President of the Dominica Cooperative Societies League (DCSL), Murphy Wallace has revealed that the DSCL is continuing to show robust growth, despite the challenges it faces in the local economy. The DSCL announced at its AGM on Saturday 30th April 2016, that has grown from 619 million in 2014, to 645 million in 2016, which “is a growth of $45.5 million dollars, representing an increase of 7.3%”.
President Murphy Wallace added that “Over the past ten years, the growth has been about 8.5%, so despite of all the different challenges that we are faced with in Dominica, the credit union continues to grow”. He attributes this growth to its inherent philosophy of improving the society and its membership.
Wallace acknowledged a significant 6% growth in the credit unions loans department, and to date, they have an increase of 596.8 million dollars which is due to members’ savings. He informed that there has been growth in the membership of various Credit Unions”.
He noted added “Our membership in Credit Unions grew this year by 682 members. The membership of all Credit Unions to date is 67,787 members, which is almost the population of Dominica”.
Wallace reports that credit unions are also placing tremendous emphasis on youth development through scholarship awards, and assistance to young entrepreneurs in various small business ventures.
“To date, we have given thirty-seven (37) scholarships to young people, to attend secondary schools, and also for four (4) of them to attend the Dominica State College. These scholarships amount to one hundred and thirty-seven thousand dollars collectively, from the credit unions”.
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