MADISON, Wis. — Membership in credit unions around the world has now surpassed more than 260 million people globally. The announcement comes as credit unions prepare to celebrate International Credit Union Day on Thursday.
According to the new Statistical Report released by the World Council of Credit Unions, the new membership total means WOCCU’s goal of achieving more than 250 million members worldwide by 2020 has been achieved almost two years early.
In all, WOCCU said those members are served by 89,026 credit unions in 117 countries. The World Council said the most notable global changes from the end of 2013 to 2017 can be seen with 12 million new members in the United States (where membership totals in excess of 116 million people), the 11 million new members added in both Latin America and Africa, the seven-million additions in Asia and the one-million new members in Europe.
"We see that membership growth continues to reflect the important role that credit unions have in providing economic empowerment to people worldwide,” said WOCCU President and CEO Brian Branch. “The three primary challenges we hear from credit unions everywhere are advocacy, disruptive technology and membership growth. For 2019, we will launch the logical next step and take on the second global challenge, which is disruptive technology. We are gearing our efforts toward digitization, including access to core services by online and mobile channels, automation of internal processes and connection to local payments and electronic ecosystems. If we want to continue growing and competing in tomorrow’s disruptive markets, we take on this challenge, make it our own and market the advantage to serve the under-served.”
The World Council said its report is based on data provided by participating countries that respond to its annual survey and does not make estimates for non-reporting countries.
Download the 2017 Statistical Report here.