Share

WFCU and USAID/WOCCU CAP Project to Support Digital Transformation of Ukrainian Credit Unions Through $200,000 Grant

Money from the WFCU Ukrainian Credit Union Displacement Fund will help 78 credit unions digitalize services

06 de diciembre de 2023

KYIV, Ukraine—Worldwide Foundation for Credit Unions (WFCU), in partnership with the USAID/World Council of Credit Unions (WOCCU) Credit for Agriculture Producers (CAP) Project, this week launched a $200,000 digitalization program to help Ukrainian credit unions upgrade core banking systems and modernize services in an effort to improve member experience.

Financial institutions must be able to provide online and mobile banking services to be competitive, but a lack of such services at Ukrainian credit unions negatively impacted their performance throughout the COVID-19 pandemic and during the first few months of Russia's full-scale invasion of Ukraine. Low digitalization levels also prohibit these credit unions from attracting younger Ukrainians seeking modern financial services, which contributes to an increasingly aging membership.

To support the crucial, but barely affordable digital transformation for credit unions in Ukraine, WFCU tapped its Ukrainian Credit Union Displacement Fund to disburse a $200,000 grant to help:

  • 26 credit unions introduce a modern core banking system with Application Programming Interface (API) integration.
  • 52 credit unions optimize operational processes with third-party providers (Anti-Money Laundering (AML) procedures, access to credit bureaus and key databases).

As a result, these 78 Ukrainian credit unions will be able to increase the scope of services provided to their members, decrease the time for client servicing and reporting, and reduce operational risks and costs.

“Digital solutions are key for credit unions to remain competitive in the financial services market of Ukraine, attract young members and start serving legal entities,” said Viacheslav Vytiuk, CEO of First All-Ukrainian Credit Union, which is participating in the program.

A core banking system upgrade and access to third-party provider solutions will be the first step in the digital transformation of Ukrainian credit unions, leading to the opportunity for credit unions to integrate other IT solutions and launch online services.

Since February 2022, Worldwide Foundation for Credit Unions has raised over $1.8 million through its Ukrainian Credit Union Displacement Fund, implemented seven relief programs and launched three early recovery programs totaling nearly $1.5 million that have focused on providing assistance to Ukrainian credit unions and their members in wartime. For more information, please see the WFCU Relief Results report.

To donate to the Ukrainian Credit Union Displacement Fund, click here.



El Consejo Mundial de Cooperativas de Ahorro y Crédito es la asociación gremial y agencia de desarrollo para el sistema internacional de cooperativas de ahorro y crédito. El Consejo Mundial promueve el crecimiento sustentable de las cooperativas de ahorro y crédito y otras cooperativas financieras en todo el mundo a fin de facultar a las personas para que mejoren su calidad de vida a través del acceso a servicios financieros asequibles y de alta calidad. El Consejo Mundial realiza esfuerzos de defensa activa en representación del sistema global de las cooperativas de ahorro y crédito ante organizaciones internacionales y trabaja con gobiernos nacionales para mejorar la legislación y la regulación. Sus programas de asistencia técnica introducen nuevas herramientas y tecnologías para fortalecer el desempeño financiero de las cooperativas de ahorro y crédito y profundizar su alcance comunitario.

El Consejo Mundial ha implementado 300+ programas de asistencia técnica en 90 países. A nivel mundial, 74,634 cooperativas de ahorro y crédito en 104 países atienden a 411 million de personas. Obtenga más información sobre el impacto global del Consejo Mundial en www.woccu.org.

Author Photo
Contacto principal: Greg Neumann
Organización: World Council of Credit Unions
Correo electrónico: gneumann@woccu.org
Teléfono: +1 608-395-2048
 
PVKS Credit Union will be among the 78 grant recipients
PVKS Credit Union will be among the 78 grant recipients
NOTA: Oprima el botón del mouse sobre las fotografías para verlas/descargarlas en alta resolución.