WOCCU

World Council of Credit Unions

Affordable financial services for the disadvantaged.

Australian credit unions are an important part of a global trade association, the World Council of Credit Unions (WOCCU). This international network operates under the vision: “Improving people's lives through credit unions” and promotes the sustainable development of credit unions and other financial cooperatives around the world. The association has a strong history of assisting disadvantaged and impoverished individuals and communities access high quality, affordable financial services. Being mutual organisations, credit unions worldwide are founded on the principles of cooperation, moral integrity, trust, financial prudence, member-care and social responsibility.

Making a world of difference.

WOCCU and its members are making a world of difference to millions of people across the globe. It has 3 main objectives:

To raise awareness of credit unions and financial cooperatives.
To facilitate the global exchange of information and ideas.
To improve legislation and regulation through international lobbying.

The well-known saying: “Feed a man fish and he will eat for a day; teach a man to fish and he will eat for a lifetime” encapsulates the essential work WOCCU does. It empowers people to have access to affordable financial services, which in turn helps them gain control of their financial future through WOCCU international development programs. These programs assist credit unions and national/regional associations with:

rebuilding during and after conflict;
provision of access to the under-served;
development of integrated business networks;
support for communities at risk;
reconstruction after disaster; and
encouragement of legislative reform and regulatory system development.

Here are a few examples of WOCCU’s ongoing work.

In Afghanistan, WOCCU is currently implementing two programs to develop the country’s first credit union system. In a country where the vast majority of people are ‘unbanked’ and have been denied civic participation for many years, credit unions provide Afghan men and women the opportunity to join a financial institution that is owned, controlled and operated by the members.

In Bolivia, WOCCU helped credit unions establish profitable new branches in remote areas and is now working at the sector level to bring ATM access to rural areas and advocate for a sound regulatory framework for micro-finance.

In Mexico, WOCCU developed a successful methodology to take both group-based and individual savings and loan products to poor members in some of the most marginalised areas of the country, so that members no longer have to travel long distances to access savings and loans.

In Uzbekistan, where WOCCU built a credit union system from the ground up, credit unions provide agricultural leasing products to small farmers so they can expand their production serve new markets.

A strong global financial support network.

WOCCU is governed by a board of directors that represents its member organisations. The CEO of Australia's Abacus – Australian Mutuals, Louise Petschler, is an elected director of the WOCCU board, along with 13 other directors from various credit union associations throughout the world. (Australia is actually the 3rd largest WOCCU nation in the world by assets).

The organisation represents 72 countries across the globe and is engaged in 20 technical assistance programs to strengthen credit unions in 16 countries. In 2008, World Council's technical assistance programs reached more than 6.5 million people.

Worldwide in 2008, research indicates that there are 53,689 credit unions operating in 97 countries that serve more than 185 million members.

To find out more about WOCCU, its work in developing nations and its micro finance programs, click here.