Kenya co-ops top in Africa, says WOCCU report

NAIROBI-Co-operatives in Kenya top in African content with high membership and wealth, a new Statistical Report by the World Council of Credit Unions [ WOCCU ]shows.

The report indicates that 9,041 Co-operative Societies surveyed have a membership of 9,937,928 with assets worth over US$ 20.87 billion.

Despite year-to-year growth in overall membership and total assets for the global credit union movement, the WOCCU 2021 Statistical Report also shows major gaps in key product and service offerings have resulted in different priorities and risk concerns for credit unions in different parts of the world.

As of December 31, 2021, there were a total of 393,871,631 members of 87,914 credit unions worth US$ 3.48 trillion in assets across 118 countries.

Along with providing statistics on members, assets, savings and loans, the 2021 Statistical Report also features first-time data sets on credit unions.

Access to various products and services 

Despite the COVID-19 pandemic continuing to impact credit unions across the globe in 2021, they still managed to increase membership by 5% and grow assets by 9%,” said Elissa McCarter LaBorde, WOCCU President and CEO. “For WOCCU to ensure that type of growth continues, and credit unions are able to reach even more underserved populations, we need to gather more specific data from national credit union associations than ever before. While some data sets in this report are more complete than others, this is just the first step in our plan to offer a continuously clearer picture of the challenges and opportunities credit unions face in each region of the world.”

Africa Co-ops lead in assets growth

Credit unions in Africa and Latin America saw the most substantial growth in terms of membership and assets. Africa saw a 42 percent spike in assets—the largest worldwide. Latin America witnessed the biggest growth in membership at 16 percent.

Europe was the only region to see a decline in credit union assets, while Australia and New Zealand both saw declining membership.

https://thecooperator.news/here-is-why-kenyan-politicians-are-lobbying-to-control-co-ops/

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