Business

BWU Credit Union is now AffinityPlus Credit Union

The BWU Co-operative Credit Union Ltd. (BWUCCUL), one of Barbados’ leading and most respected credit unions, is now AffinityPlus Credit Union (AffinityPlus). News of the change came as the credit union, which was formed in July 1983 to provide financial products and services to members of the Barbados Workers’ Union (BWU), unveiled its fresh, new look and returned to its historic headquarters on Fairchild Street, Bridgetown after approximately 4 years.

Valerie Hope, the Marketing Manager of AffinityPlus, said that while the Credit Union’s core purpose – to improve the quality of life of its members – has remained consistent, in many ways, the Credit Union has evolved how it fulfils its purpose. Over the years, the Credit Union has diversified its range of financial products and services, built a robust digital footprint to make it easier for members to do business with the organization, and made its financial products and services more accessible to a broader cross-section of Barbadians in various stages of their life journeys.

According to Hope, the Credit Union uncovered insights into the brand’s strengths and competitive advantages through extensive research. Moving forward, the organization will be laser-focused on fortifying these strengths and launching initiatives that differentiate the Credit Union as a brand. “This means we will be more strategic and creative in our sales and marketing initiatives, speaking directly to our target members – the individuals, families and businesses that value our brand characteristics. This new approach calls for repositioning our brand in the minds of our members and prospective members, so we become their first choice for the financial solutions they seek. It also influenced us to update our visual and overall brand messages to potential members. Our new name and visual identity are now more distinctive, modern, and better aligned with our purpose.

She further added “We are also happy that our brand launch has coincided with the return of our Bridgetown operations to our upgraded facilities at the Walcott Brooks Building in Fairchild Street. As the former offices of the late National Heroes, Sir Grantley Adams, Sir Hugh Springer and Sir Frank Walcott, and the original home of the Barbados Workers Union, this building holds a lot of history for Barbados and needed to be restored as a national landmark. It will also add to the revitalization of this section of Bridgetown.”

With respect to the name change, Hope said that the Credit Union’s new name reflects its DNA as an organization. She explained that “Affinity” means “a feeling of closeness and understanding someone has for another person or entity because of similar qualities, ideas, or interests. “This part of our name,” she said “, speaks to our focus on service delivery, empathy, responsiveness and community, which are all key characteristics of our DNA as a company and critical to achieving and holding on to our desired brand positioning. It also pays homage to our roots in the Barbados Workers Union and the concept of solidarity. She added that “the inclusion of the word ‘Plus’ in our name is a bold proclamation that when you are a member of AffinityPlus, you will experience a distinct advantage, as our products and services provide additional value to your life.”

Hope also noted, “Even though we have changed our name, we will continue to honour our heritage and roots in the Barbados Workers’ Union, as this organization was instrumental in establishing our Credit Union.

AffinityPlus Credit Union has over 31,500 members and over BDS$200 million in assets under management and growing.

Business

CENTRAL BANK’S GOVERNOR REVIEWED THE BARBADOS ECONOMY : JAN – MAR 2024

Despite challenges, Barbados’ economy grew in early 2024, further strengthening key economic
aggregates like the current account balance and debt-to-GDP ratio.

Amidst challenges such as elevated foreign interest rates, geopolitical tensions, higher freight costs, and adverse local weather
conditions, the economy sustained its growth trajectory.

Real GDP increased by 4.1 percent during the first quarter of 2024, fuelled by visitor arrivals that surpassed the industry’s 2019 peak along with broadbased growth across various sectors.

This economic expansion contributed to achieving an external current account surplus and a further strengthening of financial sector’s resilience. Moreover, it helped to attain the 2023/24 fiscal year primary surplus target and further reduced the debt-to-GDP ratio. (PR/GIS)

Business

Afreximbank Lon to upgrade and maintain Kensington Oval

The stage is set for the 2024 ICC Men’s T20 World Cup matches to be held at Kensington Oval
This assurance comes from Chairman of Kensington Oval Management Inc (KOMI), Damien Gaskin, as he spoke during the recent signing of a US$25 million (BDS$50 million) loan to upgrade and maintain the historic Kensington Oval site, between Prime Minister Mia Mottley and Chairman of Afreximbank Professor Benedict Oramah.
Gaskin stated that key work at the facility has already been completed in time for the June tournament.
“We have done a lot of work to this point. We started the work in earnest in November to bring us to probably over 80 per cent complete in a lot of the works that we have had to do. We spent close to probably $30 million already, we are going to spend another five to eight of what we see as the current redevelopment at Kensington Oval.
“Legacy was a major aspect of the entire plan around the redevelopment. That legacy will include an indoor facility with the latest technology to help our cricketers training year round, and even be able to add science to their training and rehabilitation. We are looking at drop-in pitches, we want to increase the utilisation of the Oval, we want to be able to hold a big concert one day, and then hold a huge cricket match three to four days later without any negative impacts on the field,” Gaskin added.

Business

BTFL Hosts Graduation Ceremony For Manufest

The Barbados Trust Fund Limited (BTFL) is continuing to work tirelessly to support local entrepreneurs.

General Manager of BTFL, Gerald Amos, outlined its various initiatives and plans on Wednesday night as he addressed the graduation ceremony of the 2023 Edition of the Manufest Manufacturing Incubator Programme (Cohort Two), at Bagnall Point Training Room, Pelican Village, St. Michael.

Mr. Amos noted that the Trust Fund had invested in technology and innovation with its new Loans Management System (LMS), where clients are now being offered an “end-to-end process”.

“One can apply for a loan and be disbursed electronically without having to physically visit the offices of the BTFL…. That system will provide online repayment methods for our clients, and for us to remit payments directly to suppliers and vendors on behalf of our clients.

“To support our new LMS, we have upgraded and redesigned our website to be more accessible and user-friendly for all who engage with us,” he told the audience.

With the 2024 International Cricket Council Men’s T20 World Cup being held in June, the General Manager stated that the BTFL intends to exploit available opportunities for entrepreneurs, so they can showcase and offer their goods and services, while ensuring their products are of world-class status.

During his wide-ranging remarks, Mr. Amos said BTFL had budgeted to host two Manufest programmes yearly, but the overwhelming response it received from entrepreneurs meant that three would have to be undertaken this year. The next cohort will start in May.

The Manufest Manufacturing Incubator Programme aims to enhance the quality and standards of products offered for export. Entrepreneurs are taken through a developmental journey tailored at improving business acumen, product standards, creating best practices, and providing clients with the insight needed to strengthen their businesses.

Mr. Amos said completion of the training did not signify that the participants’ journey had now come to an end. “We will seek to enroll …many of them into the Export Voyager Programme at Export Barbados, where they will be further exposed to understanding the roadmap of navigating export markets. We, at the BTFL, are absolutely delighted for the guidance and support offered by Export Barbados,” he shared.

Over 35 persons from Cohorts One and Two received their certificates at the graduation ceremony. (PR/GIS)

Caption: General Manager of the Barbados Trust Fund Limited, Gerald Amos, speaking at the 2023 graduation ceremony of the Manufest Manufacturing Incubator Programme (Cohort Two), at Bagnall Point Training Room