World Council of Credit Unions
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News Releases

May 12, 2006

The Washington Post: Credit Unions Help Drive Down Remittance Costs

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An article in today's issue of The Washington Post recognized the role of credit unions in reducing the cost of sending remittances.

The article expanded upon a report presented today by the Inter-American Development Bank and the Annie E. Casey Foundation, which discussed findings on cost, competition and financial access related to remittance flow in Latin America and the Caribbean.

According to Manuel Orozco, author of the report, the costs of sending remittances have significantly dropped in the past several years due to competition. Credit unions were noted for helping to drive down costs and provide greater access to financial services for the poor.

In the article, World Council's Dave Grace emphasized the important role of credit unions in providing financial services along with remittances.

Full article available at The Washington Post on- line.

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


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