The World Council of Credit Unions (WOCCU) is an international
trade association
A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific Industry (economics), industry. An industry tra ...
and
development agency for
credit unions
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...
headquartered in
Madison, Wisconsin
Madison is the county seat of Dane County and the capital city of the U.S. state of Wisconsin. As of the 2020 census the population was 269,840, making it the second-largest city in Wisconsin by population, after Milwaukee, and the 80th-lar ...
. WOCCU aims to improve lives through credit unions and other financial cooperatives through advocacy, development and education. WOCCU's member associations account for over 86,450 credit unions in 118 countries with over 375 million members worldwide.
History
WOCCU was incorporated on 10 November 1970 and officially commenced operations on 1 January 1971. WOCCU has worked with the
United States Agency for International Development
The United States Agency for International Development (USAID) is an independent agency of the U.S. federal government that is primarily responsible for administering civilian foreign aid and development assistance. With a budget of over $27 bi ...
(USAID) and the
Microfinance Investment Support Facility for Afghanistan
The Microfinance Investment Support Facility for Afghanistan (MISFA) was set up in 2003 at the invitation of the Afghan government to streamline collection of donor money and avoid pitfalls arising from conflicting donor interests that had been ...
(MISFA) to build
Islamic investment and finance cooperative
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...
s in
Afghanistan
Afghanistan, officially the Islamic Emirate of Afghanistan,; prs, امارت اسلامی افغانستان is a landlocked country located at the crossroads of Central Asia and South Asia. Referred to as the Heart of Asia, it is bordere ...
. In 2006, WOCCU received a $6.7 million grant from the
Gates Foundation
The Bill & Melinda Gates Foundation (BMGF), a merging of the William H. Gates Foundation and the Gates Learning Foundation, is an American private foundation founded by Bill Gates and Melinda French Gates. Based in Seattle, Washington, it was l ...
to develop credit unions in Africa and Latin America.
See also
*
Credit union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
*
History of credit unions
Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations must rely on risky and expensive informal financial services from sources like money l ...
References
{{Reflist
External links
Official website
Cooperative federations
Credit unions