World Credit Union to Establish Credit Union Branches throughout Liberia

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The Chief of Party (COP) and Project Director of the World Council of Credit Union, Patrick Muriuki, has promised members of the Liberia Credit Union National Association (LCUNA) that his organization will continue to establish more branches in the 15 counties of Liberia.
Muriuki made the disclosure recently at the just-ended third General Assembly of LCUNA, held in Buchanan, Grand Bassa County.
According to Mr. Muriuki, the establishment of more credit union sub-branches in the 15 political sub-divisions is intended to support the development of their activities by expanding savings and improve livelihoods of poor and low-income households through the Liberia Credit Unions Association.
“WOCCU raises the awareness of credit unions, facilitates the exchange of information and ideas about financial cooperatives, and works with policymakers to improve the legal and regulatory environments for credit unions,” said Mr. Muriuki.
He said most of the credit union centers in the country have been operating like a ‘savings clubs’ otherwise known locally as ‘susu,’ where they have to save and withdrew their funds at the end of the year or a little earlier in the year.
By that, WOCCU’s chief of party said that the people would not achieve any things. He added that the establishment of the centers would encourage more local Liberian business entrepreneurs to improve their lives as well as their businesses.
These 15 sub-branches, he noted, would help build smaller credit unions’ capacities and strengthen LCUNA’s ability to establish and maintain a network of safe and sound credit unions in the country.
The chief of party of WOCCU also disclosed to LCUNA’s member that for the past four years, WOCCU has recruited over 2000 members nationwide and as well as generate the amount of L$5 million for the organization.
“This is a boost for credit union members in the country,” he assured them.
Currently, Mr. Muriuki said there are 2,000 credit unions affiliating with LCUNA and serving 36,000 members as well as four new regional credit unions, which will serve a minimum of 40,000 new members by the end of May 2017.
For his part, the managing director of Liberia Credit Union National Association, Yarkpazuo Gborzowuoi, thanked WOCCU for the level of support that is giving to his organization.
Gborzowuoi said the credit union is pivotal to the ongoing recovery of Liberia fledging economy.
He noted that reconstruction of the country can only be achieved if citizens are given the needed support that will enable them partner with government to implement the Agenda for Transformation (AfT).
At the same time, he wants government to empower the Liberia Credit Union so that it can perform to the expectation of international standard.
He, however, called on members to refrain from negative devices that will obstruct the growth and development of the Union.
Meanwhile, WOCCU is an international trade association with headquartered in Madison, Wisconsin and was founded on January 1, 1971 as the global trade association for credit unions around the world.
WOCCU has also worked with the United States Agency for International Development (USAID) and the Microfinance Investment Support Facility for Afghanistan (MISFA) to build Islamic Investment and Finance Cooperatives in Afghanistan.
Members of WOCCU include regional and national credit union associations, cooperative associations and business service organizations in 97 countries throughout the world.
 WOCCU’s member associations account for over 54,000 credit unions with 186 million members worldwide.
It also provides micro-enterprise through access to saving and credit services as well as increasing access to finance through democratic participation.
In 2006, WOCCU received $6.7 million grant from the Gates Foundation to develop credit unions in Africa and Latin America.

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