MICROCAPITAL BRIEF: World Council of Credit Unions (WOCCU) Receives $2.45m from UN’s MicroLead for Liberia Credit Union National Association

The World Council of Credit Unions (WOCCU), a US-based association of credit union trade groups in 54 countries, recently received a four-year, USD 2.45 million grant from the United Nations Capital Development Fund’s (UNCDF’s) MicroLead program that it will direct to its new member organization, the Liberia Credit Union National Association (LCUNA), a network of 300 credit unions in Liberia that serve 36,000 individuals. The money is intended to be used to “establish new credit union savings products, build credit union capacity and strengthen LCUNA’s ability to establish and maintain a network of safe and sound credit unions” in the country. Four credit unions will also be designated to serve as models for others across the country.

MicroLead provides loans and grants to financial institutions in developing countries to expand financial services in underserved markets. Since it’s inception in 2009, MicroLead has funded 15 projects worth USD 22.5 million.

By Charlotte Newman, Research Associate

About the World Council of Credit Unions (WOCCU)
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 governments international organizations on behalf of 44 credit union member trade groups operating in 54 countries. 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.

Sources and Additional Resources:

Credit Union Times: “World Council Grant to Aid Liberian Credit Unions,” http://www.cutimes.com/2013/05/30/world-council-grant-to-aid-liberian-credit-unions

United Nations Capital Development Fund: “MicroLead,” http://uncdf.org/en/microlead

MicroCapital.org story, January 17, 2012, “MICROCAPITAL BRIEF: Participatory Microfinance Group for Africa (PAMIGA) Collaborates with MicroLead Program to Open Office in Ethiopia, Support Microsavings Services of Buusaa Gonofaa, Wasasa,” https://www.microcapital.org/microcapital-brief-participatory-microfinance-group-for-africa-pamiga-collaborates-with-microlead-program-to-open-office-in-ethiopia-support-microsavings-services-of-buusaa-gonofaa-wasasa/

MicroCapital.org story, April 19, 2012, “MICROCAPITAL BRIEF: Liberian Senate President Disburses First Tranche of $18k Microloan Fund,” https://www.microcapital.org/microcapital-brief-liberian-senate-president-disburses-first-tranche-of-18k-microloan-fund/

MicroCapital.org story, October 23, 2012, “MICROCAPITAL BRIEF: World Council of Credit Unions, Boom Financial to Offer Mobile Banking to Credit Unions Worldwide,” https://www.microcapital.org/microcapital-brief-world-council-of-credit-unions-boom-financial-to-offer-mobile-banking-to-credit-unions-worldwide/

MicroCapital.org story, November 7, 2011, “MICROCAPITAL BRIEF: United Nations Capital Development Fund Seeks Financial, Technical Service Providers to Expand Savings Microfinance Program MicroLead,” https://www.microcapital.org/microcapital-brief-united-nations-capital-development-fund-seeks-financial-technical-service-providers-to-expand-savings-microfinance-program-microlead/

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

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