MADISON, Wis.—The international credit union community added more than 14 million members during 2018 to reach a new high of more than 274 million in 118 countries, according to World Council of Credit Unions’ newly released 2018 Statistical Report.
African credit unions saw the largest percentage increase in membership, with a 21% jump from 2017. Asian credit unions grew at a rate of 13%, according to WOCCU.
Credit union membership worldwide has grown by 90 million since the beginning of the decade—with nearly 40 million members being added since 2016, the World Councils said.
‘Growing at Rapid Pace’
“The global credit union movement is growing at a rapid pace as our philosophy of “people over profits” continues to resonate across six continents. We continue to see high growth among those credit unions which provide their core services via online and mobile channels. That growth has been driven by consumer demands for convenience and seamless integration into the digital economy,” said World Council President and CEO Brian Branch.
Credit union assets increased by more than 3% worldwide in 2018, while savings, loans and reserves also grew.
World Council said the data is based on country responses to its annual survey and does not make estimates for non-reporting countries. The Statistical Report provides the most comprehensive data on the global credit union movement available and is cited widely by governments, international institutions and analysts as an expert resource, WOCCU added.