The World Council of Credit Unions has published its latest statistical report which shows that credit unions have added ten million new members from 2013 to 2014. The report provides membership and financial data as of December 2014, with information on 57,480 credit unions serving 217m members in 105 countries.
According to WOCCU’s figures, Africa, Latin America and the Caribbean area were the fastest growing world regions in terms of credit union membership. In 2014 worldwide assets of credit unions were reported at US$1.8tn; savings at US$1.5tn; loans at US$1.2tn and reserves at US$181bn.
"Membership growth is a priority for credit unions worldwide," said Brian Branch, World Council president and CEO. "Our vision, as a global community, is to reach 260m members by the year 2020."
WOCCU’s statistical report is based on country responses to its annual survey.
The report was published ahead of WOCCU’s annual conference, which took place on 12-15 July in Denver, USA. Over 3,000 representatives from credit unions from 61 countries attended the event in Denver where they looked at innovative approaches to boosting credit union growth. They also discussed about regulation constrains and online and mobile banking trends.
The annual meeting also saw Anne Cochran, president and CEO of the Louisiana Credit Union League (LCUL) in the United States, elected as the first female chair of the World Council of Credit Unions‘ board of directors.
Ms Cochran has spent nearly 20 years advancing the credit union movement at state, national and international levels. Under her leadership, LCUL attained its highest-ever affiliation ratio and has hosted delegations from developing credit unions in Africa and Russia to help strengthen their movements. She has also served on CUNA’s World Affairs Committee and participates in the Global Women’s Leadership Network.
“My passion for the entire credit union movement knows no bounds,” she said. “I pledge to you to continue to grow that passion in my new role,” she said.