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
Recommend:
0
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
Recommend :
0
React to this article
Latest news
Date Title
<1m ago MICROSOFT : Patent Issued for Block Entropy Encoding for Word Compression
<1m ago Patent Issued for Scalable Property-Sensitive Points-To Analysis for Program Code
<1m ago ALTERA : Patent Issued for Methods and Apparatus for Motion Search Refinement in a SIMD Array Processor
<1m ago LSI : Patent Application Titled "Pattern-Dependent Short Media Defect Detection" Published Online
<1m ago CIENA : Researchers Submit Patent Application, "Circuit Systems and Methods Using Prime Number Interleave Optimization for Byte Lane to Time Slice...
<1m ago NVIDIA : Patent Issued for Method and System for Efficient Antialiased Rendering
<1m ago ADOBE SYSTEMS : Patent Issued for Detecting Poorly Conditioned Points in Bundle Adjustment
<1m ago "Method for Diffusion Magnetic Resonance Imaging" in Patent Application Approval Process
<1m ago SAMSUNG ELECTRO MECHANICS : Patent Issued for Apparatus and Method for Estimating Edge Areas of Digital Image
<1m ago MICROSOFT : Researchers Submit Patent Application, "Video Scene Detection", for Approval
Latest news
Advertisement
Hot News 
WEATHERFORD INTERNATIONAL LTD : Weatherford International Hits New Yearly High; Zogenix Issues Update on Zohydro ER
BAE SYSTEMS : Inks Contract with Southwest Airlines to Support World's Largest Fleet of 737s
ADTRAN : to Release First Quarter Earnings on April 16, 2014
RADIOSHACK : Tech the Halls this Holiday
ZOGENIX : Nation&World briefs
Most Read News
2h ago IBM's quarterly revenue sinks to 5-year low as hardware sales fall
1d ago Google misses revenue target, ad prices slide
1d ago YAHOO : Fired Yahoo exec gets $58M for 15 months of work
1d ago BANK OF AMERICA : financial crisis costs become a recurring nightmare
1d ago Google, IBM results raise questions about other tech-sector companies
Most recommended articles
27m ago Asian stocks creep ahead, tech sector a drag
1d ago SPORTS DIRECT : FTSE advances on Chinese data, Sports Direct sprints ahead
04/10DJCarrefour Sales Grow at Fastest Pace in Two Years
1m ago MULBERRY : reverts to lower prices after new profit warning
4m agoDJGerman Producer Prices Lower Than Expected in March
Dynamic quotes  
ON
| OFF