MICROCAPITAL BRIEF: World Council of Credit Unions (WOCCU) to Expand Financial Services in Colombia with $2.5m Program

The World Council of Credit Unions (WOCCU), a US-based membership organization representing 41 country-level credit union trade groups, will expand financial services in remote areas of Colombia with a USD 2.5 million program that will employ mobile technology in an effort to bring financial services to 100,000 previously unbanked people in rural and low-income communities throughout the country. Credit union field officers will travel from their offices to nearby communities to bring savings-based financial services directly to members in a group setting. The approach is based on a replica of WOCCU’s Semilla Cooperativa rural outreach model wherein credit union field officers use portable electronics to enroll new members, record savings and loan payments and process small loan applications in the communities they visit.

WOCCU reported total assets of USD 14 million in its 2009 annual report. In Colombia, 192 credit unions serve approximately 2.2 million people.

About WOCCU:
Headquartered in the United States, WOCCU is a trade association and support agency for credit unions. WOCCU advocates before international organizations on behalf of 41 national-level credit union member trade groups operating in 51 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 proper, (2) WOCCU Services Group, which functions as a for-profit corporation and (3) Worldwide Foundation for Credit Unions, which serves as a charitable organization. WOCCU reported total assets of USD 14 million in its 2009 annual report.

By Ariana Malushi, Research Associate

Sources and Additional Resources

WOCCU: “Colombia’s Credit Unions Adopt WOCCU Model to Expand Financial Inclusion”
http://www.woccu.org/newsroom/releases/Colombias_Credit_Unions_Adopt_WOCCU_Model_to_Expand_Financial_Inclusion

MicroCapital.org Story, August 23, 2011 “MICROCAPITAL BRIEF: World Council of Credit Unions’ (WOCCU’) “2010 Statistical Report” Announces 12% Increase in Credit Union Deposit Holdings, 10% Increase in Reserves”
https://www.microcapital.org/microcapital-brief-world-council-of-credit-unions’-woccu’-“2010-statistical-report”-announces-12-increase-in-credit-union-deposit-holdings-10-increase-in-reserves/

MicroCapital.org Story, June 15, 2011 “MICROCAPITAL BRIEF: World Council of Credit Unions (WOCCU): Afghan Islamic Investment and Financial Cooperatives (IIFCs) Distributed Microfinance Loans Worth $7.4m in Last Third of 2010
https://www.microcapital.org/microcapital-brief-world-council-of-credit-unions-woccu-afghan-islamic-investment-and-financial-cooperatives-iifcs-distributed-microfinance-loans-worth-7-4m-in-last-third-of-2010/

MicroCapital.org Story, August 30, 2011 “MICROCAPITAL BRIEF: Microcredit in Colombia Continues to Grow at a Steady Rate, Driven By Micro- and Small-Sized Enterprises (MSEs)”
https://www.microcapital.org/microcapital-brief-microcredit-in-colombia-continues-to-grow-at-a-steady-rate-driven-by-micro-and-small-sized-enterprises-mses/

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

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