Global Credit Union Membership Surpasses 411 Million

Friday 18 October 2024

Published on International Credit Union Day, the World Council of Credit Unions released its 2023 Statistical Report which shows a 4% growth in assets worldwide and a 10% increase in membership across the British sector.

As of December 31, 2023, the membership in the global credit union movement topped 411 million, while assets surpassed $3.7 trillion last year. Over the past decade (2014-2023), global credit union membership increased 89%.

Director of Member Services at WOCCU said: “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,”

On the 31 July 2024, the Bank of England published its latest quarterly statistics for the credit union sector, which stated its total membership figures rose by 4.6% and its highest ever recorded figure.

“This data also shows that credit unions across Britain have stepped up to serve the needs of communities and workplaces and to provide households with safe and fair credit options when they needed support most,” says ABCUL CEO, Robert Kelly. “It may be a fraction of global credit union membership, but this milestone membership shows that British Credit Unions are going from strength to strength and growing at impressive rates quarterly.”