The World Council of Credit Unions’ (Woccu) 2023 Statistical Report shows continued growth in the global credit union movement.
As of December 31, 2023, membership in the global credit union movement reached more than 411 million, with assets surpassing $3.7tn.
The report shows a 2% increase in membership in 2023. Over the past decade (2014-2023), global credit union membership increased 89%. Global credit union assets increased by 4% in 2023, but more than doubled over the last decade, with Asia and Latin America seeing the largest growth as their assets more than tripled.
In 2023, some countries saw much higher growth than the global average, such as Dominica (33%), Nepal (18%), Brazil (12%), and the UK (10%).
“Brazil has seen consistent growth in membership from year to year. We know that at Sicredi, our direct member organisation, this is due in large part to the efficiencies and inclusion made possible through their shared service model,” said Thomas Belekevich, Woccu’s director of member services.
“In the case of Dominica, their membership growth is the result of greater participation from the country’s diaspora communities and from more people opening accounts at more than one credit union. We love seeing the different ways our member nations are innovating in order to grow.”
Woccu’s member network consists of national and regional credit union associations in more than 80 countries, accounting for 70% of all credit unions, credit union members and credit union assets worldwide.
The report provides the most comprehensive data on the global credit union movement available and is based on country responses to its annual survey.
“Moving forward, efforts will continue to strengthen data capture methodologies across several countries in Africa where we anticipate significant growth in membership in the coming years,” said Belekevich. “Woccu will also continue to work to ensure credit unions are improving conditions to reach more vulnerable populations moving forward, as we strive to reach one billion members, with half of them women.”