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Oct 17, 2019

Credit Unions to Soon Connect to the National Payment System

Corrine Robinson-Fuller

But with a collective membership of almost half the country’s population, what is the future of the credit union movement in terms of the services it offers to its member-owners? Corrine Robinson-Fuller of the Belize Credit Union League says that they have received their license from the Central Bank of Belize and come 2020, seven of the nine credit unions countrywide will be able to access the national payment system. She speaks to the benefits of this new feature.

 

Corrine Robinson-Fuller, Executive Director, Credit Union League

“There’s one significant event that we are all looking forward to and that is for credit unions to be a part of the national payment system and that has been one of our objectives for the past couple years. And it is finally coming through and so we are expecting that in the new year, 2020, that we will have seven of the nine credit unions coming together to participate in the national payment system. So that will allow a credit union member to transfer monies from their account to another financial institution’s account. Also it will allow a member to transfer monies from their account to another member at another credit union as well. So that is a big thing that we are looking forward to; we have been working on it for a long time. We finally got our license from the Central Bank to operate the system and now we are working to meet the access criteria so that we could be a part of the national payment system.”


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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