Workmen on a Jamaica Public Service Company pole. The JPS credit union has opened up membership to Digicel employees. - File

The JPS credit union, a saving institution with $1.6 billion of assets, has opened its membership beyond the electricity sector to include telecoms Digicel Jamaica employees.

As a result, the JPS Employees Cooperative Credit Union or JPSCCU has renamed itself Jamaica Power Sector & Partners Cooperative Credit Union Limited (JPS & Partners).

Deal cemented

The deal was cemented following a vote by JPSCCU members to amend the bond allowing for the extension of membership and the organisation's name change.

"The arrangement will be implemented on a phased basis, beginning with employees at Digicel Jamaica's head office and group headquarters in Kingston," said the credit union in a statement.

The credit union currently has a membership base of 5,200, comprising current and former employees of the Jamaica Public Service Company, Rural Electrifi-cation Programme, Jamaica Energy Partners, and Jamaica Private Power Company, as well as relatives of the companies' employees.

Digicel Jamaica, which began operations in 2001, represents a potential market of 912 new members - the number of employees the cellphone service provider had up to January.

"The new arrangement will allow employees of Digicel and their relatives to officially apply for membership with JPS & Partners," said the credit union, which is run by General Manager Joydene Jarrett.

Jamaica's credit union sector, at November 2007, was valued at $44 billion, giving JPS & Partners an approximate four per cent share.

business@gleanerjm.com