Combining tech & finance to create convenience.
Physical access to financial institutions is a major constraint for low-income populations. WOCCU is developing digital solutions to address the proximity challenge.
At the consumer level: field officer banking
In Colombia, the field officer banking model has brought affordable and convenient financial services to more than 148,130 low-income, unbanked people, including Afro-Colombians, indigenous groups, farmers, displaced people, and small and medium enterprises, in rural and underserved areas.
At the ecosystem level: catalyzing the market
At the institution level: shared IT systems
Shared networking solutions enable financial institutions to improve their business processes and operations, allowing them to improve product and service delivery to their customers. This includes shared branching, core banking services (software hosting), and payment platforms.
In Haiti, we provided a grant to KOTELAM, a 73,243-member credit union, which enabled them to support critical IT upgrades needed to offer increase point-of-service options for current and potential customers. The grant was used to interconnect all their branches which enabled KOTELAM to provide real-time processing and expanded members services.
In Kenya, WOCCU is working with financial institutions to develop ICT solutions for reaching down-market, which will expand outreach of the financial institutions, reduce cost of providing financial services to the poor, and create more innovative delivery vehicles for improving access to financial services and market information in rural areas. As of June 2017, all seven participating credit unions are using external providers for automated telling machines (ATMs) and mobile banking channels to reach more members.