Madison, WI - World Council of Credit Union, Inc.'s (WOCCU) International Remittance Network (IRnet) and its strategic partner, VIGO launched remittance services in nine Ecuadorian credit unions on Tuesday, May 31. Remittances can be sent from the 200 IRnet credit unions or 3,700 VIGO independent agents in the United States and are distributed by the newly formed credit union owned REDCOOP (cooperative network) in Ecuador.
REDCOOP is part of a project that WOCCU has been working on since 2002 with the support of the United States Agency for International Development (USAID) that provides participating credit unions with a national presence and more points of service than any bank in Ecuador. Remittances can currently be received at 45 points throughout the nationwide network, and there are plans to expand to over 120 in the near future.Early indications of success include the volume of remittances received by REDCOOP, which was higher than any other IRnet payer during their first day of operation.
"The addition of this initial group of credit unions will enable the Ecuadorian credit union movement to provide a valuable service to its more than 300,000 members. This new remittance service will help attract new members to the Ecuador credit unions," stated WOCCU's COO and interim CEO, Brian Branch.
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, 57,000 credit unions in 103 countries serve 208 million people. Learn more about World Council's impact around the world at www.woccu.org.