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The Caribbean Roots of the British Credit Union Sector

The British credit union sector continues to grow its membership and strengthen, but it would not be where it is today without the early trailblazers of the Windrush generation. This year marked the 75th anniversary of the Empire Windrush’s voyage to the UK in 1948 which transported several future pioneers of the British credit union movement from Jamaica to London.

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Friday 26 January 2024

The British credit union sector continues to grow its membership and strengthen, but it would not be where it is today without the early trailblazers of the Windrush generation. This year marked the 75th anniversary of the Empire Windrush’s voyage to the UK in 1948 which transported several future pioneers of the British credit union movement from Jamaica to London.

As October is UK Black History Month, it is an opportunity to reflect upon the origins of this successful sector which was born from necessity to tackle racist barriers. Upon their arrival in Britain, the Windrush generation faced difficulties accessing financial services due to racial discrimination and in 1964 a group of British Caribbean people established Hornsey Co-operative Credit Union to tackle this. Hornsey Co-operative Credit Union was the first credit union to register under the Industrial and Provident Societies Act 1893 and the organisation merged with London Capital Credit Union in 2013, making it the oldest surviving credit union in the UK.

Along with representatives of other West Indian credit unions from Highgate in London and Hove, Hornsey Co-operative Credit Union set up the Credit Union League of Great Britain (CULGB) in 1967. Eventually, this group evolved to become the Association of British Credit Unions Ltd (ABCUL) in 1984.

Another one of Britain’s earliest credit unions was London’s Pentecostal Credit Union (PCU), founded in 1980 by the Rev Carmel Jones, who died in July this year. Reflecting on its history, current PCU CEO Shane Bowes told ABCUL: “Despite the humiliation of racial prejudice, [Rev Carmel Jones] made significant and groundbreaking achievements in his life. In fact, racist exclusion propelled and inspired his attainments, one of which was founding the PCU – trading now for over 43 years.”

ABCUL CEO, Robert Kelly said: “These stories are just some examples of the revolutionary work Windrush migrants undertook to make the British financial sector more inclusive and we give thanks to their efforts years later”.

Source: Co-op News

Related Articles: 75 Years On – How the Windrush Generation Shaped the British Credit Union Sector

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