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GPSU’s Credit Union is 50 today

Mar 02, 2014 News

The Guyana Public Service Co-operative Credit Union is celebrating its 50th anniversary today. The Credit Union was born after the Trade Union strike in 1963 which lasted for ninety days. The effects of this countrywide strike were severe on the workers and their families.
Many incurred debts at the Commercial banks, Insurance Companies, from friends and family. Money lenders made a fortune from this situation because they were lending at high interest rates.
The dilemma that most working families found themselves in was getting alarming and a decision was made by the senior members of the Civil Service Association to band themselves together to the benefit of their families.
The idea was to improve the present financial situation and to avoid a recurrence of the effects should another strike take place. Hence the decision was made to form a Credit Union whereby its members can have access to funding when the need arises.
After several meetings by the group 29 persons signed an application for the registration of the then Guyana Civil Service Co-operative Credit Union Limited.
The inaugural meeting of the Credit Union was held at the Association’s registered office, Regent and New Garden Streets, Georgetown on April 2, 1964.
A programme of activities to mark this milestone will commence with a Church Service today at 9:00 hrs at the St Andrews Kirk, Brickdam, Georgetown.
Tomorrow there will be an opening ceremony at the National Cultural Centre starting at 17:00 hrs followed by a Reception.
A domino competition commenced on February 25, 2014 and several teams are competing for trophies and monetary rewards.
On March 6 and March 13 this year two Youth Workers’ workshops would be held in New Amsterdam and Linden respectively. The focus of these activities is to examine the role of youths in succession planning and the development of the credit union, finding ways and means to diversify its products and services to remain viable in a competitive market.

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