TRIPOLI, Libya-Credit unions may expand into Libya following a four-day visit by World Council of Credit Unions CEO Brian Branch as part of a fact-finding mission focused on establishing credit union services there.
Speaking by phone from Tripoli, Branch told Credit Union Journal that the Central Bank of Libya-along with a few different NGOs-approached WOCCU in late summer about starting credit unions. The process was delayed after the terrorist attacks in Benghazi, but several Libyans visited WOCCU's offices in Madison, Wis., during the fall where the group did some training to introduce the CU concept.
The nation's banking laws are currently being reformed, in part to allow for Islamic banking, which does not allow interest payments on loans or deposits, among other things. The country's government is also in flux as it rebuilds after the rule of Muammar Gaddafi.
Branch was joined on the trip by Lara Thomas, founder and executive director of the MILLA Project, a group focused on empowering women around the globe; Allaeddin Ghadyi, project development technical engineer manager for the MILLA Project; and Steven Stapp, president and CEO of San Francisco FCU.
"It's an introductory trip for us to introduce the concept of credit unions, and it's exploratory for us in terms of finding out whether the legislative framework would support it and whether there is strong enough popular interest to support a credit union system," said Branch.
Assuming the trip's findings are positive, Branch said WOCCU will look into doing a pilot program once he returns home. "If there's a group that wants to start a credit union or if there are a few groups, that's where we'd start and provide some technical assistance and some training for them to get started. We would also be in discussions with donors looking for donor support to scale it up."
