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 has 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, 57,000 credit unions in 105 countries serve 217 million people. Learn more about World Council's impact around the world at www.woccu.org.