WASHINGTON — At two separate events this month in New York and Washington sponsored by the United Nations (U.N.), the World Council of Credit Unions said it promoted financial inclusion as one of the Sustainable Development Goals (SDGs).
The U.N. is currently undertaking a process to develop a set of SDGs, which will be used to target international development assistance during the post-Millennium Development Goal period, 2015–2030.
At both events, World Council's SVP-technical services, Peter Graves, referenced credit union development in high income countries such as the U.S., Canada, Ireland and Australia to show how credit unions help generate greater income growth and job creation across a broader spectrum of the population than in societies without them. He explained how this income growth and job creation has led to decreased poverty, reduced malnutrition, better health and education outcomes, and greater gender equality, all universal goals to incorporate in the SDGs.
WOCCU's Peter Graves addresses U.N. meeting.
"By providing low-cost access to savings and credit, credit unions can help solve at least five to six of the most intractable global issues we see today," said Graves. "Through our experience, we know that providing people the means to save, financial literacy and expanded loan products, has impact across all aspects of an individual's and family's life, including income, education, food and health."
WOCCU noted there are more than 57,000 credit unions currently exist in 103 countries, providing over 208-million people with access to savings accounts and a variety of loan products to help improve their lives.
"Credit unions are all about financial inclusion for all citizens, including the underserved, unserved and the most vulnerable," said Brian Branch, World Council president and CEO. "Credit unions not only provide competition that applies downward pressure on other financial institutions, but they also contribute to financial market innovation due to close relationships with their members. In response to their members, credit unions have introduced new services and products that the wider financial community has quickly adopted."
The U.N. will continue this consultative process with a wide variety of external stakeholders through next year, when the General Assembly will adopt the SDGs in September 2015.