Thanks to the installation of high-powered computer servers and the use of handheld transaction devices like PDAs, Mexican credit union Caja Yanga is experiencing a 15% monthly growth rate.
"Caja Yanga demonstrates the commitment not only to reach the very poor and marginalized of the economy, but also the commitment to provide these people with the best quality and transparency of financial services through applications of technology," said Brian Branch, World Council of Credit Unions executive vice president and chief operating officer.
Casa Yanga works closely with WOCCU's Proyecto de Asistencia T?cnica al Microfinanciamiento Rural project, which aims to expand financial services to marginalized rural areas.
In anticipation of the launch of Caja Yanga's first ATMs last month, the credit union installed a new information technology infrastructure and moved its principal data center. In addition to bringing the credit union into compliance with federal regulations, the move drastically improved data transfer efficiency, providing the capacity to support projected growth.
The credit union also implemented a WOCCU outreach model in which field officers bring savings-focused financial services to members on foot or motorcycle and use PDAs to conduct transactions and transmit data. Last year, field officers performed 80,960 PDA-based financial transactions for remote members.