Association Develops Additional Safeguards for Credit Unions
In February, the Credit Unions Association of Uzbekistan, supported by USAID’s Savings and Credit Unions Development project, officially announced a launch of a deposit guarantee system, titled the “Alyans Garant” Stabilization Fund. The fund guarantees return of up to $800 to each depositor in the case of liquidation of a participating credit union. The fund will also monitor the liquidity and solvency of participating credit unions. To become a member, a credit union must meet rigorous management and financial standards; so far, only seven of seventeen existing credit unions have been accepted as members.
USAID’s Savings and Credit Union Development Project, implemented by WOCCU, has supported the Credit Union Association since its inception. The project provides technical consulting, trains staff and elected officials of the association and participating credit unions, and assists in the administration of audit division, development of internal policies and procedures, and the introduction of new products and services.
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One of the thousands of small businesses receiving financing from credit
Unions
Photo Credit: WOCCU |
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