Credit unions eye growth with tech MoUs

The Co-operative Credit Union League of T&T (CCULTT) has signed two separate Memoranda of Understandings to advance the movement and bring greater service and efficiency to members.

The MOUs are with the T&T International Financial Centre (TTIFC) and majority state-owned TSTT, with the signings taking place at the Radisson Hotel, Port-of-Spain on Tuesday.

In giving details about the TTIFC’s MoU with the CCULTT, CEO of the TTIFC John Outridge explained, “The partnerships we are establishing and we bring into the credit union sector are with an international organisation called MIFOS (micro finance open source). It’s a non-profit organisation that was started by the Bill and Melinda Gates Foundation. Google is also a funder but globally what they provide basically is open source technology to credit unions and community banks to provide you guys with what you would call your core banking systems.”

He said this ability would now track what the clients are doing, issue credit to really have that “360 degree view of a customer”

“Our MOU really is going to allow the TTIFC to leverage our international partnerships and our expertise to work with credit unions. We have already started to look at Rhand and Clico for example to really bring that sort of capability to leverage to see how can we establish what I would call a shared services core banking system for the league.I think there is value. There are economies of scale,” Outridge further explained.

Through the application of MIFOS open-source infrastructure, TTIFC anticipates enhancing access to financial solutions while attracting foreign investment for widespread deployment. This cooperation will also encourage engagement with regional financial institutions, technology providers, and community stakeholders to ensure solutions that align with international standards for interoperability and accessibility.

Keino Cox assistant vice-president, emerging services and innovation at TSTT also detailed the significance of its MOU with the CCULTT.

“Our platforms which we will integrate with the Credit Union League will provide so many advantages to consumers, whether it be paying monies directly, paying by merchants, remittances and the list goes on,” Cox said as he emphasised the importance of financial inclusion in T&T.

Minister of Youth Development and National Service Foster Cummings who also gave remarks said credit unions hold a very unique and transformative position within T&T’s financial landscape.

He said unlike traditional financial institutions they are rooted in principals of corporation, mutual support and community upliftment. Geisha Kowlessar-Alonzo

Source: guardian.co.tt