The World Council of Credit Unions will develop a five-year cooperative development program to meet the financial service needs of small farmers in Guatemala, Mexico and Kenya.
The U.S. Agency for International Development awarded WOCCU $4 million to implement the project, which will create a toolbox for credit unions that will include methodology to increase rural farmers' access to markets, inputs and technical assistance for production.
Credit unions face a number of challenges serving rural areas, where dispersed populations rely on variable income, limited or no financial services and inadequate market information. Credit unions often struggle to develop and deliver appropriate products and services for farmers and rural entrepreneurs while keeping transaction costs low and maintaining an economic margin. At the same time, legal, regulatory and policy frameworks can prohibit product development and certain forms of outreach. Without the proper tools to grow, agricultural and agribusiness development has remained stagnant in many rural farming communities.
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