UN Federal Credit Union
opens liaison office in Nairobi, Kenya

Responds to Specialized Banking Needs of UN Community in East Africa Helps Fund New Multimedia Centre for UN Library on Nairobi Campus Nairobi, Kenya (April 14, 2003) – In an effort to meet the financial services needs of the United Nations community in East Africa, United Nations Federal Credit Union, UNFCU, today announced that it has opened a new Liaison Office at the UNON Gigiri campus in Nairobi, Kenya.

UNFCU announced its expansion, as well as a grant to fund a new Mul- timedia Centre at the United Nations Library in Nairobi at a ribbon cutting ceremony and reception, which took place here. More than 75 UN officials, heads of its specialized agencies, regional, government and UN credit union representatives, business leaders and UNFCU management attended the festivities.

“The UN and Kenyan government were highly supportive of our becoming part of the local community, said Michael J. Connery, Jr.,” president and CEO of UNFCU. “With a brick and mortar presence and local staff onboard, we look forward to expanding our membership base in Nairobi and best serving our more than 6,400 existing members across the continent.”

The newly constructed, 170-square meter facility, which mirrors UNFCU Liaison Offices in Europe, was established to provide a wide range of financial and consultative services to more than 2,600 permanent UN employees, representing 52 UN organizations, their families and retirees who comprise the UNFCU field of membership. The liaison office, the third UNFCU location outside the United States and the first in Africa, comes in direct response to UN and UN agency staffs’ demand.

Member Services

UNFCU is specifically providing the growing base of UN staff in Kenya with guidance regarding savings, loan and investment products, as well as personalized member service. Innovative products and a strong service orientation, which also includes a multi-lingual staff, are consistent with UNFCU offerings around the world. The new Nairobi office also has an ATM, which enables users to withdraw cash in US dollars. Members can also meet individually with UNFCU Member Service Representatives to discuss their short- and long- term savings goals.

Growth Pace Steps Up

Currently, the UN community in Africa represents 11.7% of UNFCU’s total membership. Kenya alone boasts 1,179 UNFCU members, 18.4% of all members residing in Africa. Given the growth of the UN community in Nairobi and the surrounding area, UNFCU stands to double the size of its African base with the opening of its Nairobi Liaison Office. According to Connery, UN and UN agency staff members and their families in Arusha and Dar es Salaam, Tanzania, as well as Ethiopia, have already expressed an interest in visiting the liaison office.

As evidence of UN agency growth in Nairobi, two new buildings are currently under construction at the Gigiri complex. In addition, UN- HABITAT, which has its global headquarters in Nairobi alongside United Nations Environment Programme (UNEP), was recently elevated to the status of Programme of the United Nations.

To date, UNFCU has seen on average a 107% increase in monthly membership enrollment for Kenya since its Management team conducted a series of presentations and meetings in Nairobi in August 2002. The institution also met with representatives from the Kenyan government and in September, received formal approval to open the liaison office. UNFCU had earlier established a liaison representative presence on campus headed by the President of the Staff Union so that existing and potential members could become more familiar with UNFCU programmes. UNFCU broke ground for the new office in February 2003.

Mr. Klaus Toepfer, Director-General of the United Nations Office at Nairobi and Executive Director of the United Nations Environment Programme, said: “I am delighted that the United Nations Federal Credit Union (UNFCU) has chosen to open offices here. Their decision fur- ther goes to underscore the UN’s confidence in this location and boosts the kinds of services avail- able here in Gigiri which are in turn helping us to attract first class staff from around the world.”

Mr. Toepfer, who was joined by Paul Andre de la Porte, Resident Coordinator and Resident Repre- sentative of the United Nations Development Programme (UNDP) Kenya, added: “I would also like to thank UNFCU for its generosity towards our library. We are in the process of upgrading our library facilities here to reflect the needs of local people as well as staff and the demands and challenges of the 21^st century. The financial support being given by UNFCU will assist in this effort, allowing us to purchase computers, furniture and other essential equipment needed for the library’s new Multimedia Centre.”

Nairobi Week Celebration

As part of the grand opening celebration, UNFCU will hold a Nairobi Week event at its branches in New York and its liaison offices, which are based at UN headquarters in Vienna, Austria and Geneva, Switzerland. In addition, UN and UN agency staff, their families and retirees, who visit the Nairobi Liaison Office and open UNFCU Savings Accounts are eligible to win sweepstakes prizes, including a US $1,000 share certificate, US $500 deposited into their savings account and a UNFCU International Calling Card with a value of US $250. Prizes will also be given to new members opening Start Smart youth savings accounts for their children or grandchildren.

Chartered in 1947, United Nations Federal Credit Union currently serves more than 56,000 members around the world. With assets of over US $1.7 billion, the New York City-based institution ranks 26^th in terms of assets out of nearly 10,000 credit unions in the United States. UNFCU’s Vienna and Geneva Liaison Offices opened in 1997 and 2001 respectively.

UN Federal Credit Union opens liaison office in Nairobi, Kenya

UN Federal Credit Union
opens liaison office in Nairobi, Kenya