"We’re very excited to welcome Uzbekistan to WOCCU," said Pete Crear, WOCCU’s president and CEO. "The entrance into membership of Uzbekistan that began as WOCCU development programs speaks to the strength credit unions can bring to developing nations."

WOCCU’s board of directors also accepted the Credit Union Association (CUA) of Uzbekistan as a direct member of the organization at the meeting. CUA was formed by 11 credit unions in 2005 as the first phase of WOCCU’s development program in the Central Asian nation came to an end. WOCCU began working in Uzbekistan in 1998, laying the foundation for a national credit union movement. In 2002, the first credit union law was passed with the assistance of WOCCU and guidance from its Model Law for Credit Unions publication. The first three credit unions formed that same year, and today Uzbekistan is home to 78 credit unions that serve more than 99,000 members. The institutions hold US$80 million in assets and 4.6% of domestic retail savings accounts.

"We are honored to be part of the WOCCU community," said Nizomiddin Muradov, CUA’s executive director. "We will put all our efforts forth to add value to the development of credit unions and their members worldwide."

As new WOCCU member, CUA join Ghana Co-operative Credit Union Association and Seychelles Credit Union, which were admitted as member effective 1 January.

Representative from the new member association will be introduced and given the opportunity to speak to delegates at WOCCU’s next Annual General Meeting, to be held in conjunction with the World Credit Union Conference, 26-29 July in Barcelona, Spain.

World Council of Credit Unions (WOCCU) is the global trade association and development agency for credit unions. WOCCU promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. WOCCU advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions’ financial performance and increase their outreach.

Worldwide, 49,000 credit unions in 96 countries serve more than 177 million people. In 2008, World Council’s technical assistance programs reached more than 8 million people in 16 countries.