Kenyan Parliamentarians Learn About Credit Unions
Kenya delegation in Pennsylvania.
Madison, WI—Credit unions and credit union
organizations played host to a World Council of
Credit Unions, Inc. (WOCCU) delegation of six
Kenya Parliamentarians, four Ministry of
Cooperative officials, a Central Bank official
and four individuals representing the Cooperative
sector. The group met with the
Pennsylvania Credit Union
Association to learn how the United States league
structure works to provide service to their
credit union members. While in Pennsylvania the
parliamentarians also were able to visit Belco
Community Credit Union, Mid-Atlantic Corporate
FCU and officials from the Pennsylvania
Department of Banking.
"In our efforts to help Kenyans develop
unions, we have had the opportunity to look at
ourselves to see how we can do better for our
credit unions," explained Pennsylvania CU
Association President and CEO, Jim McCormack.
The delegation also spent time in Washington,
meeting with the National Credit Union
Administration (NCUA) for two days. Meetings with
NCUA representatives the delegation's goal was to
bring information back to Kenya to form the
country's credit union legislation and
regulation, modeled after the United States
credit union movement. At NCUA the delegation
was greeted by chairman Dennis Dollar, vice chair
JoAnne Johnson and board member Deborah Matz.
Other staff members were also able to give an
overview of NCUA and United States credit union
laws, regulation and enforcement. Special
attention was also given to analysis methodology
and tools, prudential management requirements,
loan portfolio analysis and problem credit union
NCUA representatives and the Kenyan delegation take time to pose for a photo during a meeting at NCUA in Washington, DC.
Erick Sile, WOCCU technical officer and
participant in the delegation explained, "Most
presenters gave an opinion on the draft bill that
the Kenyans are about to present to their
parliament. This trip was an eye-opener to the
members of parliament who can now better
understand the importance of having a credit
union law and also the necessity of having
of credit unions performed by an independent
is no doubt they will champion this initiative
and probably convince the other members of
parliament to pass this new credit union act."
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.