Ukraine war: Appeal launched to help credit unions in path of Russian attack

The Worldwide Foundation for Credit Unions wants to support sector workers and members in the country

The Worldwide Foundation for Credit Unions (WFCU) has launched a Ukrainian Credit Union Displacement Fund to support Ukraine’s credit unions.

The campaign will support employees and members of credit unions caught up in Russia’s invasion of Ukraine.

WFCU is the charitable arm of World Council of Credit Unions (Woccu), which has been working closely with Ukrainian credit unions over the last 30 years, providing regulatory and development support.

Woccu also runs the Credit for Agriculture Producers (CAP) project in Ukraine, with the financial support of USAID. The programme aims to strengthen the Ukrainian credit union market and expand access to agricultural credit. The apex is now working with USAID and preparing contingency plans for CAP to ensure the safety of its staff, many of whom are Ukrainian nationals.

Related: Ukraine co-ops vow to keep operating in face of Russian invasion

“Thank you to the (Worldwide) Foundation staff. This is the right thing to do, this is the global community, this is the power of a network like this,” said Elissa McCarter LaBorde, Woccu president and CEO, at a Woccu Cooperative Voices event on 27 February.

Mike Reuter, executive director of WFCU, said credit unions from around the world have been reaching out to ask how they could help their colleagues in Ukraine.

“Our global credit union community stepped forward immediately with both concern and support for their Ukrainian peers,” he added. “Proceeds from the Cooperative Voices Event, as well as donations provided to the Displacement Fund, will help Ukraine’s credit unions in the short and long term.”

The fund raised more than US$43,000 (£32,000) for the Displacement Fund in the first few hours. Donations can be made online or by texting CUS4UKRAINE TO 44-321. 

With thanks to Anca Voinea, theNews.coop

You May Also Like

Buy Social

What is the campaign about? Choose Communities: Buy Social is all about the impact social enterprises are having on...

read more