Barbados’ credit union sector is on the verge of securing a long-sought protection for members’ savings, with legislation to establish deposit insurance expected to be tabled in parliament within days.

The announcement came from President of the Barbados Cooperative and Credit Union League Kemar Cumberbatch during the opening ceremony of the Caribbean Confederation of Credit Unions (CCCU) Annual Conference at the Wyndham Grand Sam Lord’s Castle on Saturday.

Cumberbatch described the move as a historic breakthrough for a sector that has spent more than a decade advocating for stronger safeguards for its members.