The term “Credit Union” has become, quite literally a household name in Dominica, with over 70% of the population belonging to one of the 17 autonomous credit unions serving our various communities, urban and rural. The birth of the Credit Union movement in Dominica was greatly influenced by the Roman Catholic Church, with Sister Alicia de Tremerie, a Belgium-born nun being recognized as the Founder.
The Roseau Credit Union was the first to be organized in 1951 and was registered in July 1952. Credit Unions emerged on the local scene at a time when socio-economic conditions were at low ebb.
With the assistance of stalwart pioneers, including Edward Elwin, Joffrey Robinson, Cuthbert Sweeney, and Theophile Waldron (deceased), credit unions were soon formed at Portsmouth, Pottersville (St. Alphonsus), Calibishie, Marigot, Vieille Case, Mahaut-Massacre (St Paul), and Pointe Michel (La Salette) by 1955.
Four (4) credit unions provide chequing account service for their members, the Roseau Co-operative Credit Union and the Marigot Co-operative Credit Union. Some societies have signed a memorandum of understanding that facilitates members’ transactions with their credit unions.
Societies that are involved are Vieille Case and Portsmouth; Vieille Case and Marigot; and Calibishie, Woodford Hill and Marigot. The Marigot Credit Union operates an out office in the northern part of the Carib Territory, while the Castle Bruce Credit union serves the southern part.