WOCCU to launch USAID-CDP economic development initiative through credit unions in 4 countries
New five-year program builds on work of TIFI Project in Burkina Faso, Kenya, Senegal and Guatemala
WASHINGTON, D.C (September 18, 2023) — World Council of Credit Unions (WOCCU) is pleased to announce in October it will begin implementing the new Accelerating Growth and Inclusion in Lending for Credit Unions (AGIL4CU) Project, a five-year, $9.3 million initiative funded through the USAID Cooperative Development Program in Burkina Faso, Kenya, Senegal and Guatemala.
The AGIL4CU Project (2023-2028) will advance credit unions’ ability to provide value to their members and contribute to the economic development of their communities, while extending business financing to underserved market segments, including women and youth.
The AGIL4CU Project is designed to:
- improve credit union leaders’ strategic and technical capacity.
- increase the value of digital services for financial inclusion.
- expand on and emphasize streamlined micro-, small- and medium-enterprise (MSME) lending processes for economic growth.
- implement youth and women specific loan products.
- expand climate adaptive financing.
Building on the work of WOCCU’s current USAID CDP Technology and Innovation for Financial Inclusion (TIFI) Program (2018-2023) in the same four countries, the AGIL4CU Project will be implemented in close partnership with five local and regional credit union partners, contributing to USAID localization efforts.
“We are thrilled to continue our work to help credit unions build their capacity and expand lending to medium and small business owners. But AGIL4CU will allow us to go even further by helping credit unions create new loan products that specifically benefit women and young adults, while making their members and communities more climate-resilient,” said Angelina Tracy, WOCCU Vice President of Strategic Growth and Partnerships.
The AGIL4CU Project continues WOCCU’s long tradition of partnering with USAID-CDP to improve cooperative financial institutions by providing value to their members and strengthening the social and economic development of their communities.
Nancy Kariuki is an entrepreneur helped through the TIFI Project. WOCCU seeks to help more women entrepreneurs through AGIL4CU.
About World Council of Credit Unions
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 90 countries. Worldwide, 87,914 credit unions in 118 countries serve 393 million people. Learn more about World Council's impact around the world at www.woccu.org.