Worldwide credit union membership rose 5% in 2018

Credit union membership worldwide set a record in 2018, rising nearly 5.4% to reach 274 million members across the globe.

That’s according to the 2018 Statistical Report from the World Council of Credit Union. The study notes that CUs in Africa saw the biggest gains, with a 21% increase compared to 2017, while Asian credit union membership rose by 13%.

Overall assets worldwide were up by 3%, hitting $2.1 trillion, though the United States and Canada hold more than 81% of that. Savings, loans and reserves also increased worldwide.

WOCCU reported that credit union membership around the globe has risen by roughly 90 million consumers since the start of this decade, including 40 million new members since 2016.

“The global credit union movement is growing at a rapid pace as our philosophy of ‘people over profits’ continues to resonate across six continents,” WOCCU President and CEO Brian Branch said in a press release. “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.”

For a look at the group’s 2017 Statistical Report, click here.