Project Overview Tuvalu

Through it’s association with the Maritime Workers Union of Australia, the Overseas Seamen’s Union of Tuvalu determined that its members would benefit from establishment of a credit union, as the National Bank of Tuvalu was not meeting their needs. They sought advice and assistance from the Maritime Workers of Australia Credit Union to start up their own credit union.

CUFA facilitated the development of the Tuvalu Maritime Credit Union during 1997.

The competition resulting from the community owned credit union put pressure on the bank to increase fairness with regards to fees and services.

The Maritime Workers of Australia Credit Union has a mentoring relationship with its sister credit union in Tuvalu and funds a monitoring visit once a year.

Objectives:

1. To audit the Credit Union accounts.
2. To identify operating risks.
3. To assess service provision by the National Bank of Tuvalu.
4. To report on the impact of the Credit Union on members.
5. To assess the viability of the Credit Union.
6. To audit the Seamen’s Union (TOSU) accounts.

Tuvalu is one of the Pacific’s smallest countries with only 26 square kilometres of land.