Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

WOCCU - World Council of Credit Unions : Falkland Islands Seek U.S. Guidance for Establishing Credit Union Framework

04/30/2013 | 03:05pm US/Eastern
U.S. credit union volunteer Dwayne Naylor visits Falkland Islands to assist with framework

Michael Betts (left), Falkland Islands Development Corporation acting infrastructure development manager, explored credit union development for the islands with Dwayne Naylor (right), Local Government Credit Union COO (Raleigh, N.C., USA), during Naylor's visit there earlier this month.

STANLEY, Falkland Islands - Dwayne Naylor, chief operating officer of Local Government Credit Union in Raleigh, N.C., USA, travelled to the Falkland Islands April 14 to 19 to assist the Falkland Islands Development Corporation with establishing a sustainable credit union framework for its citizens. Naylor was on assignment for World Council of Credit Unions.

One bank branch currently operates on the Falkland Islands, yet residents find it difficult to access credit. The government established the Development Corporation to provide financing to island businesses that have been refused bank financing. In addition to accessing financial services, islanders wanted to share ownership of a "bank" with the same voting rights as any other shareholder. They had heard positive things about North American credit unions and requested World Council assistance to introduce credit unions in the Falkland Islands.

Naylor reviewed the necessary legislative framework and explained the credit union model to interested citizens and local authorities. Naylor assessed local infrastructure, information systems and professional staff capacity and requirements to provide savings, consumer lending, transaction services, remittances, international transfer services and business lending.

Despite keen local interest, the Falkland Islands' small population remains a challenge to credit union sustainability. With just 2,300 working-age islanders, Naylor and Development Corporation staff considered whether a credit union could be sustainable without possibility to achieve scale.

"The Falklands' economy is changing rapidly," Naylor explained. "Increased access to a credit union will be in the community's interest to grow."

The team continues to review alternative information communication technology strategies for cloud-based back-office processing and mobile services on the island.

"We knew this would be a challenge from the start when the Development Corporation approached us," said Brian Branch, World Council president and CEO, "but we remain optimistic that in today's world, credit unions can provide an empowering solution for this community as well."



World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 51,000 credit unions in 100 countries serve 196 million people. Learn more about World Council's impact around the world at www.woccu.org.


NOTE: Click on photos to view/download in high resolution.

Contact: Jennifer Bernhardt
Organization: World Council of Credit Unions
E-mail: jbernhardt@woccu.org
Phone: +1-608-395-2077


distributed by
React to this article
Latest news
Date Title
<1m ago RESEARCH AND MARKETS : Oil Seeds Market in Vietnam: Business Report 2014
3m ago GKN : Treasury Stock
3m ago Thai Union Frozen to buy U.S. tuna firm Bumble Bee for $1.5 billion
4m ago STANDARD CHARTERED : Director/PDMR Shareholding
4m ago EBA EUROPEAN BANKING AUTHORITY : issues guidelines to strengthen requirements for the security of internet payments across the EU
4m ago CENTRICA : sells 50% interest in Barrow Offshore Wind Farm.
4m ago NATRACEUTICAL : 2014 12 18 Execution of public deed of the merger with Laboratorio Reig Jofre SA (PDF)
4m ago STATE BANK OF INDIA : GCP Infrastructure profits up 58%
4m ago RESEARCH AND MARKETS : Flower Market in South Korea: Business Report 2014
4m ago BARCLAYS : ONS Retail stats - Barclays' comment
Latest news
Advertisement
Hot News 
BERKELEY MINERAL RESOURCES : Obsidian IR
ADOCIA : Lilly and Adocia Announce Alliance to Co-Develop Ultra-Rapid Insulin Based on BioChaperone Technology
NATURE : Warns 2014 Results To Be "Materially" Below Market View
FITBUG : Gets New Deals With Amazon, Best Buy, Target For Orb, Kiqplan
GFK : German Consumer climate is strong going into the New Year
Most Read News
1d ago Wall St. has best second-day gain since 2011 on Fed optimism
1d ago WELLS FARGO : exec Petrilla is new head of state's California-China trade office
1d ago Brazil's Rousseff vows clean-up of scandal-tainted Petrobras
1d agoDJKEPPEL LAND : Correction to Keppel Land to Buy 75% Stake in Array Article (on Friday)
1d ago Unilever drops mayonnaise suit against Just Mayo maker
Most recommended articles
3m ago Thai Union Frozen to buy U.S. tuna firm Bumble Bee for $1.5 billion
5m ago Alstom CEO sees accord with U.S. Department of Justice soon
7m ago Hong Kong former official, property tycoon guilty in graft case
7m ago Japan's Amari wants wage increases next year to lead to higher real wages
8m agoDJPHILIPS : Madrid Upgrades City Infrastructure with Philips Lighting
Dynamic quotes  
ON
| OFF