The World Council of Credit Unions (WOCCU) created a product designed to assist credit union employees in bringing financial services to credit union members in rural parts of Latin America and Africa. This iPhone product is the combination of both specialized software and hardware that credit union employees, usually loan officers or credit union promoters, use to perform a variety of financial transactions in "the field". Such financial transactions include:
- Sign up new members
- Capture savings/deposits
- Fill out loan applications
- Verify loan information
- Perform withdrawals
- Facilitate collections
Since 2011, Ventura County Credit Union (VCCU), in partnership with WOCCU, has been implementing this product in Ventura, California to provide financial services to local immigrant workers. It has produced very positive results as the workers have developed a great interest in the program and are now using this technology to open new accounts, access their accounts regularly and increase savings. Moreover, this program has enabled the refinancing of several high-interest car loans and financing new loans. More than 100 workers have benefited from this program.
The program is now moving into its second phase of implementation to expand outreach using specialized WOCCU methodologies to increase new membership and volume of savings and loan transactions with underserved members.
For more information about this program or about how your credit union can partner with WOCCU to expand outreach in your community, please contact CUwomen@woccu.org.