By Mya Quamie
Copyright newsday
Despite the mounting challenges within the aviation industry, the Aero Services Credit Union of TT has stood the test of time, celebrating a milestone – 75 years in business.
In an interview with Business Day on September 19, president Brian Matthew reflected on the company’s growth at the company’s headoffice in Tacarigua.
Aero Services started in a single room within British West Indies Airways (BWIA) in the 1950s and has grown to establish two office buildings and a recreational centre in TT.
Matthew said the credit union began with individuals pooling their money to form a buyer’s club, but interest in the idea pushed it to evolve into a national entity.
But it wasn’t easy, from the mass retrenchment to the eventual collapse of BWIA – which employed most of its founding members – to the covid19 pandemic, Matthew said the credit union has navigated challenges that have folded other companies.
“Through it all, as we look back at our 75 years, one thing we could say is that the organisation has been and continues to be very resilient.
“Notwithstanding those shocks, there was never any doubt in terms of the organisation being able to continue to exist, grow and fulfil its mandate of enriching the lives of its members.
“It meant that we had to find innovative solutions to ensure that those members who were disadvantaged or sent home could have been accommodated, whether by extending the period they have for loans or facilitating flexible terms and conditions.
“There have been challenges; however, they were not insurmountable, and I think we always had the support of the members.”
Matthew said the company’s close-knit structure and family culture are what differentiate it from the competition.
“We’ve always identified to them that whatever this organisation makes, we will distribute it in an equitable way.
“If there are any activities that will require huge outlays of cash, we come back to the members to say what we want to do.
“If we don’t get their approval, then it doesn’t become a reality.”
During his start at the company as a member of the advisory committee, Matthew said he had always seen the company’s commitment to prioritising the well-being of its members.
“There always was a focus on ensuring that the members were put first, and in that reality, it also meant that the dividend potential was always uppermost in the minds of the board members. There was always an expectation that, whatever happens, we need to be able to pay the members a dividend that was meaningful at the end of the financial year.
“It reflected our commitment to giving back to the members, and I think that is where the motto, enriching the lives of our members, came from.”
Looking beyond
​Serving as president since 2010, Matthew said he has witnessed not only the physical growth of the company but a change in day-to-day activities influenced by the evolution of technology.
From enabling digital transactions through its Aero Access platform to digital voting and attendance at its AGM, Matthew said he’s excited for the future as the company develops enhanced customer service tools.
Matthew said this includes a new mobile app and a platform to allow for remote member registration and loan applications.
“Apart from that, we are looking forward to the rest of the year. We have special loan products for the upcoming Diwali celebrations and Christmas, and our anniversary also goes nicely into Credit Union Month in October, where we normally have several activities for our members.”
In addition to its internal activities, the credit union also plans to continue with its youth and community engagement through sustaining its book drives, SEA camps and the sponsorship of the Bishop Anstey High School East & Trinity College East band, which will provide part of the entertainment for its anniversary celebration on September 27.
Matthew also announced the launch of a business hatchery geared towards members who aspire to entrepreneurship.
Through a partnership with CARIRI, the hatchery aims to provide holistic business education from financing to retirement planning.
Matthew also announced the credit union’s intention to relaunch its youth link programme, which was established in 2010
“We feel that there is a great need in this society to have harmonisation with the youth…at some point, we feel that we need to have the opportunity to bring younger members on the board and it’s a good conduit to germinate that seed and allow it to become an integral part of what we on an ongoing basis.”
Celebrating 75
Apart from what Matthew calls the credit union’s anniversary loan, which gives qualified members up to four times their shares, the celebration of the credit union’s anniversary will also include an award ceremony honouring its valued members on September 27.
A meet and greet will also be hosted, allowing members throughout TT to engage with board and committee members and enjoy refreshments, live entertainment, giveaways and much more.
Matthew said that as the Aero Services Credit Union’s anniversary coincides with Credit Union Month in October, members can look forward to a host of activities, including free medical testing, weekly special offers, and financial education sessions.
