Ecuador Shared Branching Launch Assisted By WOCCU
A portion of the WOCCU board poses outside of a credit union during a delegation visit.
Madison-A group of twelve credit unions in
Ecuador launched a real-time web-based network on
Friday, April 8th, enabling members of
participating credit unions to access any one of
77 shared branching locations throughout the
country. The service, called Redcoop, means
cooperative network in Spanish. The first
transaction occurred during a kickoff ceremony in
Quito where World Council of Credit Union, Inc.'s
(WOCCU) board of directors was present.
The network is part of a project that WOCCU
been working on since 2002 with the support of
the United States Agency of International
Development (USAID). Redcoop provides
participating credit unions with a national
presence and more points of service than any bank
in Ecuador. Although the service is will begin
by offering only domestic transfers, it will
eventually allow connections to United States
shared branching systems and receive remittances
from other countries.
"By providing more numerous points of service
that are closer and easier for individuals to
use, credit unions in Ecuador are helping their
membership to grow and increase profitability,"
stated L.R. Bobby McVeigh, chairman of WOCCU,
during his remarks at the press conference in
Quito. McVeigh continued, "By working together to
share resources, credit unions greatly improve
their service to members. Redcoop is an excellent
example of the benefits of cooperation."
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, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.