The World Council of Credit Unions (WOCCU) issued a call to action, urging the G20 under South Africa’s leadership to acknowledge cooperatives as vital institutions in promoting global financial inclusion. In a letter addressed to South African President Cyril Ramaphosa, WOCCU Vice President of International Advocacy Paul Andrews noted the need for the 2025 Leaders’ Declaration to endorse regulatory frameworks that foster cooperative growth.
“We urge the G20 to encourage national governments to create a regulatory environment that not only protects consumers from bad actors but also enables credit unions to effectively serve their local communities and advance financial inclusion efforts,” he stated in a letter sent to South African President Cyril Ramaphosa. He proposed that the G20 incorporate specific language in its Leaders’ Declaration to support these regulatory changes.
Andrews highlighted the significance of the G20 Leaders’ Declaration, asserting, “Nothing influences international financial regulatory guidelines more than this declaration. By taking concrete steps to support and promote cooperatives, the South African Presidency could make a significant positive impact on financial inclusion worldwide and acknowledge the United Nations’ International Year of Cooperatives.”
The G20 has previously responded to WOCCU’s appeals for addressing financial inclusion in its Leaders’ Declarations. The 2024 Brazilian Presidency recognized the importance of financial inclusion in enhancing financial wellbeing and committed to leveraging digital technologies to reduce inequalities. India’s 2023 G20 Presidency also took steps to support proportionality in the sustainability disclosures adopted by the International Sustainability Standards Board (ISSB), creating more opportunities for credit unions and cooperatives to serve underserved populations effectively.
