World Council working to establish credit unions in Cuba

Cuba currently has no credit unions or a legislative framework to support their development

October 6, 2015 by CU Magazine

As the U.S. and Cuba normalize relations, World Council of Credit Unions is planting the seeds for the movement’s development.

World Council leaders visited the island nation in July to investigate the current state of financial services. Brian Branch, World Council president/CEO, writes about the trip at makingadifference.squarespace.com.

A World Council delegation plans to return to Cuba this month to meet with Cuban officials and engage in a government policy dialog to establish a legal framework for credit unions.

World Council’s work in Cuba backs the organization’s Vision 2020 initiative to extend credit union services to at least 50 million new people by the year 2020. The initiative targets the two billion unbanked people worldwide.

Credit unions for Cuba’s 11 million residents would bring World Council one large step closer to meeting their goal.