Turks and Caicos Government Joins World Council
WOCCU to help Caribbean territory develop its credit union sector
January 14, 2020
A British Overseas territory with its own system of self-governance, Turks and Caicos passed a suite of 2019 legislation that permitted the licensing of credit unions in the country for the first time. The Turks and Caicos Ministry of Finance then sought and was approved for membership with World Council, which will allow it to access WOCCU’s best practices in credit union development and networking.
“We believe that a relationship with WOCCU will afford the Government an opportunity to achieve, as WOCCU describes it: ‘the self-sustainable development of credit unions and other financial cooperatives…to empower people through access to high quality and affordable financial services’ within our country,” said Turks and Caicos Premier Sharlene Cartwright-Robinson.
Many businesses operate informally in Turks and Caicos, as both entrepreneurs and immigrants find it difficult to access financial services through banks.
“World Council believes all people should have access to affordable, reliable and sustainable financial services. We have been developing credit unions across the globe for nearly 50 years and we welcome the opportunity to help Turks and Caicos establish financial cooperatives that work for everyone,” said World Council President and CEO Brian Branch.
Turks and Caicos becomes the 19th Caribbean island jurisdiction with a WOCCU member. You can see a full list of World Council members here.
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 89 countries. Worldwide, 85,400 credit unions in 118 countries serve 274 million people. Learn more about World Council's impact around the world at www.woccu.org.