Credit Union League of Thailand
The Credit Union League of Thailand Limited (CULT) was established in 1965 in Bangkok's shantytown district, with the financial support of Father Alfred Bonninque and two Thais. The movement gradually spread throughout the country and is now established in 48 provinces (471 local unions with some 94,581 members as of the end of 1992). In 1970, the savings stood at 1.4 million baht, and had risen to 428 million baht by 1922. The reserve stand at 41 million, and 528 million has been granted as credit.
The CULT experience is of particular interest due to the diversity of its loans:
- "normal" loans intended for purchasing land and cattle, housing, or to create small enterprises;
- risk-protection programme for borrowers in the event of permanent invalidity or death;
- life insurance system for members who wish to save for their old age;
- risk funds for CULT and its members in the event of fraud or default;
- mutual funds to cover cremation costs (for incineration);
- specific programmes for women and young persons.
The revencue received by CULT does not yet enable it to self-finance its activities, so it still gets funds frrom the international aid system, particularly for training activities (12.8%).
The following pie chart shows the organizations's funding sources. As illustrated, CULT iiis 87.2% self-sufficient, since donations represent only about 12.8% i.e. 1,501,733.50 Baht.
- 1991 Statistics for Credit Unions in Thailand:
- Credit Union Cooperatives: 816
- Members: 1,459,879
- Savings; 19,323,929 (USD)
- Loans: 37,621,218 (USD)
- Reserves: 1,771,117 (USD)
- Assets: 59,241,631 (USD)
- Women in Credit Unions (Thailand/CULT):
- Women members: 37,801
- Total members: 78,753
- Percentage: 48.0 percent
The above figures are from WCCU
- Credit Union League of Thailand (CULT)
56/2 Moo 3, Ramkhamhaeng Road,
Buengkum, Bangkok - 10240, Thailand
Tel: +(66-2) 373-0020, Fax: +(66-2) 373-0022
Hari Srinivas - hsrinivas@gdrc.org
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