Aussie credit unions to help developing nations

By Laine Lister

Fifteen Australian credit union industry bosses will travel to Cambodia this month as part of a volunteer education program initiated by the Credit Union Foundation Australia.
The Cambodian Credit Union Education Program aims to provide insight into the major challenges and issues faced by financial institutions in Cambodia and help strengthen the growth of the credit union movement in the country.

Commenting on the program, Credit Union Australia managing director, and one of the 15 Australians travelling to Cambodia for the program, Graham Olrich said it is an opportunity to make a difference in the area of micro finance in a developing country.

“This is really about helping Cambodians access credit, which is not necessarily readily available to them through conventional banks,” he said.

“Credit unions [in Australia] have evolved from being in a position to provide credit to those who are not able to obtain it easily through mainstream financial institutions … to the point where we now provide a real alternative to the mainstream banks.

“We believe this is achievable across the globe,” he said.