Soon after completing an Islamic finance program in Afghanistan, the WorldCouncil of Credit Unions has begun exploring opportunities todevelop credit unions in a new country: Libya.
|The WorldCouncil said President/CEO Brian Branch, along with Steven Stapp, president/CEO for the$822.5 million San Francisco Federal Credit Union, and Lara Thomasand Allaeddin Ghadyi of the human rights organization The MILLAProject, traveled to Libya in December.
|There they discussed credit union development withrepresentatives from the Central Bank of Libya, the Libyan BusinessCouncil, a business group in Misrata, Libya, and the civic andhuman rights group Libyan Liberal Forum for Democracy.
|Libya offers limited access to financial services as a result of2011's civil war, its subsequent halt on oil production andexportation and decline in foreign investment and aid, and therecent attacks in Benghazi, the World Council said.
|“The first priority for the government of Libya is writing a newconstitution and establishing security,” Branch said. “Moving froma centrally controlled economy requires business security andcontract protection. Local business councils in Tripoli and Misrataare looking for solutions to finance large-scale businesses.”
|During their initial visit with Libyan group representatives,World Council representatives discussed how the products andservices available through credit unions could be implemented inthe country.
|“We were approached to explain the credit union model,” saidStapp. “As the country reconstructs, it is an opportunity forcredit unions to participate in rebuilding the economy.”
|Branch added that Libya's state officials and business councilsare looking into releasing central bank guarantees and financingfor business.
|“Most small and family businesses are self- or family-financed,and that will be the next wave,” he said. “Consumer finance isstill a new concept. Financial cooperation is still not wellunderstood, but many are looking for an Islamic finance model. Thecredit union model fits.”
|The World Council said it has now implemented credit uniondevelopment programs in 71 countries, including 18 in Africa.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
