MICROCAPITAL BRIEF: World Council of Credit Unions, Boom Financial to Offer Mobile Banking to Credit Unions Worldwide

The World Council of Credit Unions (WOCCU), a US-based trade association and support organization for credit unions, and Boom Financial, a US-based mobile banking, payments and money transfer provider, have partnered in an effort to assist credit unions worldwide in offering mobile banking services to their customers. Established in 2008, Boom Financial serves 15 million immigrants living in the US and their loved ones in the US and Mexico. Boom will expand its geographical presence to new countries via 51,000 WOCCU member credit unions that serve 196 million people in 54 countries. WOCCU will act as broker and technical consultant.

By Jennifer Young, Research Associate

About World Council of Credit Unions
Established in 1971, The US-based World Council of Credit Unions (WOCCU) is a trade association and support agency for credit unions. WOCCU advocates before international organizations on behalf of 44 national-level credit union member trade groups operating in 54 countries, and it coordinates with national governments regarding legislation and regulation. Its technical assistance programs introduce tools and technologies intended to strengthen the financial performance of credit unions and increase their outreach. WOCCU consists of three entities: (1) WOCCU Incorporated, a nonprofit trade association; (2) WOCCU Services Group, which functions as a for-profit corporation; and (3) The Worldwide Foundation for Credit Unions, which serves as a charitable organization. WOCCU reported total assets of USD 14.4 million in its 2011 annual report.

About Boom Financial
Established in 2008 as m-Via, the organization now known as Boom Financial is a mobile banking, payments and money transfer service for the US immigrant population and their extended families across the US and Mexico. Boom Financial serves 15 million subscribers in 15,000 locations in both countries and estimates the value of its mobile banking transactions to be USD 50 billion per year. In 2011, Boom Financial partnered with the U.S. State Department to co-found the International Diaspora Engagement Alliance (IdEA) to engage diaspora communities in entrepreneurship, volunteerism, philanthropy, diplomacy and social innovation in countries and regions of diaspora origin. Bill Barhydt is the co-founder of Boom Financial and has served as the CEO since 2008.

Sources and Additional Resources

World Councl of Credit Unions Story: “Boom Financial and World Council of Credit Unions Partner to Provide Financial Inclusion via Mobile Banking”
http://www.woccu.org/newsroom/releases/Boom_Financial_and_World_Council_of_Credit_Unions_Partner_to_Provide__Financial_Inclusion_via_Mobile_Banking

MicroCapital Story: “MICROCAPITAL BRIEF: Haiti Mobile Money Initiative, Managed by World Council of Credit Unions (WOCCU), Continues to Seek Recipients for $12m in Grants for Development of Mobile Payment Platforms from Gates Foundation, USAID,” May 30, 2011.
https://www.microcapital.org/microcapital-brief-haiti-mobile-money-initiative-managed-by-world-council-of-credit-unions-woccu-continues-to-seek-recipients-for-12m-in-grants-for-development-of-mobile-payment-platforms-from-g/

MicroCapital Universe Profile: World Council of Credit Unions https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Council+of+Credit+Unions+%28WOCCU%29

MicroCapital Universe Profile: Boom Financial
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=boom+financial

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.