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The World Council of Credit Unions published a report on Wednesday that finds a strong set of numbers for credit union membership and asset growth happening around the world.
WOCCU's 2023 Statistical Report found global credit union membership surpassed 411 million as total assets reached $3.7 trillion last year.
Image from WOCCU's 2023 Statistical Report. Credit/WOCCU
More specifically, according to the report, as of Dec. 31, 2023, there were 411,008,249 credit union members in 104 countries. The latest numbers showed a 2% increase from 2022's data and found four specific regions reporting substantial growth. Those areas included:
- Dominica +33%
- Nepal +18%
- Brazil +12%
- Great Britain +10%
WOCCU Director of Member Services Thomas Belekevich explained, "Brazil has seen consistent growth in membership from year to year. We know that at Sicredi, our direct member organization, this is due in large part to the efficiencies and inclusion made possible through their shared service model. In the case of Dominica, their membership growth is the result of greater participation from the country's diaspora communities and from more people opening accounts at more than one credit union. We love seeing the different ways our member nations are innovating in order to grow."
According to WOCCU, in the past decade global credit union membership increased 89%. The report found growth in the following regions of the world:
- Asia +230%.
- Africa +116%.
- Latin America +96%.
- North America +37%.
- Europe +20%.
- Caribbean +18%.
- Oceania 16%.
According to WOCCU's report, global credit union assets increased by 4% in 2023, but more than doubled over the last decade as well. Asia and Latin America saw the largest growth, as credit union assets more than tripled across those regions over the past 10 years.
Belekevich added, "Moving forward, efforts will continue to strengthen data capture methodologies across several countries in Africa where we anticipate significant growth in membership in the coming years. 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."
READ MORE: 2023 Statistical Report
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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.
