By Daisy Richards | HGP Nightly News
Guyana Hosts Historic Seminar on Intelligent and Inclusive Finance to Elevate Credit Unions
Georgetown, Guyana – The first-of-its-kind seminar on “Intelligent and Inclusive Finance” opened this week, hosted by the Guyana Public Service Cooperative Credit Union (GPSCCU) in collaboration with the Caribbean Development Education Program (CaribDE).
Held under the theme of promoting modern, equitable, and sustainable financial systems, the seminar aims to empower credit unions with tools to remain competitive, responsible, and inclusive in today’s fast-evolving financial landscape.
Melvin Edwards, former chairman of the World Council of Credit Unions, delivered a powerful address in which he called for the modernization of Guyana’s credit union laws, which date back to 1948.
“A 1948 piece of legislation, with all due respect to its crafters, cannot be relevant in the year 2025 and moving forward,” Edwards asserted.
He stressed that as Caribbean nations are moving toward harmonized, updated frameworks, Guyana must also act proactively to upgrade its legal and regulatory infrastructure.
“A proactive board will hire the necessary expertise rather than wait on the commissioner or government to hand them legislation,” Edwards advised.
Attorney-at-law Steven Fraser, a specialist in banking and financial law, echoed this sentiment, stating:
“To take advantage of modernized cooperative legislation, credit unions must come up to par. It’s time for legal reform.”
The two-day seminar, which concludes on May 23, also addresses strategies to build a responsible and inclusive financial ecosystem, with sessions on global best practices, technological integration, and financial education within credit unions.
Organizers say the goal is to transform credit unions into key drivers of equitable growth, enabling broader access to capital for underserved populations.
