TruStage & ACCOSCA Want to Grow the CU System in Africa

Officials with the Madison, Wis.-based TruStage, formerly CUNA Mutual Group, announced a new effort to raise the profile of the credit union system in Africa.

According to Friday’s announcement, TruStage signed a Memorandum of Understanding (MOU) with the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA) to help establish the ACCOSCA Academy Centers of Excellence. This support, which comes in the form of TruStage providing two full-time employees to ACCOSCA, aims to “build the foundation to grow international awareness, advocacy and connections” for the credit union system in Africa.

The MOU, according to TruStage, will be in effect for five years and came after the organization contributed $125,000 to ACCOSCA “to enable African savings and credit cooperatives employees to take advantage of training and educational opportunities.”

ACCOSCA Executive Director George Ombado said, “We believe the collaboration between ACCOSCA and TruStage will lead savings and credit co-operatives to grow households’ financial security across our continent. TruStage’s financial and technical contribution enables us to realize our dream of establishing a Co-operative Centre of Excellence to enhance the institutional strengthening of financial co-operatives across the continent while building the financial capability of countless families.”

TruStage President/CEO Bob Trunzo added, “For nearly 90 years, TruStage has embodied the credit union philosophy of ‘people helping people’ in its many efforts to ensure brighter financial futures are accessible to everyone. We’re proud of this important milestone in our history – celebrating the partnership between TruStage and ACCOSCA – by working together to help address the financial needs and education of underserved populations in Africa.”

According to both organizations, the MOU was signed during the African-American Credit Union Coalition conference recently held in Georgia. Also in attendance for the signing was Terrance Williams. Williams was named to succeed Trunzo as the TruStage president/CEO in October.

“George and the ACCOSCA team are doing important work by supporting the development of a stronger financial system within the continent of Africa. This work can be an example to other countries seeking a means to create financial inclusion and wealth within their nation,” Williams said. “I’m happy to be part of ACCOSCA’s work in Africa and am encouraged by what this means for our continued pursuit of financial well-being for all.”