WOCCU report shows modest global credit union growth
At the end of 2024 there were 412,681,905 members of 67,137 credit unions across 101 countries, according to the just-released World Council of Credit Unions 2024 Statistical Report. Both credit union membership and assets saw modest gains last year, and the report features the most comprehensive data set with statistics on everything from demographics to regulatory supervision.
Totals at the end of 2024 represent increases of 0.4% in membership and 2% in assets from a year earlier, with a significant drop of 10% in the number of credit unions worldwide. Credit union consolidation continues as a major trend in recent years, with last year’s mergers and acquisitions reducing the number of credit unions to below 70,000 worldwide for the first time since 2016.
To provide a more complete statistical overview of the global movement, WOCCU expanded its survey for 2024 to also collect data on credit union global trends, demographics, regulatory supervision, strategic priorities, and risk concerns. The methodology is part of a new Global Data Initiative spearheaded by WOCCU, in coordination with TruStage and the African Confederation of Cooperative Savings and Credit Associations.
Other noteworthy data from this year’s report shows:
- Only 14% of respondents across all countries indicated that their credit unions are regulated by a credit-union–specific supervisory authority;
- Regulation is cited as the greatest risk and regulatory reform as the top strategic priority worldwide; and
- 40% of credit union systems are not covered by a deposit guarantee scheme of any kind.
Advertisement
.jpg)