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Credit unions for Cuba

Concierge_CubaTwo billion: it’s the number of unbanked people worldwide. And the World Council of Credit Unions (WOCCU) is hoping to shrink that figure by bringing some of Cuba’s 11 million residents into the financial cooperative fold. Last year a WOCCU delegation that included Brian Branch, World Council president and CEO, visited the Caribbean nation to start the conversation with Cuban officials about establishing a legislative framework to support credit union development. “The benefits to U.S. credit unions include the strengthening of remittance ties and financially connecting family members in Cuba and the U.S., not to mention the continued expansion of the global credit union community,” said Branch. These meetings are part of WOCCU’s overall efforts to extend credit union services to at least 50 million new people by the year 2020 as part of its Vision 2020 initiative.

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