Overview of ILCU Foundation Support:
The ILCU Foundation helped with the creation of the credit union movement in Albania in 1995 and has supported its development since. Long term assistance to the national association of credit unions, ‘Jehona’, provides an opportunity for affiliated credit unions to develop to serve their members needs.
Key Objectives & Activities in 2015:
- Membership has expanded by 6.9%
- Total savings and deposits have increased by 13.9%
- Total loans have increased by 16.7%
- New regulations are being introduced by the Central Bank of Albania in 2015 and 2016 to consolidate the SCAs, and the apex body, Jehona, into one Savings and Credit Cooperative.
- National marketing strategy enacted to communicate regulatory changes to members and public
- Investment in IT, upgrading computers and servers and improving the ‘Kredits’ software system
- Over 100 staff and volunteers took part in training initiatives, such as –
- SME lending and evaluation
- New regulatory framework on the draft Law on SCAs and Jehona
- New regulatory framework on Albanian Deposit Insurance Agency and deposit insurance
- Prevention of money laundering