St. Kitts & Nevis Credit Union Movement “Ease the Burden” Response to COVID -19 Pandemic

The St. Kitts & Nevis National Cooperative League Limited is the Trade Association for our four affiliates/credit unions in the Federation of St. Kitts and Nevis namely: St. Kitts Cooperative Credit Union Limited, Nevis Cooperative Credit Union Limited, Police Cooperative Credit Union Limited and First Federal Cooperative Credit Union Limited.

The havoc caused by the novel coronavirus (COVID-19) pandemic is unprecedented and we understand the significant negative impact it is having on some of our members, especially members working in the tourism and other related sectors.

The League has held a number of meetings with our affiliates, the Caribbean Confederation of Credit Unions, which is the major trade Association for the credit union movement in the Caribbean and the Regulatory Authority, the Financial Services Regulatory Commission, with a view to formulating an “Ease the Burden” programme for credit union members. In view of the anticipated impact on credit unions members, we have agreed to implement a holistic approach to help address the economic and social consequences from the COVID-19 pandemic.

The Programme will include the following for affected members:
1. A moratorium on loan payment for a period of three (3) months with a possible extension up to six (6) months upon review.
2. Special loans or “life-line” loans.
3. Waiver of late fees on loan payments.
4. Waiver of penalties for early redemption of Certificates of Deposits (fixed deposits).
5. Financial advice and counselling.

Each affiliate credit union will advise its members of the details and process for the programme which will be on a case by case basis. Consequently, please contact your credit union directly for more specific information.

All our affiliates have installed hand sanitizers as you enter the credit unions and all are adhering to the six feet social distancing requirement, while in teller lines. Affiliate credit unions will continue to monitor the potential impact of the current volatile situation on their members to appropriately assess and assist members in need.

The Credit Union Movement is “people centric” in nature and is committed to helping its members get through these trying times.

Together we will overcome.

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