The World Council of Credit Unions (WOCCU), a US-based membership organization representing 41 national-level credit union member trade groups, recently released its “2010 Statistical Report,” which is based on data from credit unions from 100 countries and reports a 12-percent increase in aggregate credit union savings from USD 1.1 trillion in 2009 to USD 1.23 trillion in 2010.
During the same period, capital reserves grew by 10 percent. According to the report, credit union members increased their savings holdings in all regions but Europe. Lending was lower in the Caribbean, Europe and North America. Credit union activities grew the fastest in Africa, Asia and Latin America, reflective of the regions’ overall economies.
WOCCU compiled the report based on data from approximately 53,000 financial cooperatives serving approximately 188 million people worldwide. The report may be accessed here.
By Carol Kim, Research Associate
About World Council of Credit Unions (WOCCU): Headquartered in the United States, WOCCU is a trade association and support agency for credit unions. WOCCU advocates before international organizations on behalf of 41 national-level credit union member trade groups operating in 51 countries, and it coordinates with national governments regarding legislation and regulation. Its technical assistance programs introduce tools and technologies intended to strengthen the financial performance of credit unions and increase their outreach. WOCCU consists of three entities: (1) WOCCU proper, (2) WOCCU Services Group, which functions as a for-profit corporation and (3) Worldwide Foundation for Credit Unions, which serves as a charitable organization. WOCCU reported total assets of USD 14 million in its 2009 annual report.
Sources and Additional Resources:
World Council of Credit Unions News Release: “More Countries Report Increased CU Savings, Reserves in WOCCU 2010 Statistical Report”, August 2011, http://www.woccu.org/newsroom/releases?id=1831
World Council of Credit Unions: 2010 Statistical Report, http://www.woccu.org/publications/statreport
CGAP (Consultative Group to Assist the Poor): “Financial Access 2010: The State of Financial Inclusion Through the Crisis”, http://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdf
MicroCapital.org: “MICROCAPITAL BRIEF: World Council of Credit Unions (WOCCU): Afghan Islamic Investment and Financial Cooperatives (IIFCs) Distributed Microfinance Loans Worth $7.4m in Last Third of 2010”, June 15, 2011 https://www.microcapital.org/microcapital-brief-world-council-of-credit-unions-woccu-afghan-islamic-investment-and-financial-cooperatives-iifcs-distributed-microfinance-loans-worth-7-4m-in-last-third-of-2010/
MicroCapital.org: “MICROCAPITAL BRIEF: CGAP Releases ‘Financial Access 2010’ Survey”, September 22, 2010 https://www.microcapital.org/microcapital-brief-cgap-releases-financial-access-2010-survey/
MicroCapital’s Universe Profile: World Council of Credit Unions (WOCCU), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Council+of+Credit+Unions+%28WOCCU%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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