[UPDATED] Credit Union League, TSTT, TTIFC team up to promote financial inclusion

WHILE commercial banks maintain stringent and bureaucratic policies to open accounts, the Co-operative Credit Union League of TT (CCULTT) wants to promote financial inclusion for all.

The umbrella organisation for some 80 credit unions signed separate memoranda of understanding (MoU) with the Telecommunications Services of TT and the TT International Financial Centre (TTIFC) to do just that.

The dual signing was held at the Radisson hotel, Wrightson Road, Port of Spain, during the launch of CCULTT’s 2025 calendar of events on January 22.

Keino Cox, assistant general manager of emerging services and innovation at TSTT, said the agreements have the potential to reinvigorate credit unions as cornerstones of financial empowerment in TT.

“TSTT is committed to leveraging our technology, resources and ecosystem to build on the foundation (set by CCULTT), as stalwarts of financial inclusion in TT.”

He said the collaboration aims to enhance service delivery and attract younger generations to credit unions.

Central to TSTT’s involvement is the introduction of PAYPR, a soon-to-be-launched mobile wallet platform that allows users to store and transfer money and make and receive payments via mobile phones.

PAYPR is part of TSTT’s broader fintech portfolio, which includes e-Pay, a payment aggregation platform, and e-Cashbook, a software solution tailored for public bodies.

Cox said these innovations would streamline financial processes and bolster long-term sustainability within the sector.

The TTIFC boasted that it brings another dimension to the digital evolution of credit unions, offering open-source banking systems through its partnership with The Mifos Initiative. Mifos is a non-profit organisation that creates and supports an open-source platform for financial services.

He said collaboration aims to integrate advanced digital core banking and payment systems to modernise operations, improve accessibility and enhance member experiences.

TTIFC CEO John Outridge said digital transformation was crucial for engaging younger demographics.

“What we aim to do with this MoU is allow particularly the youth to transact with the credit unions because they’re not accustomed to counting in minutes – they’re accustomed to counting in seconds.

“What I think the biggest deficiency in the gap (is) engaging the youth in terms of being able to leverage the credit union at a very long age to build that sort of association.”

Outridge added that these advancements would align credit unions with global best practices, enhance operational efficiency and encourage competitiveness within the financial ecosystem.

The TTIFC signed an MoU with Mifos in December.

The Mifos Initiative, a global leader in open-source technology and financial inclusion, has a client base of over 65 million individuals worldwide. Its MACH architecture (microservices, API-first, cloud-native, and headless) provides a framework for interoperability and scalability.

Edward Cable, president and CEO of Mifos, said the shared commitment to democratising financial services would “unlock opportunities for millions, fostering financial resilience and sustainable growth.

“This partnership enables us to enhance the financial technology infrastructure in Caribbean nations like TT.”

TTIFC said its collaboration with Mifos also seeks to attract foreign investment and uphold best practices in core banking and digital payments.

The initiative received strong backing from Minister of Youth Development and National Service Foster Cummings, who said the agreements could be transformative.

“Credit unions hold a unique and transformative position within our financial landscape. Unlike traditional financial institutions, they are rooted in the principles of co-operation, mutual support and community upliftment,” he said.

Cummings added that the partnerships align with the government’s broader agenda to promote financial inclusion and digital transformation.

He praised credit unions for playing the role as a bedrock of economic resilience. The movement serves over 750,000 members.

CCULTT president Joseph Remy expressed optimism about the partnerships and encouraged co-operative leaders to adapt to a rapidly evolving digital landscape.

“We must upskill ourselves and our teams. We must understand that it is time for all of us to embrace every opportunity to strengthen our internal capacity and to add value to our product offering,” Remy said.

“We have to keep on a path of modernisation and future-proof our organisation and movement.”

TTIFC will provide technical support, advisory services, and capacity-building programmes, equipping credit union staff to use technologies effectively.

This story has been adjusted to include additional details. See original post below.

THE Co-operative Credit Union League of Trinidad and Tobago (CCULTT) signed two memorandums of understanding (MoUs) with the Telecommunications Service of Trinidad and Tobago (TSTT) and the Trinidad and Tobago International Financial Centre (TTIFC).

The agreements are designed to accelerate digital transformation and financial inclusion within the credit union sector.

The MoUs were cemented at the CCULTT’s launch of its calendar of events for 2025 at the Radisson Hotel, Wrightson Road, on January 22.

TSTT’s collaboration focuses on leveraging its fintech innovations, including its soon-to-be-launched PAYPR mobile wallet, to provide credit unions with seamless and secure modern financial tools.

PAYPR is an electronic wallet platform developed by TSTT that enables users to store and transfer money, as well as make and receive payments via their mobile phones.

This service is particularly beneficial for unbanked and underbanked customers.

PAYPR is part of TSTT’s broader fintech initiatives, which include services like e-Pay, a payment aggregation platform and e-Cashbook, a software platform for public bodies.

TSTT’s assistant vice-president Keino Cox stressed the partnership’s potential to enhance service delivery and attract younger members.

The TTIFC partnership introduces open-source banking systems through international collaborations.

The CCULTT said the initiative would help credit unions improve data utilisation, credit issuance and customer engagement using advanced technologies like artificial intelligence.

Minister of Youth Development Foster Cummings endorsed the agreements at the signing ceremony and highlighted their potential to empower communities and strengthen the local credit union movement.

Source: newsday.co.tt