In a remarkable turn of events following the review of more than 500 submissions by a joint committee of credit unions EduCom and Gateway, a decision has been made to christen the merged entity as Infinity Co-operative Credit Union. This exciting development marks the beginning of a new era for the two institutions as they prepare to embark on their journey towards amalgamation.
The renaming of the entity serves as a crucial step in the merger process, symbolizing unity and cohesion between the two credit unions. Interestingly, three individuals from both institutions independently suggested the name ‘Infinity,’ each winning a cash prize of $100,000 for their synchronistic choice. This serendipitous occurrence has sparked a wave of positivity and goodwill towards the impending merger.
CEO of Gateway Co-operative Credit Union, Ornell Bedassie, expressed his enthusiasm for the merger, emphasizing that the real work lies ahead. As preparations for the merger progress, various committees, including finance, risk, marketing, and operations, are diligently working towards the anticipated commencement in January 2025.
Gateway Co-operative Credit Union, a product of the successful merging of Montego Bay Co-operative Credit Union and Hanover Credit Union in 2017, boasts a network of four branches across Jamaica. With assets totaling $13.16 billion and a membership exceeding 72,000, Gateway has established itself as a prominent player in the credit union landscape.
On the other hand, EduCom Co-operative Credit Union Limited, formed through the merger of AAMM and UWI Co-operative Credit Unions in April 2015, has experienced substantial growth to become a leading credit union in the region. With assets valued at $13.89 billion, a membership of 82,000, and 10 branches, EduCom has made significant strides in expanding its reach and impact.
Upon the completion of the merger, the newly formed Infinity Co-operative Credit Union is set to become the largest credit union in Jamaica, with an estimated $30 billion in assets and over 170,000 members. This monumental consolidation will reshape the credit union landscape in Jamaica, solidifying Infinity’s position as a key player in the sector.
As Jamaica’s credit union movement continues to evolve, the EduCom-Gateway merger signifies a pivotal moment in the sector’s history. With a total membership exceeding 1.04 million and total assets nearing $185 billion, the credit union sector in Jamaica is poised for further growth and development.
In conclusion, the merger between EduCom and Gateway heralds a new chapter for the credit union sector in Jamaica, paving the way for enhanced collaboration, efficiency, and service delivery. As the sector consolidates and evolves, the formation of Infinity Co-operative Credit Union symbolizes a bold and innovative approach towards fostering financial inclusion and empowerment for all members.
