The 2022 Statistical Report from ICMIF member World Council of Credit Unions (WOCCU) shows the global credit union movement achieved another great milestone last year as worldwide membership topped 400 million.
According to the report, as of 31 December 2022, there were 403,976,049 credit union members in 98 countries.
WOCCU says the new membership figure represents a 3% increase over 2021. While membership growth was modest across all continents, several countries with dynamic credit union systems still saw substantial membership growth, including:
- Brazil +25%.
- Philippines +19%.
- Ireland +17%.
The report’s findings showed that over the past decade (2013-2022), global credit union membership has more than doubled. Asia has seen the greatest growth over that period, with membership leaping by more than 250%. Latin America and Africa saw credit union membership more than double during the decade, while European membership remained relatively flat.
Global credit union assets also gained 3% year-to-year, says WOCCU, but more than doubled over the last decade as well, jumping from USD 1.7 trillion to USD 3.6 trillion. Again, Asia was responsible for the largest growth, with credit union assets more than tripling across the continent over those 10 years.
Thomas Belekevich, WOCCU Director of Member Services said: “What we see is that growth in countries with well-established credit union and cooperative movements continues to accelerate at a much faster rate than anywhere else.
“World Council of Credit Unions will continue to work to improve conditions for the credit union sectors in those countries with the greatest potential to grow our movement to more than 500 million members over the next decade,” Belekevich concluded.
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.
View the full 2022 Statistical Report here
