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Better data reporting and improved supervision led to a tremendous jump in the number of credit union members across the globe. New numbers released Wednesday, in the WOCCU 2020 Statistical Report, found a 29% year-over-year increase in international credit union membership. According to WOCCU, the jump appeared to be attributed to more accurate data reporting in India.
In 2019, WOCCU reported that India had roughly 20 million credit union members. After better supervision and data collection in the world's second-most populous country, that number leapt to more than 91 million members in 2020.
For the rest of the international credit union system, WOCCU's Statistical Report found that membership 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," WOCCU President/CEO Elissa McCarter LaBorde said.
For the first time ever, WOCCU's Statistical Report included credit union demographic information related to the age and gender of members, "as well as the percentage of women serving as chief executives or board directors at credit unions."
Demographic data, according to WOCCU, came from credit union organizations in 34 countries. The report found the following:
- There are large gender gaps between men and women represented as members, credit union executives and board directors.
- Men account for roughly 60% of credit union members in Asia, Africa and Europe.
- Latin American credit union membership is split nearly 50-50 between women and men.
- In Europe, women make up 61% of the board of directors and 51% of CEO positions.
- In Asia, 73% of board of directors are men and 27% women.
- In Africa, Latin America and North America, men hold more than 60% of the leadership positions.
Image from WOCCU's 2020 Statistical Report showing the gender makeup of credit union leadership positions. According to the report, credit union members worldwide are on average, more than 45 years old. North American credit union members are the oldest at 53 years on average. Africa has the youngest membership base, at 39 years old.
"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," McCarter LaBorde said.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
