MADISON, Wis. — By unanimous vote, World Council of Credit Unions' (WOCCU) board of directors accepted the Federation of Savings and Loan Societies (FESALOS) in Papua New Guinea as a direct WOCCU member. The new membership, voted on by the board at its April meeting, is effective immediately.
"We are delighted to bring the credit unions of Papua New Guinea into WOCCU's membership, especially since we already have long historical connections with them," said Dave Grace, WOCCU vice president of association services. "The fact that WOCCU's membership continues to grow is a strong indicator of the value and the benefits that WOCCU provides."
FESALOS, founded in 1962, today represents all 20 of the country's credit unions, still referred to locally as savings and loan societies. Together the 20 institutions serve 250,000 members and hold US$249 million in total assets. The federation provides advocacy, information, technical assistance, management information system support and training services to its credit unions.
Over the past several years WOCCU has assisted FESALOS in reviewing legislation for Papua New Guinea's credit unions and the federation sees its membership with WOCCU as critical to maintaining a strong connection with the international credit union movement.
FESALOS has been an active participant in WOCCU's Pacific Technical Congress program in past years and has maintained a long-time partnership with Credit Union Foundation Australia (CUFA). This year FESALOS and CUFA will co-host WOCCU's Pacific Technical Congress, scheduled for Sept. 13–17 in Papua New Guinea.
"We are delighted and thankful that the WOCCU board has accepted the Papua New Guinea Federation of Savings and Loan Societies Ltd. as a direct member," said Michael Koisen, FESALOS president and board chair. "WOCCU's continued support of Papua New Guinea and the Pacific is indeed acknowledged."
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.