MADISON, Wis. (5/20/15)--The World Council of Credit Unions announced this week it has partnered with the MetLife Foundation to support research efforts in Mexico that will help clarify the financial needs of the unbanked aged 18 to 35 in that country.
“World Council has a long history of increasing credit union outreach to the underserved in Mexico,” said Brian Branch, World Council president/CEO, adding that 44% of membership growth at credit unions in Mexico has come from the 18-to-35 age demographic.
“Credit unions have given them access to savings and credit as they approach prime borrowing years,” he said.
As part of the effort, the MetLife Foundation will provide a $175,000 grant--an installment of a $200 million, five-year commitment to fund programs and services that bolster financial inclusion worldwide.
The project will survey young adults and examine international best practices in terms of providing financial services to the underserved. It also will assess the level of preparedness of Mexican credit unions to bring young adult-specific products and services to the market.
“We are confident that our partnership with World Council will surface strategies and new approaches to help credit unions in Mexico develop additional means of access for this population,” said Dennis White, MetLife Foundation president/CEO. “The end goal is to empower young adults to be successful in their families, careers and in their communities.”
World Council also plans to recruit Mexican credit unions to help develop, create and test a toolkit for credit unions to give thousands of young adults access to financial services.