Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/30/2013 | 09:05pm CEST
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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
03:45p Oil prices fall 2 percent after end-of-week rally
03:43p NCGA NATIONAL CORN GROWERS ASSOCIATION : Agri-Industry Council Shared Insight, Perspectives in Montana Meeting
03:40p J&J ordered to pay $417 million in trial over talc cancer risks
03:39p J&J ordered to pay $417 million in trial over talc cancer risks
03:38p AHA AMERICAN HOSPITAL ASSOCIATION : ASPR issues preparedness resources for health care coalitions
03:38p OFFICE OF GOVERNOR OF STATE OF NEW YOR : 'Energy to Lead 2017' Launches
03:35p BACK TO SCHOOL DEALS 2017 : DVDFab Offers Up to 35-percent Discount
03:33p TORONTO POLICE SERVICE : Missing Man Located, Steeles Avenue East And Leslie Street, Gabriel Deluca, 81
03:33p CITY OF BURLINGAME CA : California Conservation Corps to repair trails and stairways in Mills Canyon during the week of 8/28
03:33p CITY OF BURLINGAME CA : Cal Fire Work Crews reducing fuel load in Mills Canyon 8/23-8/30
Latest news "Economy & Forex"
Advertisement