EduCom & Gateway Credit Unions ready for Amalgamation

EduCom Membership Release Voting Power

Following months of discussions, due diligence and anxiety for some stakeholders, matters came to a successful end yesterday when members of EduCom Co-operative Credit Union voted overwhelmingly for the amalgamation of their credit union with Gateway Credit Union. The members of Gateway Credit Union had voted for the merger on April 18.

This event is seen as an historic moment in the Credit Union Movement, as it is the first time that a Credit Union from the East is being merged with one from the West. Under the credit union movement’s rules of association there were no common bonds between members of Gateway and EduCom Credit Unions, as they live and work in separate parishes.

The passing of the merger resolution on April 25, at the Jamaica Conference Centre, signifies the amalgamation of two compatible credit unions that are regarded as robust, innovative, and forward thinking.

Both entities are expected to be merged by year end and a new entity should come into being by January 1, 2025.

The merged entities, to be operated under a new name, will boast assets of over $28B and will operate from 13 locations, with over 200 members of staff serving a membership of over 174, 000 Jamaicans. Members will definitely benefit from having a wider array of financial services and improved service delivery channels , powered by technology.

Speaking at the general meeting, both the President of Gateway Credit Union, Reverend Glenroy Clarke and Mr. Hector Stephenson, President of EduCom Credit Union endorsed the merger calling it “ an exciting journey for both Credit Unions”.

The name of the new entity will be decided by the membership of both credit unions, through a “ Name It” competition to be launched shortly.

With the merger of Gateway and EduCom Credit Unions the number of Credit Unions in Jamaica will move from 25 to 24. More mergers are expected by year end.

For More Information Contact:

Claudette Christie (Ms)

Communications Consultant for Merger Project

Mobile : 876-870-0225

Email: Firstoptionja@gmail.com