Global Credit Union Membership Surpasses 400 million
WOCCU 2022 Statistical Report also shows global assets near $3.6 trillion
World Council of Credit Unions’ (WOCCU) 2022 Statistical Report shows the global credit union movement soared past another milestone last year as worldwide membership topped 400 million.
As of December 31, 2022, there were 403,976,049 credit union members in 98 countries.
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%.
Over the past decade (2013-2022), global credit union membership has more than doubled. Asia has seen the greatest growth over that span, with membership skyrocketing 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, but more than doubled over the last decade as well, jumping from $1.7 trillion to $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.
“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,” said Thomas Belekevich, WOCCU Director of Member Services. “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.”
World Council reports data based on country responses to its annual survey and does not make estimates for non-reporting countries. For the 2022 Statistical Report, World Council chose to omit 22 countries that had been featured in past reports, because they have not submitted new credit union sector data within the last two years.
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.