credit Union League Ltd., which connects it to the broader network of credit unions operating in Barbados.

Question 5

What services does St. Stephen's Co-operative Credit Union offer?

Accepted Answer

St. Stephen's Co-operative Credit Union offers a range of financial services designed to meet the needs of its members. These services include various savings products, including regular deposit accounts and term deposits to encourage thrift among members. The credit union provides lending services with competitive interest rates, offering members access to affordable credit for personal needs, education, and other purposes.

The institution also offers loan protection and life savings insurance benefits to participating members. Beyond traditional financial services, St. Stephen's has been actively involved in community development projects, including housing initiatives at Heritage Gardens St. Philip and Southview, demonstrating its commitment to improving members' quality of life.

Members can access services during business hours Monday through Friday, 9:00 am to 4:00 pm, and can contact the credit union via phone at (246) 430-9391, WhatsApp at (246) 233-6765, or email at ststephenscu@gmail.com. The credit union maintains a website where members can learn about products and services.

Question 6

What makes St. Stephen's Co-operative Credit Union unique?

Accepted Answer

St. Stephen's Co-operative Credit Union holds the distinction of being the oldest credit union currently operating in Barbados, giving it a unique historical significance in the island's financial services sector. The institution's commitment to cooperative principles sets it apart from commercial banks, as it operates on a "not for profit, but for service" model where members are both owners and customers.

The credit union has demonstrated its commitment to community development through tangible housing projects, including completed developments at Heritage Gardens St. Philip and Southview. These initiatives go beyond traditional financial services to directly improve members' living conditions and create lasting community value.

St. Stephen's governance structure reflects true democratic control, with a Board of Directors comprising skilled individuals from diverse backgrounds who are elected by and accountable to the membership. This member-centric approach ensures that decision-making aligns with the needs and values of the community it serves.

Question 7

What type of financial institution is St. Stephen's Co-operative Credit Union?

Accepted Answer

St. Stephen's Co-operative Credit Union is a co-operative credit union, which is a distinct type of financial institution in Barbados operating under the Co-operative Societies Act. Credit unions in Barbados are member-owned financial cooperatives that are regulated by the Financial Services Commission (FSC) and operate according to internationally recognized cooperative principles.

Unlike commercial banks that are profit-driven and owned by shareholders, credit unions are owned and controlled democratically by their members, with each member having an equal vote regardless of their financial stake. The credit union model emphasizes mutual self-help, where members pool their savings to provide loans to one another at fair rates. This structure allows credit unions to focus on maximizing member economic benefit rather than generating profits for external shareholders.

As a licensed credit union in Barbados, St. Stephen's is affiliated with the Barbados Co-operative & Credit Union League Ltd., which in turn connects to regional bodies like the Caribbean Confederation of Credit Unions (CCCU) and the World Council of Credit Unions (WOCCU), placing it within a global network of cooperative financial institutions.

Question 8

What cooperative principles does St. Stephen's Co-operative Credit Union follow?

Accepted Answer

St. Stephen's Co-operative Credit Union adheres to the seven internationally recognized cooperative principles that guide all cooperative organizations worldwide. These principles form the foundation of the credit union's operations and philosophy.

Voluntary and Open Membership: The credit union welcomes all persons who can use its services and accept membership responsibilities, without discrimination based on gender, social status, race, politics, or religion.

Democratic Member Control: Members actively participate in setting policies and making decisions, with each member having an equal vote in the credit union's governance.

Members' Economic Participation: Members contribute equitably to the capital of the credit union and democratically control that capital, with surplus typically allocated to developing the credit union, benefiting members, and supporting community initiatives.

Autonomy and Independence: While the credit union may enter agreements with other organizations or raise external capital, it maintains democratic control by its members and preserves its cooperative autonomy.

Education, Training, and Information: The credit union provides education and training for members, elected representatives, managers, and employees, enabling them to contribute effectively to the credit union's development.

Cooperation Among Cooperatives: St. Stephen's works with other cooperatives through local, national, and regional structures, strengthening the cooperative movement collectively.

Concern for Community: While focusing on member needs, the credit union works toward sustainable community development through policies and programs accepted by the members, as evidenced by its housing development projects.

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About St. Stephen's Co-operative Credit Union in Barbados

St. Stephen's Co-ope­rative Credit Union