The World Council of Credit Unions (Woccu) and its partner, Worldwide Foundation for Credit Unions (WFCU), insist support for Ukraine’s credit unions will continue despite the termination of government awards that funded their work in Ukraine and six other countries.
The support is a continuation of work beginning in 2016 to promote financial inclusion in Ukraine via its credit unions, which expanded following Russia’s full-scale invasion.
The projects are able to continue due to funds raised by WFCU’s Rally the Movement campaign, a fundraiser launched in March when the US Agency for International Development (USAID) withdrew all funding for Woccu, following cuts by the Trump administration.
With a target of US$3m, the campaign has so far raised over $1.19m.
WFCU will distribute $210,000 to Ukrainian credit unions via the Ukrainian United Credit Union (UUCU), and says the support will: increase available liquidity for UUCU to lend to its members; strengthen UUCU’s capital base to attract additional investment and ensure sustainability; and help meet urgent seasonal demand for agricultural loans during planting season.
The funds will also be used to hire two senior Ukrainian specialists to coordinate activities in Ukraine, monitor the use of funds disbursed so far, and ensure the work’s sustainability.
Since 2016, Woccu and WFCU’s projects have helped Ukrainian credit unions issue more than 20,000 agricultural and SME loans worth $26m. This includes 4,000 loans made during wartime. WFCU launched its Ukrainian Credit Union Displacement Fund in February 2022, and has since deployed over $1.7 million in grants, reaching more than 10,000 people through emergency relief funds, economic recovery initiatives and an ongoing veterans’ reintegration program.
“Thanks to the unity and generosity of our global credit union family, we are ensuring that vital development work continues in Ukraine, even in the face of war,” said Mike Reuter, WFCU president.
“We’re proud to work hand in hand with WOCCU to sustain this mission. This program is not just about access to finance – it’s about resilience, hope and the power of cooperation when it matters most.”
Other Rally the Movement funds will soon be distributed to continue work in Guatemala and Kenya, says Woccu.
