Jamaica’s Prime Minister Holness Hails Launch of Infiniti Co-operative Credit Union as ‘Milestone in Financial Inclusion’
The formation of Infiniti represents the successful merger of Educom Co-operative Credit Union and Gateway Co-operative Credit Union, creating what is now the second-largest credit union in Jamaica
KINGOSTON, June 27, 2025 — Prime Minister of Jamaica, Dr Andrew Holness delivered the keynote address recently at the official launch of Infiniti Co-operative Credit Union Jamaica Limited, celebrating what he described as a historic moment in Jamaica’s financial evolution.
The formation of Infiniti represents the successful merger of Educom Co-operative Credit Union and Gateway Co-operative Credit Union, creating what is now the second-largest credit union in Jamaica, boasting over 176,000 members, 13 branches, and a combined asset base of J$31 billion.
Addressing an audience comprising executives, public and private sector representatives, and members of the media, Prime Minister Holness praised the new institution for embodying “limitless potential, boundless opportunities, and a future where every member has the tools to thrive.”
“Infiniti represents more than just a name,” he said. “It symbolises a bold new chapter for Jamaica’s credit union movement—one rooted in resilience, service, and shared prosperity.”
Credit unions: Pillars of economic empowerment
Reflecting on the origins of Jamaica’s credit union movement, Holness paid tribute to its founding figures, including Jesuit missionary Father John Peter Sullivan, who in 1941 helped establish the country’s first credit union with just US$1.87 in shares.
From these modest beginnings, the movement has grown to serve over one million Jamaicans, with total assets exceeding J$194 billion. Holness highlighted credit unions as vital in addressing Jamaica’s financial inclusion gap, particularly for the 23 percent of citizens who remain unbanked or underbanked.
“Credit unions offer a lifeline,” he said, “providing accessible savings, fair credit, and financial education that help break the cycle of poverty and foster economic resilience.”
A Personal testament
The Prime Minister shared his own family’s experience with the credit union system, describing how his mother, a civil servant, used credit union loans to extend their home and support his education. “She was disciplined, frugal, and the credit union was the only financial institution she trusted to borrow from. That left a lasting impression on me,” Holness remarked.
A Thriving economy, a stronger financial system
Holness used the occasion to highlight Jamaica’s economic progress over the past decade:
- Unemployment at a historic low of 3.5 percent
- Debt-to-GDP ratio projected to fall below 70 percent
- Inflation reduced to 4.3 percent as of November 2024
- Record net international reserves of US$5.6 billion
- Significant reductions in crime, with a 27 percent drop in murders in early 2025
He emphasised that these macroeconomic achievements are beginning to create tangible benefits for ordinary Jamaicans, such as increased public transportation, improved public services, and tax relief mechanisms like the reverse tax credit.
“The dividends of good economic management are finally reaching households. Credit unions are critical to translating macroeconomic gains into individual and community wealth.”
The role of Infiniti in the future
Holness encouraged the new entity to continue innovating, especially in lending to sole traders, supporting education and upskilling, and embracing digital transformation. He noted the surge in motor vehicle loans but urged members to also prioritise borrowing for personal development and small business investment.
He lauded Infiniti’s mission and corporate philosophy, including its commitment to service excellence, volunteerism, integrity, and continuous improvement.
“Your tagline, ‘Where possibilities are endless,’ perfectly captures what the credit union movement is all about,” Holness said. “Infiniti stands as a beacon of what we can achieve when we come together in service of the greater good.”
Looking ahead
In closing remarks, the Prime Minister issued a call to action for credit unions across Jamaica to deepen their impact through collaboration, innovation, and an unwavering commitment to financial empowerment.
“Infiniti embodies the spirit of unity and transformation. As you chart this new course, may your impact be far-reaching and your possibilities truly endless,” he said.
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
