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Fulford Welcomes News of 250K Fund for Credit Unions

TCI Credit Union

The Government of the Turks and Caicos Islands announced that it is earmarking $250,000 fund to officially make available to Credit Unions to get started  in the TCI.

Premier Hon. Charles Washington Misick, made this announcement on May 3rd boasting of his long-standing interest in establishing credit unions to assist unbanked and under-banked individuals, said efforts are being made to bring credit unions into fruition.

 Premier Misick said: “During my previous stint in office, you would know that it was under my administration that we introduced the credit union bill. We’re now working to make sure that that becomes a reality as we look at building up capital for investment in the Islands and to assist persons who may be unbanked. My Government is providing initially $250,000 in order to kick start this institution.”

Managing Partner Fulford who sits on the TCI Credit Union Exploratory Committee as General Counsel welcomes this news and offer sincere thanks to the Government for making funds available toward Credit Unions establishments.

The TCI Credit Union Exploratory Committee is chaired by Drexwell Seymour CPA, Mark A Fulford General Counsel, Brenesha Cox Secretary, Ruth Forbes CPA, Bentley Hamilton, Benjamin Durham, Karl Issac and Alpha Gibbs as members.The Credit Union Ordinance was approved in the House of Assembly on July 26, 2016 and became law on August 1, 2019.In January 2020, the TCI Government joined the World Council of Credit Unions as an associate member in order to begin the development of credit unions in the territory.

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