MADISON, Wis.-For the first time in history, global credit union assets have now surpassed $1 trillion.
That's according to the World Council of Credit Unions, which has released its 2006 Statistical Report. That report found that global credit union growth was more than 18% during 2006. In addition, for the first time, WOCCU has captured data on the total number of credit union branches globally, a figure it puts at 125,107.
Overall, WOCCU is reporting that in the 97 countries that have credit unions, there are 46,377 CUs operating, serving 172 million people worldwide.
Among the other findings:
* Members have more than $900 billion in savings.
* The Latin American region was the leader in asset growth with more than $22 billion in assets by the end of 2006.
* As assets grew in credit unions, so did capital, with total capitalization at 9.8% of non-risk adjusted assets.
* While membership growth has been an ongoing issue in some mature markets, including the U.S., global credit union membership growth was 9.5% in 2006, with Africa leading the growth curve in relative terms.
"As competition in the financial sector increases, credit unions are thriving because of their consumer-oriented lending practices and their ability to provide sustainable financial services for everyone," said Pete Crear, WOCCU president. He added, "Credit unions instill confidence in an uncertain environment like today's. We're witnessing this firsthand as deposit levels are on the rise worldwide."
WOCCU said it currently has 19 multi-year technical assistance programs operating in 15 countries, including six new programs in Afghanistan, Colombia, Kenya, Peru, Rwanda and Sri Lanka.
For info: www.woccu.org.
