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Global Credit Union Membership Surpasses 375 million

Improved supervision and data reporting in the world’s second-most populous country combined with continued growth across the globe resulted in a 29% year-to-year increase in international credit union membership, according to World Council of Credit Unions’ (WOCCU) newly released 2020 Statistical Report.

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Thursday 25 January 2024

Improved supervision and data reporting in the world’s second-most populous country combined with continued growth across the globe resulted in a 29% year-to-year increase in international credit union membership, according to World Council of Credit Unions’ (WOCCU) newly released 2020 Statistical Report.

As of December 31, 2020, there were a total of 375,160,065 credit union members in 118 countries.

The big jump in membership is largely the result of improved data collection and reporting in India, which shows the country has more than 91 million credit union members. WOCCU reported Indian credit union membership of roughly 20 million in 2019, based on more limited data available at that time.

The rest of the international credit union movement grew by more than 14 million members in 2020, despite COVID-19 restrictions and lockdowns across the globe.

“On all six continents, credit unions continued to grow our movement last year despite incredible challenges by working to keep frontline staffers and members safe from infection at branch locations, while rolling out special financial assistance and relief measures to keep members solvent. Many credit unions also ramped up their digital services to make sure members could access their accounts and make payments remotely. All those efforts helped credit unions keep existing members and add new ones,” said WOCCU President and CEO Elissa McCarter LaBorde.

For the first time in 2020, World Council included demographic data in its Statistical Report. The data was compiled from 34 member associations that answered survey questions about the makeup of their credit union membership and leadership—specifically as it relates to age and gender.

The responses show large gaps exist in the number of women involved in the credit union movement compared to men, both in terms of membership and in chief executive or board director positions. Research published by ABCUL has revealed that women hold top positions in more than half of British credit unions.

Of those surveyed, 40 credit unions gave the gender of their CEO or most senior staff member, of which 60% were female. The findings show a higher concentration of women in CEO (or equivalent) positions in credit unions than in the finance sector as a whole.

WOCCU’s report proves Europe is the most gender equitable, with women accounting for more than 60% of credit union board directors and 51% of chief executive officers (CEOs). “There is no question credit unions have work to do when it comes to attracting more women as members and leaders. Our movement must also examine new ways to make credit unions more relevant and appealing to young people. World Council looks forward to working with our members to address these challenges and improve outcomes in these areas,” said McCarter LaBorde.

You can view the full 2020 Statistical Report here.

Source – World Council of Credit Unions

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