Two competing financial institutions in Grenada have come together to launch an international debit Card.
The Grenada Cooperative Bank and the Grenada Public Service Cooperative Credit Union have launched Connex – a Visa International Debit Card promising low fees and charges.
It is the first time either entity has undertaken such a venture and General manager of the Credit Union Lucia Andall says the main aim is to bring financial services to its members at a low cost and through shared resources.
“Access to Connex empowers. It provides the convenience of having funds available when and where you need it.”
“Connex and all it symbolizes is the culmination of a dream; a dream where it was conceptualized that financial institutions sharing a common space, could collaborate in bringing financial services to its members and customers by sharing, and thus expanding the IT resources of all.”
General Manger of the Grenada Cooperative Bank, the sole indigenous bank on the island, Richard Duncan, was the brainchild behind the card.
He said he believes that the management of financial institutions calls for prudence.
“As indigenous institutions, there are two things that we must do; we must compete where we have to and we must cooperate where we must.”
“So we always look for opportunities, where even though we contest fairly and fiercely in the marketplace, we also at the same time, look for avenues to leverage our respective strengths.”
Twelve thousand cards have already been issued and according to Duncan, 15-million EC dollars worth of transactions have already been conducted with the cards.
The cards can be used at all ATM branches of the Bank and Credit Union as well as at all ATM machines where the Connex or VISA symbols are displayed – approximately 30-million merchants worldwide.
The Connex brand has been accepted by the Eastern Caribbean Central Bank (ECCB) and is being hosted by the St. Kitts-based Caribbean Credit Card Corporation (4Cs).
General Manager of the 4Cs, Jessel Gadsby said the Connex brand is a true representation of what the ECCB has recommended to the sub-region – that being the development of a system where entities within the region’s financial sector can facilitate card switching, acquiring and issuing in a seamless fashion.
“Connex brings value for many constituents. For the merchants, we have the introduction of additional card holders shoppers coming to your stores…for the card holders, in keeping with the mandate we have provided a safe, secure and convenient way to access your funds…and for the financial institutions, it builds on the infrastructure that has already been developed.©