Credit Union Growth Program - Member Income Survey 2007

This report details findings of World Council of Credit Unions (WOCCU) 2007 member income survey. Interviewers surveyed credit union members in Colombia, Kenya, and Rwanda on household income and assets. They examined use of financial services, member satisfaction and several non-monetary indicators of poverty.Credit Unions serve a wide range of income levels. Survey respondents earned their income from varied sources. Findings include:

• 14.8 percent of respondents live below a dollar a day;
• Most households with a salaried family member supplemented wages with microenterprise;
• In rural areas, cash and subsistence crops are important sources of income and food,
• Nearly 30 percent of members have a household member owning a microenterprise;
• 20 percent of respondents farmed crops in the last year, with a much higher percentage in Kenya and Rwanda.

Members indicated satisfaction with their credit unions, often viewing them more favorably than other financial institutions. Members tend to be highly loyal, and often travel significant distances to the credit unions. The report recommends:

• Opening new branches,
• Using innovative new strategies for mobile banking,
• Better marketing to reach new markets and cement loyalty of existing members.