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Credit Unions Across the Globe Celebrate 75th International Credit Union Day

Thursday 19th October marks the 75th annual International Credit Union (ICU) Day, a day to reflect upon the credit union movement’s history, promote its achievements, recognise hard work, and share member experiences.

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Friday 26 January 2024

Thursday 19th October marks the 75th annual International Credit Union (ICU) Day, a day to reflect upon the credit union movement’s history, promote its achievements, recognise hard work, and share member experiences.

“I am so proud of our sector’s achievements this year.” says ABCUL CEO, Robert Kelly, “There are a record number of credit union members in Great Britain, credit union legislation was granted royal assent, and credit unions across the nation stepped up to support members through incredibly difficult economic times.”

Figures from the World Council of Credit Unions show that there are about 88,000 credit unions serving almost 400,000 members globally. This equates to credit unions being active in 118 countries across six continents.

Credit unions up and down the country have celebrated by reflecting on the financial resilience and positive difference that they add to their members’ lives.

For example, in Wales, Merthyr Tydfil Borough Credit Union has launched a kids ICU Day colouring competition as well as raising money for the Cystic Fibrosis Trust with colourful piggy banks available for £2 and all proceeds go to the charity.

Shropshire-based credit union, Just Credit Union (JCU) will be sharing positive member stories on social media, for example its recent announcement of its annual education grant awarded to a young member enabling the opportunity to study nursing at Wolverhampton University.

 “JCU is very much rooted in our local communities of Shropshire and Telford and Wrekin and ICU day is a great opportunity to reflect on the fact that we are also part of a very large global community that operates to the same inclusive co-operative and ethical values”, says JCU CEO, Karen Farrow.

Not only was the first ICU Day held 75 years ago, but 2023 also marked 75 years since the arrival of the Empire Windrush to Britain. Caribbean migrants were essential to the establishment of credit unions in Britain. Upon arrival, the Windrush generation faced difficulties accessing financial services due to racial discrimination and in 1964 a group of British Caribbean people established Hornsey Co-operative Credit Union to tackle this. Hornsey Co-operative Credit Union was the first credit union to register under the Industrial and Provident Societies Act 1893 and the organisation merged with London Capital Credit Union in 2013, making it the oldest surviving credit union in the UK.

 “Our social mission, our social conscience and our ethical base means that we provide a real daily difference to people’s lives in a positive way,” Robert Kelly added. “This 75th anniversary recognises the impact that credit unions make across the world, where local service is delivered with care, compassion and a real focus on members.”

Robert has featured in a mini-pod produced by the Financial Services Compensation Scheme (FSCS) titled “What is a Credit Union?” which was released on ICU Day. The short podcast highlights what a credit union is and what it means to be a member-owned financial co-operative. Robert highlighted that the “people helping people” principle of credit unions is what makes them so valuable within financial services. Listen to the podcast here.

Search #ICUDay2023 on X (formerly Twitter) to see celebrations across the globe.

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