Initial Donations to Ukrainian Credit Union Displacement Fund to go Primarily Toward Humanitarian Aid
Worldwide Foundation for Credit Unions raises more than $150,000 in first 10 days
March 09, 2022
MADISON, Wis.—Worldwide Foundation for Credit Unions (WFCU) will utilize donations raised in the first several weeks of its Ukrainian Credit Union Displacement Fund campaign to address immediate humanitarian needs triggered by Russia’s continued targeting of civilians, which has caused a crisis for those still in Ukraine and for more than two million Ukrainian refugees who have fled the country.
To date, credit unions, and their employees and members have joined other industry partners from around the world to donate more than $150,000 to the Displacement Fund.
WFCU will donate more than half of all dollars collected in the initial weeks of the campaign to vetted non-governmental organizations (NGOs) that are providing emergency humanitarian assistance in Ukraine or in neighboring European countries hosting Ukrainian refugees. The remaining funds, along with continued fundraising, will go toward longer-term credit union recovery efforts.
WFCU hopes to announce the NGOs that will be receiving immediate assistance through the Ukrainian Credit Union Displacement Fund in the coming days.
Long-term recovery and rebuilding
Once the situation is stable, World Council of Credit Unions (WOCCU) stands ready to fulfill its core mission of improving lives through credit unions. Using donations to the Displacement Fund, WOCCU will work closely with Ukrainian and other regional credit union partners to identify the biggest needs for recovery and rebuilding.
WOCCU anticipates there will be a demand for re-establishing a prudent regulatory and operating environment that will allow credit unions to focus on individual needs, support of small and medium enterprises (SMEs) and agricultural lending designed to help in the economic recovery of the Ukrainian people. WOCCU can provide this assistance in Ukraine and in any other countries where credit unions are well positioned to continue to serve Ukrainian refugees.
WOCCU will work on recovery and rebuilding efforts in collaboration with the Ukrainian American Credit Union Association, which represents 12 credit unions serving the Ukrainian diaspora in the United States,
“We recognize that money is needed to assist the Ukrainian people right now, which is why we are working to identify partner organizations that can put the generous donations from the international credit union community to good use immediately. But we also know that credit unions, their employees, their members and their communities will need long-term assistance to get back on their feet, which is something we have always worked to provide in times of crisis,” said Mike Reuter, Worldwide Foundation for Credit Unions’ Executive Director.
To donate to the Ukrainian Credit Union Displacement Fund, click here.
Follow developments on the Ukrainian Crisis
To keep the international credit union movement up to date on the challenges credit unions in Ukraine are facing, World Council of Credit Unions has started a Ukrainian Crisis Response Blog. Look for frequent updates on the changing conditions for credit unions in Ukraine, and how credit unions and their industry partners across the world are taking actions to support them.
The Worldwide Foundation is the fundraising and engagement arm of the World Council. Join us on a global journey to transform a billion lives worldwide using credit unions. Visit www.doglobalgood.org to start your journey today.
World Council of Credit Unions is the global trade association and development platform 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 300+ technical assistance programs in 90 countries. Worldwide, 87,914 credit unions in 118 countries serve 393 million people. Learn more about World Council's impact around the world at www.woccu.org.