The Voice of Canadian Credit Unions
Banking / Human Interest /  •

Nepal credit unions rebuilt

Summit of mount Everest or Chomolungma

Forty-one credit unions, or Savings and Credit Cooperative Societies (SACCOS) as they’re known in Nepal, have been rebuilt after a 7.8-magnitude earthquake struck the country on April 25, 2015. Almost 9,000 people were killed, including an estimated 600 members, according to Nepal Federation of Savings and Credit Cooperative Union Limited (NEFSCUN). The earthquake damaged more than 900,000 homes, as well as SACCO buildings, which added to the challenge of supporting members already suffering from the devastation.

Thanks its collaborative efforts with development partners and credit unions, the Worldwide Foundation for Credit Unions provided a US$175,000 grant to NEFSCUN, which
was used to repair building structures, replace equipment, and train management of cers in disaster recovery.