Kenyan Parliamentarians Learn About Credit Unions
March 15, 2004
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 credit 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, DC, 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 actions.
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 supervision of credit unions performed by an independent agency. There 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, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.