Photo: Audience at the Sacred Heart Auditorium in San Ignacio on Friday night
SAN IGNACIO TOWN, Cayo District, Sat. May 27, 2023
The Saint Martin’s Credit Union (SMCU) held its 72nd Annual General Meeting on Friday at Sacred Heart’s College Auditorium in San Ignacio Town. It was an opportunity for members to be apprised on the activities of one of Cayo’s premiere financial institutions.
President of the board of directors at SMCU, Dr. John Morris, reported that “… the loan portfolios are not increasing substantially, and members are struggling to meet their payments.”
While in 2020 SMCU’s growth was minus 10% and in 2021 minus 38%, this was due to the impact of COVID-19.
“We are rebounding slowly but surely, despite the fact that our loans receivables and income generated are still not at the 2019 benchmark before the COVID-19 pandemic,” Dr. Morris also reported.
Despite all the challenges, the assets at SMCU stand at over $37,901,002.00, an increase of over $2.5 million from last year’s figure.
The current membership at SMCU stands at 10,000. With the presence of representatives of the Saint John’s Credit Union, the Belize Credit Union League and Saint Francis Credit Union at the AGM on Friday, the movement is attempting to reach out to the younger generation.
Not surprisingly, SMCU is attempting to modernize, and the Shared Service Network (SSN) rollout is scheduled for next month. This will allow SMCU to acquire co-branded debit and credit cards that can be used anywhere. The launching of the SSN will allow members to be able to send funds from their mobile devices to any financial institution in Belize from their accounts — without having to go to the credit union. They will also be able to receive funds directly in their accounts from any other bank or credit union almost instantly.
Chairperson of the Credit Committee, Santos Tesecum, also reported that 2022 to 2023 saw a growth in the number of requested and approved loans. SMCU approved $10,695,610.35 in loans from a total of 2,121 loans.
SMCU has declared 3.5% in dividends for this fiscal year. In describing the dividends, Dr. John Morris said that “… the credit union itself has to save for a rainy day.”
SMCU was founded in 1949. It is headquartered at the corner of Eve and Church Streets in San Ignacio.
SMCU also has a branch in Benque Viejo, with plans to open another receiving office in Santa Elena.
The credit union branch in Benque Viejo is reportedly doing well; this is after a vacuum was created by the implosion of the Mount Carmel Credit Union a few years ago.
According to Dr. Morris, at the SMCU there is a substantial increase in scrutiny by their regulator, the Central Bank of Belize. He indicated that this is most welcomed, since the SMCU is a people’s movement whose leaders are elected regularly via a democratic process.