According to the latest statistical report from the World Council of Credit Unions (WOCCU), Kenya’s Sacco movement continues to be the dominant force in Africa. The Sacco industry excels in savings, loan portfolios, and total assets, surpassing other countries in the region.
In 2024, the global credit union sector reported steady growth, with total membership reaching 412,681,905. A total of 67,137 credit unions across 101 countries participated in the survey. However, for the first time in recent history, the total number of credit unions globally fell below the 70,000 mark.
Credit unions collectively hold more than $3.8 trillion in total assets. Thomas Belekevich, WOCCU’s Director of Member Services, who led the data collection for this year’s report, cautions that while the figures suggest limited growth, they do not fully represent the overall situation.
“What we’re seeing is less about a ceiling and more about improving our data collection methods,” stated Belekevich. “Over the years, WOCCU has placed a greater emphasis on refining our methodology to ensure the numbers we publish are verifiable and consistent across countries. This has led us to be more rigorous in identifying reliable data sources, which sometimes means excluding figures that cannot be substantiated.”
George Ombado, Executive Director of the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA), expressed his satisfaction with the collaboration, stating, “We are truly delighted with this purposeful and meaningful collaboration. The TruStage team has been exceptional in implementing ideas, and we greatly appreciate the energy and commitment from everyone involved.”
The Statistical Report is a comprehensive resource on the global credit union movement and is widely referenced by governments, international institutions, and analysts as an expert source.
