America Is Safer, Stronger and More Prosperous When It Funds International Development Work Through Credit Unions
- Paul Andrews
- 6 days ago
- 2 min read
Guest Editorial by Paul Andrews , Vice President, International Advocacy and Engagement, WOCCU
For more than four decades, World Council of Credit Unions (WOCCU) has played a crucial role in fostering financial inclusion, stability and economic growth across the world through international development projects funded by the U.S. government.
What may not always be obvious is how this work directly benefits the United States—making it safer, stronger and more prosperous.
By promoting financial access in underserved communities worldwide, credit unions help create stable and growing economies. When individuals in developing nations gain access to credit and financial services, they can invest in their businesses, send their children to school and lift themselves out of poverty. This, in turn, creates new markets for U.S. goods and services, driving demand for American exports and strengthening economic ties. Financial stability abroad translates into economic opportunities at home.
One of the primary causes of instability, conflict and migration crises is economic insecurity. When individuals lack access to legitimate financial services, they often turn to illicit economies that can fuel crime, terrorism and instability. WOCCU’s work helps build resilient financial institutions that reduce poverty and promote economic opportunities, thereby addressing root causes of conflict. By supporting local credit unions in developing countries, we help create conditions where people can thrive at home rather than being forced to flee hardship.
Furthermore, strong financial institutions reduce the risks of money laundering and terrorist financing. When people have access to transparent, regulated financial systems, illicit financial flows are curtailed, making the world—and America—safer.
The United States has long been a leader in international development and financial inclusion efforts, and supporting credit unions abroad is one of the most cost-effective ways to advance American interests. The relatively modest investments made in WOCCU’s international development programs have strengthened cooperative finance and paid dividends in the form of economic growth, job creation and global stability. Credit unions help create a world where individuals are empowered to build better lives—aligning with American values and national interests.
At a time when geopolitical tensions are rising and economic inequality threatens stability in many regions, the work of WOCCU is more important than ever.
While we appreciate the efforts of the U.S. government to ensure all foreign aid dollars are well spent on behalf of American taxpayers, financial support for international development efforts through credit unions is not just an act of goodwill but a strategic imperative. We ask the U.S. Department of State to acknowledge that, and to reaffirm foreign aid funding for that work.
Paul Andrews serves as World Council of Credit Unions’ (WOCCU) Vice President of International Advocacy. He is working with officials from American state and regional credit union associations to advocate for the future funding of WOCCU’s international development work. USAID in February terminated all of WOCCU’s awards, which had been funding three international development projects through credit unions in seven countries.