The credit union associations of Azerbaijan became a member of the World Council of Credit Unions (WOCCU)
Baku, Fineko/abc.az. The credit union associations of Azerbaijan (AK?A) and Uzbekistan (CUA) have joined World Council of Credit Unions (WOCCU). Applications from the two countries’ national credit union organizations were approved by the WOCCU board of directors at its meeting in Mexico on March 25, 2009.
“We’re very excited to welcome Azerbaijan and Uzbekistan to WOCCU,” said Pete Crear, WOCCU’s president and CEO. “The entrance into membership of two more former Soviet satellite nations that began as WOCCU development programs speaks to the strength credit unions can bring to developing nations.”
The Azerbaijan Credit Union Association (AKIA) represents 48 out of 78 credit unions serving the country. However, AK?A’s member institutions serve 9,500 credit union members (90% of the countrys total number). The association is the first member of WOCCU’s new Affiliate category, designed to admit credit union associations without the financial resources to support direct memberships.
“On behalf of all Azerbaijan credit unions, we will do all the work necessary to promote the development of credit unions in our country,” said Elchin Baghirov, AK?A’s chairman. “We plan to start our work immediately.”
The Association’s membership is effective immediately. As an affiliate member, the Azerbaijan Credit Union Association will have access to all WOCCU tools, will have a seat and voice but no vote at WOCCU’s annual general meeting and cannot run for a WOCCU Board seat. AK?A’s dues will increase $500 per year for the next five years until the Association reaches the level of a direct member at $2500 per year with full member benefits.
AK?A and CUA join Ghana Co-operative Credit Union Association and Seychelles Credit Union, which were admitted as new WOCCU members effective January 1, 2009.
Representatives from AK?A and CUA will be introduced and given the opportunity to speak to delegates at WOCCU’s next Annual General Meeting, to be held in conjunction with the World Credit Union Conference, July 26-29, in Barcelona, Spain.
Founded as an international organization for credit unions and cooperative financial organization in 1971, the World Council of Credit Unions (WOCCU) presently unites organizations from 96 countries. WOCCU members are regional and national credit unions associations that cover more than 49 000 credit unions uniting 177 million members worldwide. The aggregate assets of the credit unions currently exceed 1 trillion 181 billion USD. The WOCCU headquarters is situated in Madison City (Wisconsin, U.S.A.). WOCCU’s goal is credit union development worldwide. The organization’s mission includes information support, improvement of CU activity, as well as rendering financial services to those who have no access to financial resources.
The Azerbaijan Credit Unions Association (AK?A) was founded in 2003. AK?A’s mission is promoting expansion of credit union network both regionally and internationally, assistance in foundation of new CUs, holding trainings for CU members to improve the quality of these non-banking organizations, establishing a connection between CUs and donor organizations, protection of CU rights and lobbying laws related to CU activity, etc.
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