WOCCU Full Form: The World Council of Credit Unions (WOCCU) promotes financial inclusion through the credit union and cooperative model through international advocacy, development, education, and networking that empowers underserved populations and promotes more equitable and resilient communities. WOCCU aims to enhance people’s lives by promoting credit unions and other financial cooperatives through advocacy, development, and education. WOCCU member associations represent over 86,450 credit unions in 118 countries, serving over 375 million members globally.
Table of Contents
WOCCU Overview
This section briefly overviews the World Council of Credit Unions (WOCCU). Let’s have a look:
| WOCCU Full Form | World Council of Credit Unions |
| Headquarters | Madison, Wisconsin, USA |
| Formation | 1971 |
| Managing Director | Elissa McCarter LaBorde |
| Method | Social science research |
| Website | www.woccu.org |
| Official languages | English |
History
WOCCU was formally established on January 1, 1971, after being incorporated on November 10, 1970. CCU collaborated with the Microfinance Investment Support Facility for Afghanistan (MISFA) and the United States Agency for International Development (USAID). to establish Islamic investment and finance cooperatives in Afghanistan the Gates Foundation awarded WOCCU a $6.7 million grant in 2006 to support the growth of credit unions in Latin America and Africa.
Today, World Council represents the global credit union community as the premier voice for advocacy and growth worldwide. Through projects focused on community development, collaboration, and education, the World Council is still working to advance financial cooperatives and economic freedom globally.
A board of directors representing the member organisations that comprise the World Council is in charge. The organization’s headquarters, as well as those of its subsidiaries, are in the American city of Madison, Wisconsin. In addition, the World Council has programme offices worldwide and a permanent office in Washington, D.C.
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Functions
- To improve people’s lives through financial cooperatives like credit unions.
- To increase financial inclusion on a global scale through the credit union movement.
- All people ought to have access to financial services that are reasonable, trustworthy, and sustainable.
- The World Council promotes and advances global credit unions and cooperative finance via advocacy, development, and education.
Significance:
WOCCU plays a pivotal role in:
- Enhancing financial democracy and community empowerment.
- Strengthening cooperative finance as a viable alternative to commercial banking.
- Promoting inclusive and sustainable economic development.
Direct Members
| Africa | Asia |
| Cameroon – Cameroon Co-operative Credit Union League, Ltd. | Kazakhstan – Credit Unions of Agro-Industrial Complex Association-Kazakhstan |
| Ghana – Ghana Co-operative Credit Union Association Ltd. | Nepal – Nepal Federation of Savings & Credit Cooperative Unions. Ltd. (NEFSCUN) |
| Kenya – Kenya Union of Savings & Credit Co-operatives Ltd. | Singapore – Singapore National Co-operative Federation |
| Malawi – Malawi Union of Savings and Credit Co-operatives, Ltd. | South Korea – National Credit Union Federation of Korea |
| Seychelles – Seychelles Credit Union | Latin America |
| Caribbean | Brazil – Sicredi Participações |
| Haiti – Association Nationale des Caisses Populaires Haitiennes (ANACAPH) | Colombia – Federación Nacional de Cooperativas de Ahorro y Crédito Financieras |
| Caribbean Confederation of Credit Unions (CCCU) | Costa Rica – Federación de Cooperativas de Ahorro y Credito de Costa Rica R.L. |
| Europe | Dominican Republic – Asociación de Instituciones Rurales de Ahorro y Crédito, Inc. |
| Croatia – Croatian Association of Credit Unions | El Salvador – Federación de Asociaciones Cooperativas de Ahorro y Crédito de El Salvador, R.L. |
| Estonia – Estonian Union of Credit Cooperatives | Guatemala – Federación Nacional de Cooperativas de Ahorro y Crédito de Guatemala – FENACOAC |
| Great Britain – Association of British Credit Unions, Ltd. | Mexico – Caja Popular Mexicana |
| Ireland – Irish League of Credit Unions | Panama – Corporación Fondo de Estabilización y Garantía de Cooperativas de Ahorro y Crédito de Panamá, R.L. |
| Republic of North Macedonia – FULM Saving House | Peru – Federación Nacional de Cooperativas de Ahorro y Crédito del Perú |
| Poland – National Association of Co-operative Savings & Credit Unions (Poland) | North America |
| Romania – Federation of Romanian Credit Unions | Canada – Canadian Credit Union Association |
| Russia – Russian Credit Union League | United States of America – Credit Union National Association |
| Ukraine – Ukrainian National Association of Savings and Credit Unions | Oceania |
| – | Australia – Customer Owned Banking Association |
| – | New Zealand – UNITY Money (New Zealand Association) |
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WOCCU Statistical Report
Conclusion
The World Council of Credit Unions (WOCCU) is a global champion for financial inclusion and empowerment using the credit union and cooperative model. Since its founding in 1971, WOCCU has worked hard to help credit unions grow and stay open around the world. Its goal is to improve the lives of people who aren’t getting enough help and to build communities that are more fair and strong. WOCCU continues to play a key role in promoting economic freedom and financial cooperatives around the world. Its members come from a wide range of backgrounds and represent over 86,450 credit unions in 118 countries.
Frequently Asked Questions (FAQs)
What is the WOCCU Full Form?
The WOCCU Full Form is the World Council of Credit Unions.
When WOCCU is established?
It was established in 1971.
What is the primary purpose of WOCCU?
The primary purpose of WOCCU is to improve people’s lives through financial cooperatives like credit unions.
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