Guyana Police Co-operative Credit Union

“MEMBERS MATTER MOST”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

 

By: Avinidra Rajballi, Police Constable 24625

 

HISTORY

From  humble beginnings of being housed in a 10×10 office space to now occupying a modern two storey concrete building; in its 50 years of existence the Guyana Police Co-operative Credit Union has certainly come a long way with the support of its members.

The Credit Union was registered on March 5, 1969, under the co-operative Act, Chapter 88:01 of the Laws of Guyana with registration number 1066.

The Police Credit Union began its early years housed at Police Headquarters, Eve Leary in the now Audit and Inspection Unit building and as the general membership kept growing, the space became too small to contain the staff members and its record; thus prompting the committee of management in January, 1989 to engage then Commissioner of Police Mr. Balram Raghubir, DSS, DSM to acquire a plot of land for the purpose of constructing an office for the union, however, approval was given for the Credit Union to be relocated to the Mounted Branch Compound where they remained for a number of years.

In June, 2013, the Committee of Management once again wrote to the Commissioner of Police this time, Mr. Leroy Brumell, DSM, requesting a vacant plot of land located at 273 Camp and Seawall Roads to construct a new Credit Union Headquarters and in July of 2013 approval was given and the Committee of Management wasted no time as they got the wheels turning on construction of the building, which was completed in December, 2014.

The two storey concrete building is estimated at a cost of 47.3 million dollars and is furnished with all modern equipment such as computer units, security cameras, fingerprint scanner, electronic magnetic doors etc. and even has an open space conference hall on the second floor that is available for rental to members and non-members, the capacity is about 150 persons and a special price is charged for members.

Some past managers who have contributed significantly to the development of the Credit Union are: Mr. Milton Mendonca who is also a founding member and served as manager from 1969 to 2005; Mr. Letelle Dejonge, manager from 2005 to 2006; the late Mr. Samuel Thomas from 2007 to 2010 and Woman Superintendent Angela Harding, who served as manager from 2010 to 2019. She is the first female to ever hold that position.

 

OBJECTIVES

The objectives of the Credit Union are clearly laid out in its rules and loan policy and are for the development and improvement in the lives of all members that is to say;

• To promote thrift among its members by providing means whereby savings can be effected and shares in the society can be acquired.
• To create out of the savings of its member and otherwise a source of credit available to members for provident and productive purposes on reasonable terms and conditions.
• To educate its members in Co-operative principles and methods and in the efficient management of their affairs

 

MANAGEMENT

The Credit Union is managed by a nine (9) member Committee of Management that is elected at an Annual General Meeting (AGM), where members participate in decision making and matters affecting the Credit Union by exercising their democratic right through the process of voting. There is also a manager, who is responsible for the day to day business of the Credit Union and the welfare of its staff; the current manager is Assistant Superintendent Reynold Venture who also serves on the Committee of Management as the Treasurer and the current strength is 11, inclusive of the manager, 1 Special Sergeant; 2 Corporals; 4 Lance Corporals; 2 Constables and 1 civilian worker.

 

General Membership and Loans

While it is not mandatory to join the Credit Union, ranks are encouraged to do so since the benefits are designed to help improve the welfare of members.

The Credit Union caters from the rank of Constables to Officers of the Force and its auxiliaries such as the Special Constabulary, Rural Constable, Neighbourhood Police and Barrack Labourers and the general membership currently stands at 4,207; one of which is the Commissioner of Police Mr. Leslie James, DSS, DSM.

Loans are approved for various purposes such as: Medical, Funeral, Domestic, Household Appliances, Legal Expenses, Housing, Motor Vehicles and Educational needs. Members are eligible to borrow up to three times their normal savings; not exceeding the regular loan ceiling which is $1,200,000 million dollars. There is also an emergency cash loan in place and the ceiling is $75,000. This loan can be accessed within a day.

Members can also contribute to a special savings account which is immediately accessible during working hours by simply completing a withdrawal slip, which was created specifically for that purpose by the Manager, A.S.P Reynold Venture.

To acquire a loan a member must have already paid six months share and documents required are: proof of ownership/ quotation or estimates, three recent payslips, national identification Card, two guarantors who are members and in good standing with the Credit Union and $500 processing fee. An interest rate of 1% is charged on the monthly reducing balance of the loan.

CONCLUSION

The staff of the Credit Union along with the manager, over the years has been visiting stations and departments within the Seven Policing Divisions; where they would educate ranks of the services offered and the benefits that can be enjoyed by members; this initiative has seen significant increase in the general membership over the years.

The Guyana Police Credit Union, from its inception has assisted in enabling members to own their own homes, cars, home appliances etc. and even helped ranks with financing to further their education. After every AGM, the surplus is divided among members as interest and dividends that is deposited into the accounts of members.

The Credit Union has over the years seek to and continues to offer services that will improve the quality of lives of all its members and will continue to do so.