Two national credit union associations from Africa and one from Asia won awards for membership growth at the World Council of Credit Unions’ (WOCCU) 2020 Annual General Meeting, held virtually for the first time due to the Covid-19 pandemic.
WOCCU’s 2020 Membership Growth Awards, based on data derived from its most recent Annual Statistical Report, went to the Kenya Union of Savings and Credit Co-operatives (KUSCCO), whose membership grew at a rate of 14.2%, adding just under one million members for a total membership of 7.8 million. “Saccos began in Kenya in the 1960s and they have progressively grown over the years. They sustain the lives and livelihoods of over 14 million people,” said KUSCCO Chair George Magutu Mwangi.
In the same vein,Ghana’sCo-operative Credit Union Association (CUA) grew at a rate of 50%, adding 285,444 members for a total membership of 862,638. “We are humbled by this prestigious award which is a sign of the cooperation and credit union development work being done in Ghana, and it also challenges us to work harder for the credit union movement both locally and globally. We express our appreciation to the world council for this wonderful award,” said CUA General Manager Emmanuel Coffie.
“With government, social and education reforms, Ghana has made a turn for the better. Last October, World Council Board Member George Ototo and I, were able to witness first-hand the struggles, progress and success of the credit union movement in Ghana,” said outgoing WOCCU Board Chair Steven Stapp, referring to his and Ototo’s historic 2019 trip to the country.
Moreover, South Korea’s National Credit Union Federation of Korea (NACUFOK)membership increased by 19.8%, adding more than one million members for a total membership of 6.1 million.
“The Korean War in 1950 left South Korea devastated and impoverished. But over the last six decades, Korean credit unions have had a steady growth and are now managing US $87 million in assets,” said Younsik Kim, Chair of NACUFOK and a World Council board director.