Credit union formed for nurses and midwifery personnel

NATIONAL Nurses Credit Union Co-operative Society Limited head Neisha Nedd said the opening of the National Nurses Credit Union Co-operative Society Limited is a revolution in how nurses can care for each other on a socio-economic level.

Speaking at the launch of the union, located at the Alleyne Rawling Building, 39 Warren Street, St Augustine, on May 13, Nedd said the day was a historic one for the local nursing fraternity.

“As highly educated professionals with marketable skills and stable incomes, nurses contribute to our country's economic strength by supporting businesses, generating tax revenues, and creating job opportunities within healthcare and related industries. Additionally, we contribute by creating and managing small businesses and entrepreneurship.

“The International Council of Nurses (ICN) Nurses Day 2025 theme is Our Nurses, Our Future: Caring for Nurses Strengthens Economies. With this in mind, our credit union directly supports ICN as we are in the business of caring for the nurses and midwives' economic well-being and financial freedom.”

She said the credit union’s mission was to serve and support nurses and midwifery personnel by providing tailored financial solutions, exceptional service, and educational resources that enhance their financial well-being.

“Members are empowered to make smart financial decisions, creating the best possible future for them and their families and, take control of their financial future. In so doing, we envision financial opportunities and stability for every member.”

TT National Nurses Association head Idi Stuart said having a credit union for nurses was one of the TTNNA’s major goals, similar to police, fire and teachers, while it lobbied governments for better terms and conditions.

“We would have a financial institution, a co-operative of our own, where we can get reduced rates, we can benefit from products that can service our members, we can offer scholarships, education loan facilities, conference loan facilities. We are proud we were able to achieve this.”

He said the credit union will be a stand-alone organisation, independent of the association. He said he expected the members would join the credit union and make it as vibrant and robust as the other unions.

Speaking to media after the launch, he said one goal of the credit union was to be able to provide services which nurses could not get from other financial institutions.

“Because nursing and midwifery personnel are so poorly paid, poorly compensated, we have to continuously find a number of ways to be able to supplement their salaries to be able to qualify for loans. We are unable to go to other financial institutions to qualify for a mortgage, a car, any sort of loan really, on the temporary form of employment which some of our colleagues continue to operate under.

“So we are finding innovative ways to provide supplementation to those nursing salaries, while we continue to lobby the government of the day for better terms and conditions. We have a number of social programmes in place, so when nurses fall on hard times, we have a socio-economic committee to provide support to them.”

Stuart said the credit union was only open to nursing and midwifery personnel for the next five years. He said this would allow them to provide better rates than other financial institutions.

He said the average salary for nurses is approximately $7,000 a month, which is less than teachers, police and fire services.

“When nurses are not on duty, the quality of care patients receive goes down. A nurse can command two-four times their salary once they go abroad, and the recruiters will provide accommodation, housing, schooling for their children, so they are going up en masse. We would ask Health Minister Dr Lackram Bodoe to address the issue of poor compensation of nurses.”

TT Nursing Council representative Vanessa Young said caring for nurses strengthens economies. She said the opening of the credit union was timely.

“It validates the association’s cries from the nurses and midwives of TT. TTNNA has provided an avenue for nurses to care for themselves as well as their families financially. I remember when this was an idea and it gives me great pleasure to be here at this launch.”

Veteran nursing educator Maureen Giddings Estwick said the formation of the credit union was a significant achievement, as many organisations have not able to form similar institutions to provide services for their members.

“Nurses need money, we need money and I don’t know what we are to do to get up to the stage where we can work along the men for the same salary.

“As an educator, I want the nursing students to play a part in this credit union. I don’t know how you can do it, but there can be some way you can invite the students to be part of the credit union.”

She called on TTNNA head Idi Stuart to meet urgently with Prime Minister Kamla Persad-Bissessar.

“We have a new government, and I hope the goodly Prime Minister Kamla Persad-Bissessar will listen to us and enable us to move further. We need to let her know that nursing is one of the most important professions in the world and in TT, we train our nurses to a high standard.”