Director of Member Services at the World Council of Credit Unions Reflects on Sector Growth

Monday 29 January 2024

On the most recent edition of the World Council of Credit Unions (WOCCU) podcast, Thomas Belekevich, Director of Member Services at WOCCU shared details behind the recent data publication which shows the international credit union movement has never been stronger.

Data collected from organisations across 98 countries found that credit union membership totals 400 million and has surpassed $3.6 trillion in assets – both figures having doubled in the past decade.

“What [the data] shows is that [credit unions] are more relevant than ever as a solution to the needs and challenges facing communities all around the world.” said Thom when asked about the significance of the global growth of credit union. Thom added, “with this growth, we’re seeing that more people are recognising the benefits of our member-owned financial model and the cooperative values that are guiding all of us”.

Thom cited Brazil as an especially exciting example of credit union growth where the WOCCU member Sicredi has increased its membership by over 1 million in 2022 alone. Furthermore, Brazil’s national credit union assets grew by more than 25%. Thom attributes much of this success to the country’s collaboration where over 100 credit unions co-operate to share a services platform and build community engagement.

“I am incredibly proud of the ongoing success of the British credit union sector” says ABCUL CEO, Robert Kelly. “This year we have reported the largest growth in credit union membership and the highest number of members ever. Almost 1.5 million people in Britain are credit union members – a figure we hope to see grow as more people discover the power of credit unions”.

Listen to the full podcast by Greg Neumann – Director of Communications at WOCCU.