To provide credibility to this regulatory approach there would need to be a process of intense dialogue between all the stakeholders – the Ministries of Finance and Labour and Co-operatives; the credit union movement; the Credit Union Co-operative League; and the Central Bank.
The role of the Ministry of Labour vis-à-vis the credit unions in particular and the co-operative movement in general will need to be clearly defined. It is my view that the Ministry could still have an important developmental role. There would also need to be a role for the Credit Union League in helping to prepare its membership for the new regulatory environment.