Turks and Caicos joins Woccu

The island government hopes to develop and the sector to provide affordable financial services to its people

Turks and Caicos Islands Government has joined World Council of Credit Unions (Woccu) as an associate member to initiate the development and introduction of credit unions to its people.

A British Overseas territory with its own system of self-governance, Turks and Caicos passed a suite of 2019 legislation that permitted the licensing of credit unions in the country for the first time.

The Turks and Caicos Ministry of Finance then sought and was approved for membership with World Council, which will allow it to access Woccu’s best practices in credit union development and networking.

“We believe that a relationship with Woccu will afford the government an opportunity to achieve, as Woccu describes it, ‘the self-sustainable development of credit unions and other financial co-operatives…to empower people through access to high quality and affordable financial services’ within our country,” said Turks and Caicos premier Sharlene Cartwright-Robinson.

Many businesses operate informally in Turks and Caicos, as both entrepreneurs and immigrants find it difficult to access financial services through banks.

“Woccu believes all people should have access to affordable, reliable and sustainable financial services,”said Woccu president and CEO Brian Branch. “We have been developing credit unions across the globe for nearly 50 years and we welcome the opportunity to help Turks and Caicos establish financial cooperatives that work for everyone.”

Turks and Caicos becomes the 19th Caribbean island jurisdiction with a Woccu member. Click here for a full list of members.