How Is Poland's Largest CU Helping Ukrainian Refugees?
Executives from the credit union brief WOCCU's president/CEO on their refugee assistance efforts.
Officials with Poland’s largest credit union, Kasa Stefczyka (more than one million members and 300 branches), recently met with WOCCU President/CEO Elissa McCarter LaBorde to explain their plans to help Ukrainian refugees who’ve fled the country since the Russian invasion began in February.
According to a statement released by WOCCU on Tuesday, McCarter LaBorde met with credit union President Loanna Medrzecka on April 22 to discuss how the credit union was providing financial products and services to refugees from Ukraine. Since the war began, Poland has taken in more than 2.6 million Ukrainian refugees, according to recent data from the United Nations.
Before the war, Kasa Stefczyka had roughly 700 Ukrainian members. That number now stands at more than 1,200.
According to Tuesday’s statement, the credit union has set up a special page on its website in the Ukrainian language and added an interactive voice response service that allows Ukrainian speakers to get connected to a representative who can speak in their native language. Executives said most of the messages are “about the cost of services and the ability to provide cash transfers back to Ukraine.”
“In addition to its financial inclusion efforts, Kasa Stefczyka is providing financial assistance to dozens of Ukrainian refugees as well. The credit union is providing free housing for roughly 60 refugees living in Sopot, Poland, while allowing a handful of other refugee families to live for free in business travel flats the cooperative owns across the country.
“Kasa Stefczyka is also providing fully paid kindergarten enrollment for the children of some refugee families at the same Gdynia school where many of its corporate office employees send their own children,” the statement read.
According to WOCCU, Kasa Stefczyka executives told McCarter LaBorde “they foresee a future need for a guarantee fund that would allow them to provide small loans to Ukrainian refugees.” The credit union currently provides uncollateralized loans for members with a six-month Polish employment history.
McCarter LaBorde told the credit union’s executives she will work with them to search for possible loan guarantee options in the coming weeks and months.