Global credit union membership tops 411 million

The World Council of Credit Unions (Woccu) 2023 Statistical Report shows the continued growth of the global credit union movement.

As of December 31, 2023, the global credit union movement exceeded 411 million members and assets exceeded $3.7 trillion.

The report shows a 2% increase in membership in 2023. Over the past decade (2014–2023), global credit union membership has increased by 89%. Global credit unions’ assets increased by 4% in 2023, but have more than doubled over the past decade, with the greatest growth in Asia and Latin America as their assets more than tripled.

In 2023, some countries experienced much higher growth than the global average, such as Dominica (33%), Nepal (18%), Brazil (12%) and the UK (10%).

“Brazil has seen a steady increase in membership year after year. We know that at Sicredi, our direct member organization, this has a lot to do with the efficiency and inclusivity made possible by the shared services model,” said Thomas Bieleckiewicz, Director of Membership at Woccu.

“In the case of Dominica, membership growth is a result of greater participation by the country’s diaspora and more people opening accounts with more than one credit union. We love seeing our member countries innovate for growth.”

Woccu’s member network consists of national and regional credit union associations in more than 80 countries, representing 70% of all credit unions, credit union members and credit union assets worldwide.

The report provides the most comprehensive data yet on the global credit union movement and is based on country responses to the annual survey.

“Moving forward, efforts will continue to improve data collection methodologies in several countries in Africa, where we expect significant membership growth in the coming years,” Belekevich said. “Vokku will also continue to work to ensure that credit unions improve conditions to reach more vulnerable populations going forward as we strive to reach one billion members, half of whom are women.”