Microsoft East Africa, through the support of its 4Afrika initiative, has signed a Memorandum of Understanding (MoU) with World Council of Credit Unions (WOCCU) to help accelerate digital transformation within the Savings and Credit Cooperative Organisation (SACCO) sector.
SACCOs play a key role in Kenya’s economic strategy, bolstering income-generating opportunities and more recently contributing to around 5.7 percent of the country’s GDP. According to the Sacco Societies Regulatory Authority (SASRA), they form an important part of the deposit taking and lending market in Kenya, providing financial services to around six million households across the country.
“The AppFactory will turn young people into highly competent, in-demand ICT professionals. Local companies, including ourselves, need more of this talent, especially in an increasingly digital world,” says Tim Hobbs, Director and CEO of Mawingu Networks.
First corporate bond fund launched for credit unions in Kilkenny
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Amundi, Europe’s largest asset manager and leading financial services firm Goodbody have jointly launched the first corporate bond fund for credit unions in Ireland, bringing innovation and choice to the sector as well as helping the institutions to mitigate against the impact of negative interest rates.
The launch of the €150 million+ Amundi Fund Solutions ICAV Select Investment Grade Bond fund enables credit unions to invest in a diversified portfolio of corporate bonds in efforts to achieve an attractive yield. Up until now, credit unions could only invest in a limited range of investment options including bank deposits, government bonds and bank bonds. The move follows Central Bank Regulations in 2018 that allowed Credit Unions to invest in a corporate bond fund with a minimum requirement of €150 million at launch.
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âBuilding Financial Health for a Brighter Tomorrowâ is This Yearâs International Credit Union Day Theme
Credit unions will celebrate ICU Day 2021 on Thursday, October 21
May 03, 2021
MADISON, Wis. On October 21, 2021, credit unions worldwide will celebrate International Credit Union Day (ICU Day). This annual event raises global awareness for the credit union movement through outreach, volunteering, fundraising and other ICU Day-themed activities. Credit unions bring financial inclusion and a promising future to people all over the world. Since the first celebration in 1948, ICU Day is a chance to spotlight and celebrate these achievements.
International Credit Union Day is brought to you by World Council of Credit Unions (WOCCU) and Credit Union National Association (CUNA) WOCCU s direct member organization in the United States.
Parties will work to establish a framework for the digital transformation of SACCOs in Kenya
April 28, 2021
NAIROBI Microsoft East Africa, through the support of its 4Afrika initiative, has signed a Memorandum of Understanding (MoU) with World Council of Credit Unions (WOCCU) to help accelerate digital transformation within the Savings and Credit Cooperative (SACCO) sector.
SACCOs play a key role in Kenya’s economic strategy, bolstering income-generating opportunities and more recently contributing to around 5.7 percent of the country’s GDP. According to the Sacco Societies Regulatory Authority (SASRA), they form an important part of the deposit taking and lending market in Kenya, providing financial services to around six million households across the country.