Just in time for International Credit Union Week, the World Council of Credit Unions released its 2019 statistical report, which shows that global credit union membership has grown 59% since 2010. The surge contributed to a worldwide credit union membership growth of more than 107 million over the past decade.
The international credit union movement added more than 17 million members in 2019 to reach a new membership high of more than 291 million in 118 countries, according to report. The report attributes the largest growth increases in Latin America (153%), Africa (143%) and Asia (81%), with North American seeing a 30% increase.
Additionally, credit union assets increased by more than 26% worldwide in 2019, while savings, loans and reserves also grew, according to the report.
“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,” said Brian Branch, WCOCU president/CEO. “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.”
The full report can accessed by clicking here.