From 2013 to mid-2016, MicroLead partner World Council of Credit Unions (WOCCU) worked to revive the credit union system in Liberia through the development of four regional credit unions (RCUs) like TSCU. The project initiated digital financial services, reducing costs (especially travel costs) to both credit union members and RCUs. They also succeeded in working with the government of Liberia for the passage of Regulations for the Licensing and Operations of Credit Unions in Liberia in 2015. Now, the Central Bank of Liberia has the authority to regulate and supervise the credit union operations in Liberia.
Key to WOCCU’s strategy for working in this post-conflict environment was fostering local partnerships. Local leadership within interim RCUs managed the RCU start-ups and initiated awareness campaigns for customer engagement. However, the RCUs still faced suspicion from local communities.
But the RCUs persisted, reaching out to community leaders and working directly with communities to select and train volunteers and staff for the credit unions. They also worked closely with savings groups, helping them upgrade their operations. And they aired local radio ads to build customer awareness. By “keeping it local,” the credit unions were eventually able to gain the communities' trust. Read a client story here.
Learn how WOCCU and four regional credit unions rebuilt community trust and expanded access to finance by leveraging mobile money, old-fashioned brick-and-mortar expansion, and savings groups in the case study, Credit Union Revitalization in Liberia, from UNCDF/MicroLead, below.
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