UN Acknowledges CU Role In Microfinance

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The United Nations has given a nod to credit unions as early innovators in microfinance. The recognition came in a publication published by the U.N. as it closes its "Year of Microcredit."

The publication, called "Building Inclusive Financial Sectors for Development," examined the ways various financial sectors can expand access of financial services to help reduce poverty, and reported that credit unions continue to show lower costs and higher efficiencies in delivering services, and often target rural areas.

Among those featured in the book are the World Council of Credit Unions Inc. (WOCCU), the international remittance service IRnet, and credit union operations in Nicaragua, Guatemala, Mexico, and Senegal.

"We are pleased that credit unions are so prominently discussed in such an important U.N. document," said Dave Grace, WOCCU senior manager of association services, in a released statement. "As government officials around the world look to increase access to financial services, they will be referencing this piece of work for years to come and seeing the important role that credit unions play in such efforts."

WOCCU staff conducted two seminars for U.N. staff, participated in the Friends of the Year of Microcredit Committee and reviewed sections of the book prior to publication. The publication can be accessed online at the resource link.

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