Look to credit unions

THE EDITOR: Expanding capabilities of credit unions to offer a comprehensive suite of banking services could significantly benefit the unbanked population.

By permitting credit unions to provide services such as savings accounts, checking accounts, loans, and electronic payment options, we empower them to serve as accessible, community-based financial institutions. Credit unions are often deeply rooted in local communities, fostering trust and financial inclusion. Enabling them to offer a full range of banking services would extend financial access to the unbanked, helping them save, borrow, and manage their finances more effectively. Moreover, credit unions typically prioritise member well-being over profit, potentially leading to fairer terms and lower fees for underserved individuals.

This policy shift would not only reduce financial disparities but also promote economic stability and growth among the marginalised, ultimately strengthening the financial health of communities.

GORDON LAUGHLIN

Westmoorings