New statistical report by WOCCU shows the increase in global credit union membership
19 Oct 18
WOCCU’s latest report shows the continued growth in membership as it surpassed 260 million members from 117 countries. This is an increase from WOCCU’s 2016 report, which stated the sectors membership stood at 235 million members and fewer than 70,000 credit unions from 109 countries.
WOCCU President & Chief Executive, Brian Branch has set the sector its new goal to surpass a huge milestone in membership. Brian says: “This year we can celebrate as a global community. We have realised our vision of reaching 250 million members by the year 2020. We see that membership growth continues to reflect the important role that credit unions have in providing economic empowerment to people worldwide”.
As WOCCU look to the year ahead, Brian looks at the challenges credit unions face and how to tackle them, Brian added: “The three primary challenges we hear from credit unions everywhere are advocacy, disruptive technology and membership growth. For 2019, we will launch the logical next step and take on the second global challenge, which is disruptive technology.
“We are gearing our efforts toward digitisation, including access to core services by online and mobile channels, automation of internal processes and connection to local payments and electronic ecosystems. If we want to continue growing and competing in tomorrow’s disruptive markets, we take on this challenge, make it our own and market the advantage to serve the under-served”.
Commenting on WOCCU’s statistical report, ABCUL Chief Executive, Robert Kelly said: “The findings of this report illustrate how rapid the growth of the global credit union sector has performed in the last ten years. There has been an increasing focus on credit unions as a place where people from all walks of life will find savings, loans and other financial products they’re looking for. It is very encouraging to see such an increase in membership globally as it is in the UK”.
The Bank of England this year reported that credit union surpassed 2 million across the UK. Robert Kelly added: “This has been a decade of significant growth for credit unions globally, and it is particularly encouraging to see that Britain is keeping pace with the global trend.
“I share the ambition of Brian Branch and his vision for the movement. We must continue with our rich cooperative history and values of ‘People Helping People’; however it is important to the development of our sector that we don’t fall behind in the digital age”.