Challenge 2025

The Digitalization of the Global Credit Union System

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A New Decade, A New Goal

In 2014, World Council of Credit Unions set a goal of reaching 260 million credit union members worldwide by 2020.

Through a concentrated worldwide effort, credit unions were able to reach our "Vision 2020" goal by 2017. But that growth was not even across all countries or among all credit unions. The credit unions that grew were those that offered core services via online and mobile channels. That is why we are now addressing how we increase membership going forward—through the digitalization of the global credit union system by 2025.

Measuring Global Digitalization

World Council will measure the digitalization of credit unions in four key areas for Challenge 2025.

Digital Channels

Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.

Shared Platforms

Connecting your credit union to a shared payments system that allows for mobile payments and integrated with a national payments system.

Risk Management

Implementation of a cybersecurity system that complies with national regulations to protect members' identity and consumer data from digital attacks and intrusions.

Data Analytics

Employing data analytics to determine additional service offerings to members, and helping to identify those that need financial literacy or counseling services.

 

Follow Our Progress, Tell Us About Yours

Track the latest developments in digitization by subscribing to our Challenge 2025 Blog. You can also send us updates on how your credit union or credit union system is striving to help us meet Challenge 2025 at communications@woccu.org. 

World Council Member Association in Nepal Embraces Challenge 2025 with Development of ERP System

2022-11-23
NEFSCUN held a Myra ERP soft launch event this month with member credit unions
NEFSCUN held a Myra ERP soft launch event this month with member credit unions

Two years after launching a research project inspired by World Council of Credit Unions’ (WOCCU) Challenge 2025 initiative, the Nepal Federation of Savings & Credit Cooperative Unions. Ltd. (NEFSCUN) is working with a local software developer to build a multi-tenant, cloud-based enterprise resource planning (ERP) system that will allow member credit unions to automate and manage their core business processes.

Myra ERP, developed by Neosys Technology, will allow NEFSCUN to provide its credit unions with a “one-stop department store for all kinds of ICT (information and communications technology) needs,” according to Radheshyam Shrestha, NEFSCUN’s Assistant Executive Officer of Finance and General Administration.

“NEFSCUN has realized the gravity of WOCCU’s Challenge 2025 and identified the need for strong, powerful software to foster the credit union movement. We conducted research titled: ‘Effective and Feasible IT Systems for NEFSCUN to Enhance its Role and Member Servicing’ in 2020, which recommended NEFSCUN should develop a single, integrated ERP system for all cooperatives, and be a platform service provider for all kinds of ICT needs,” said Shrestha.

Based on that research, NEFSCUN and Neosys Technology worked to develop an ERP solution in a SaaS (software as a service) model that will provide its credit unions with systems for:

  • core banking.
  • accounting.
  • member and share management.
  • fixed asset management.
  • inventory management.
  • quality assurance, supervision and monitoring.
  • business intelligence and reporting.
  • HR, training and capacity management.
  • business process management.
  • compliance management.
  • document management.
  • alternative channels and cross connectivity.

NEFSCUN has divided the development of Myra ERP into two phases. The first phase includes the development of the core banking system, member and share management system, accounting system, Inventory management system and alternative channels—which include mobile banking.

NEFSCUN is currently implementing the data migration and user acceptance testing of phase one. They expect all first-phase systems to be fully implemented and operational by mid-January 2023, with the development and implementation of second-phase systems following soon afterwards.

By the end of 2023, NEFSCUN expects 500-member credit unions will be using Myra ERP as their single integrated software solution.