Gateway records phenomenal growth in 2017
Originally posted on Jamaica Observer- see original article
Jamaica Co-operative Credit Union League is the umbrella organisation of credit unions in Jamaica.
“For loans, at the start of January 2017, we had $3.82 billion. But by the end of the year we had grown to $4.12 billion in loans. Whilst the movement grew by 12 .6 per cent in terms of loan, Gateway showed 25.6 per cent, twice the average of the movement – and for that we would like to thank you (members),” Johnson said.
Speaking at the 2018 annual general meeting of the Gateway Co-operative Credit Union Ltd, held last week at the Seventh-day Conference Centre in Mount Salem, St James, Johnson emphasised Gateway's savings for 2017, which also surpassed that of the national movement.
“At the start of January 2017 we had $4.88 billion in savings and by the end of December 2017 we had $5.4 billion. This is a 13 per cent growth and when you compare it to what happens in the movement,; they are growing by 9.8 per cent,” Johnson stated.
He added: “In total assets we had moved from $6.1 billion to $7 billion. Now, while the movement grew by 8.8 per cent, Gateway grew by all of 16 per cent. So what I want you to know is Gateway, your credit union is solid like a rock.”
He noted that through the hard work of the management staff, Gateway, which has branches in Montego Bay, St James, and Lucea, Hanover, “was able to put out a healthy surplus of $133 million” at the end of 2017.
Meanwhile, the president announced that members of Gateway will benefit from plans by the Jamaica Co-operative Credit Union League to undertake a connectivity project which will allow members to access service at any credit union institution across the island.
“As a part of a movement, because you know there are about 27 other credit unions in the movement there is a connectivity project which is being put in place. That means, let's say you are in Kingston and you need funds, you don't have to bother your head as to what you are going to do, you can go to any credit union branch and do your business just as you are doing it at Gateway,” Johnson said.
He also told the Gateway members of plans to set up an e-banking hall.
“We want your journey with us, as members, to be easy so we want in the future to set up an e-banking hall – that is, you can come in, and in air-conditioned comfort and lovely surroundings you can do your business. We also want to make sure that when you come to our branches the speed of doing business will be second to none. That is where the membership is going,” he said.
During the meeting, members of the executive were returned en bloc.