WOCCU To Participate In UN Study

WASHINGTON - The United Nations Financing for Development Office of the Department of Economic and Social Affairs has invited World Council of Credit Unions (WOCCU) to participate in its worldwide study of microfinance regulation.

According to WOCCU, the upcoming comparative studies on best practices in microfinance regulation are part of a larger UN project on Regulation of Microfinance: Access and Sustainability, which is aimed at enhancing international policymaking and cooperation in the field of microfinance. Five countries in each region of Africa, Asia and Latin America will serve as case studies in regulatory practices.

The UN project grew out of findings published in its "Blue Book" on Building Inclusive Financial Sectors for Development following the International Year of Microcredit (2005).

World Council assisted in drafting the publication, which concluded that in order to develop products and services to better serve the poor, financial service providers needed legislative and regulatory frameworks that respect the fundamental objectives of systemic stability and customer protection while incorporating considerations of financial access.