CU News From Around the Planet
MADISON–The World Council of Credit Unions is reporting that while credit unions in most of the world are struggling with liquidity due to a greater number of members making cash withdrawals to survive the COVID-19 crisis, credit unions in Haiti have been able to keep liquidity levels close to normal throughout the pandemic.
NAIROBI, Kenya–Amidst what the World Council is describing as the “devastating effect on the economies of Africa” from the coronavirus pandemic, Savings and Credit Cooperatives (SACCOs) in Kenya are going to face their greatest challenge in the area of product and service development and delivery, according to WOCCU.
EDINBURGH, Scotland—The Scottish government has released two new funding programs to help the country’s credit unions during the coronavirus crisis.
NEW YORK—The global economy could shrink by up to 1% in 2020 due to the COVID-19 pandemic, and may contract even further if restrictions on economic activities are extended without adequate fiscal responses, according to analysis released United Nations Department of Economic and Social Affairs (UN-DESA).
LAGOS, Nigeria—Africa is using digital finance as one means to stem the spread of COVID-19.
MADISON, Wis.–In some countries credit unions have not been designated as “essential” during the coronavirus pandemic, according to the World Council of Credit Unions (WOCCU), which is urging governments and regulators to recognize the “critical” role CUs play.
LONDON—Revolut has made its digital banking services debut in the U.S., following months of testing and preparations.
MADISON, Wis.–Seeking to effectively respond to the coronavirus pandemic, representatives from SACCO and CFI (credit union) associations across Africa shared experiences with managing liquidity and dividend payments, and the need for ongoing regulatory relief during a webinar organized by the World Council of Credit Unions and the African Confederation of Cooperative Savings and Credit Association.
TORONTO–To offer relief during the coronavirus pandemic, 214 credit unions in Canada have reduced the interest rate on the credit cards offered to business and prime members to 10.9%.
BASEL, Switzerland–The Basel Committee on Banking Supervision has released technical guidance setting out additional measures to alleviate the impact of COVID-19 on the global banking system.
