WOCCU to help Caribbean territory develop its credit union sector
Turks and Caicos Islands Government has joined World Council of Credit Unions (WOCCU) as an associate member to initiate the development and introduction of credit unions to its people.
A British Overseas territory with its own system of self-governance, Turks and Caicos passed a suite of 2019 legislation that permitted the licensing of credit unions in the country for the first time. The Turks and Caicos Ministry of Finance then sought and was approved for membership with World Council, which will allow it to access WOCCU’s best practices in credit union development and networking.
“We believe that a relationship with WOCCU will afford the Government an opportunity to achieve, as WOCCU describes it: ‘the self-sustainable development of credit unions and other financial cooperatives … to empower people through access to high quality and affordable financial services’ within our country,” said Turks and Caicos Premier Sharlene Cartwright-Robinson.
Many businesses operate informally in Turks and Caicos, as entrepreneurs and immigrants find it difficult to access financial services though banks.
“World Council believes all people should have access to affordable, reliable and sustainable financial services,” said World Council President and CEO Brian Branch. “We have been developing credit unions across the globe for nearly 50 years and we welcome the opportunity to help Turks and Caicos establish financial cooperatives that work for everyone.”
Turks and Caicos becomes the 19th Caribbean island jurisdiction with a WOCCU member.
About World Council of Credit Unions
World Council of Credit Unions is the global trade association and development platform 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.