Report Finds Global CU Membership Showing Strong Growth

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.

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