Challenge
Credit unions (CU) have an ingrained role as a trusted partner in communities throughout the globe. Their members worldwide are demanding access to digital payments but are often unable to obtain such services due to CUs’ lack of institutional capacity and technology infrastructure. With an integrated digital financial service offering, CUs have the potential to connect millions of underserved households and businesses to the formal economy.
To this end, the World Council of Credit Unions (WOCCU) and the Asian Confederation of Credit Unions (ACCU) aimed to modernize credit union payment systems and establish a regional, shared digital payments platform that would enable credit union members to participate more meaningfully in the growing digital economy.
Solution
To help CUs modernize their digital infrastructure and offerings, Maltseven worked with national credit union associations to pinpoint the challenges CUs face in offering and scaling digital financial services. Through extensive stakeholder engagement, consultations with credit union members, and a market assessment, M7 developed the business model for a shared, CU payment scheme. M7 also developed a demo mobile payment app to demonstrate the potential benefits of digital payments for CUs and their members.
