Welcome to CCA’s international development blog page … the sights and sounds, the people and places as experienced by credit union and co-operative volunteers on the frontline of development.

Monday, October 25, 2010

Changing the Course of History

Moonlight in Mongolia

An Inukshuk built by CCA coaches on top of a hill just outside the Mongolian
capital city of Ulaanbaator.

The blue pile to the left of the Inukshuk is an owoo, which serves as a landmark
and a place of worship for passerby. At right is Megan Sinclair of Lloydminster, Saskatchewan.
Ever wonder if the work you do is having an impact?  Well, here in Mongolia, we are learning the effect of our recommendations may have wide reaching consequences.  

In addition to the many coaching teams working directly with credit unions, Dale and I have spent the week working with the Mongolian National Co-operative Association to examine operations, strategy and financial sustainability to see if there are any areas where we can see opportunity for improvement.  The MNCA is a newly formed (2 years) umbrella organization mandated to coordinate policy and legislation work and to support and promote a strong Mongolian co-operative sector.
Following our report of observations and recommendations to the Executive Director and Board member yesterday, we learned they will take the report to the upcoming AGM in November and create specific action items which will impact across the entire co-operative sector in Mongolia – talk about buy in!
 During the week we also had the opportunity to meet with the Director of Micro Finance at the Federal Regulatory Commission of the Mongolian government.  She described to us the tumultuous recent history of credit union growth, corruption and crisis (circa 2006), where 23 credit unions failed and a significant bite was taken out of savings assets in the system.  The FRC was then formed to bring regulation and appropriate legislation to the credit union sector to restore depositor confidence and ensure a solid future. 
The Director went on to share that amended legislation is in process and about to be brought forth in parliament for final approval.  We have been asked to review the legislation (sounds like an English version should be available shortly) and provide feedback to assist in presenting the legislation in parliament in a way that will ensure approval.  Once again, an opportunity to have a hand in a significant step in ensuring a trusted and healthy credit union sector enabling economic resiliency in the towns and villages across Mongolia.
Scott Hughes
(Scott is a coach from Vancouver)

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