Global credit union membership surged by 59% in last decade

Register now

Credit union membership surpassed 291 million in 2019, with members in 118 countries worldwide.

From 2010 to 2019, global credit union membership surged by 59%, according to the 2019 Statistical Report from the World Council of Credit Unions. Latin America recorded the biggest jump at 153% followed by Africa, which reported that membership increased by 143%.

Membership in North American credit unions ticked up by 30% from 2010 to 2019.

“Our movement continues to grow because we respond to the needs of members by expanding services, providing more access through digital channels and putting their economic empowerment ahead of corporate profits,” Brian Branch, CEO and president of World Council, said in a press release Wednesday. “That growth will continue as consumer demands for safety join those of convenience and seamless integration into the digital economy. Those demands have only grown throughout the COVID-19 crisis, and credit unions across the globe are responding.”

Globally, credit unions added more than 17 million members in 2019. Institutions in Oceania had the biggest per capita increase in membership at 24% from 2018 to 2019 while Asian credit unions grew by 13%.

Assets at credit unions jumped by more than 26% in 2019, according to the press release.

The World Council report uses data based on responses from each country to an annual survey and does not include estimates for countries that did not report results.

For reprint and licensing requests for this article, click here.
Credit unions Consumer banking Under-served populations Latin America Africa Growth strategies