A Study on The Perception and Performance of Select Credit Unions in Belize
Tessa Wells1, Somanadevi Thiagarajan2
1Tessa Wells, Operations Officer, Atlantic Bank Ltd, Belize City, Belize.
2Somanadevi Thiagarajan, Assistant Professor, Faculty of Management and Social Sciences, University of Belize, Belize.
Manuscript received on February 08, 2019. | Revised Manuscript received on February 11, 2019. | Manuscript published on February 15, 2019. | PP: 14-28 | Volume-3 Issue-8, February 2019. | Retrieval Number: H0238023819 /19©BEIESP
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The credit union sector is a striving industry. With the increase in membership, the institution will see an increase in deposits, loans and the use of other products and services. As the credit union continue to grow, management need to be aware of inadequacies and how members perceive the institution’s performance. The purpose of this study was to analyze the perception of credit union members on the performance of credit unions and to evaluate the financial performance of the three selected credit unions over an eight year period (2008-2015) using the CAMEL framework. A total of 300 questionnaires consist of Likert scale statements were issued to credit union members to collect data on the perceptions of performance of credit unions and the data were analyzed using descriptive statistics. Secondary data was collected from the audited financial statements retrieved from the credit unions’ official websites to analyses the financial soundness of credit unions using CAMEL framework..Results indicate that 96.3% of the respondents prefer to save at a credit union than at a commercial bank. Also, 50.3% indicates that credit unions foster economic development and 47.3% agree that they meet their financial needs. The results form CAMEL analysis shows that the credit unions in Belize are financially sound and safe.
Keywords: Credit Unions, Perception, Performance, CAMEL, Microfinance.