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
Latest news
Date Title
<1m ago Deutsche Bank lawyer found dead in apparent NY suicide - WSJ
1m ago H LUNDBECK A/S : Lundbeck presents new efficacy and safety data analyses for desmoteplase in patients with acute ischaemic stroke
8m ago GOOGLE 'C' : The best thing Obama ever said about the Arab uprisings
9m ago FASTENAL : College of Business Hosts Alumni Panel
9m ago DOW CHEMICAL : Showcase of Packaging Innovations Spotlights Contenders in Worldwide Packaging Competitions
9m ago INTERSTATE POWER AND LIGHT : FERC Issues Letter Order Granting Northern Natural Gas Company's 10/1/14 Filing of Revised Tariff Records with Information About Two New Negotiated...
20m ago APOLLO HOSPITALS ENTERPRISE : partners with Airtel Nigeria, bringing Nigeria closer to Apollo's world renowned doctors through its new "Ask Apollo" technology!
20m ago APOLLO HOSPITALS ENTERPRISE : Chennai successfully performed a rare and complex Interventional procedure on an 80 year old man
20m ago MESNAC : and Dalian Baofeng Jointly Explore Open Mill Market
27m ago GOOGLE 'C' : CEO names Sundar Pichai as new head of products
Latest news
Advertisement
Hot News 
DIGITAL RIVER : Announces Agreement to be Acquired by Investor Group Led by Siris Capital Group for $26.00 per Share in Cash
EDREAMS ODIGEO : Statement responding to BA and Iberia statement
4IMPRINT : Full Year Expectations Underpinned By Strong Third Quarter
ATLANTIS RESOURCES : Raises GBP5.0 Million In Discounted Placing (ALLISS)
MERIT MEDICAL SYSTEMS : posts 3Q profit
Most Read News
1d ago MATSON : Shipping company pleads guilty in molasses spill
1d ago HEARTLAND EXPRESS : 2014 Q3 Earnings Release
1d ago APPLE : Time for all Apple products to enter China
1d ago Fannie Mae settles shareholder lawsuit for $170 million
4h ago PFIZER : Reports Vaccine Candidate Data
Most recommended articles
1h ago Areva-Siemens raises claim to $4.4 billion over Finnish reactor delays
2h ago India's finance minister favors interest rate cut
3h ago CHINA'S AUTO MARKET GROWTH MAY HALVE TO 7 PERCENT THIS YEAR : industry body head
3h ago South Korea fund to abstain from Samsung merger vote, wants share buybacks
1d agoDJOregon Initiative Seeks Lower Pot Taxes Than Cities Want
Dynamic quotes  
ON
| OFF