Savings and Credit Co-operative Societies (Saccos) in Kenya are the wealthiest in Africa, the
new World Council of Credit Unions’ (WOCCU) 2020 Statistical Report shows.
According to the report, the Saccos, which are popularly known as credit unions globally, control
total assets valued above USD13.64 billion (about Ksh1.51 trillion). Kenya also leads in high
Sacco membership in the content with 9.24 million members. Other countries in Africa with
increased Sacco members include Rwanda and Ethiopia, with membership above four million.
Overall, Africa has a combined total Saccos membership of more than 40 million. The
penetration of the Sacco movement in Kenya is 29.17% compared to the continent’s 14.34%.
About 41% of the total members in Africa are women. Men also dominate leadership positions in
Africa, with 39% of Chief Executive Officer positions being held by women, who also occupy
only 35% of posts in the Boards of Management.
In Asia, Africa, and Europe, men account for roughly 60% of all credit union members. The
numbers are more balanced in Latin America, where women make up nearly half of all members.
Europe is the most gender-equitable in terms of leadership, with women accounting for more
than 60% of credit union board directors and 51% of chief executive officers (CEOs). Women
are least likely to serve in either role in Asia, where more than 70% of CEOs and board directors
are men. The numbers in Africa, Latin America, and North America also show men hold more
than 60% of leadership positions.
The survey results also revealed that credit union members worldwide are over 45 years of age
on average. North American credit union members are the oldest on average, at 53 years of age.
Africa has the youngest membership base, at 39 years.
Globally, Credit Union Membership Surpassed 375 million due to improved supervision and
data reporting in the world’s second-most populous country combined with continued growth
across the globe, resulting in a 29% year-to-year increase in international credit union
membership, according to the Statistical Report.
As of December 31, 2020, there were a total of 375,160,065 credit union members in 118
countries.
The big jump in membership largely results from improved data collection and reporting in
India, which shows the country has more than 91 million credit union members. WOCCU
reported Indian credit union membership of roughly 20 million in 2019, based on more limited
data available at that time.
The rest of the international credit union movement grew by more than 14 million members in
2020, despite COVID-19 restrictions and lockdowns across the globe.
“On all six continents, credit unions continued to grow our movement last year despite incredible
challenges by working to keep frontline staffers and members safe from infection at branch
locations, while rolling out special financial assistance and relief measures to keep members
solvent. Many credit unions also ramped up their digital services to make sure members could
access their accounts and make payments remotely,” said WOCCU President and CEO Elissa
McCarter LaBorde.
With the significant jump in India, Asia saw a membership increase of 114% in 2020. Latin
American credit unions grew at a rate of 10%, while African and Caribbean credit unions both
saw membership increases of 7%.
Financial data featured in the 2020 Statistical Report shows credit union assets grew by 23% in
2020, surpassing the $3 trillion mark for the first time, while member savings grew at a much
faster rate than credit union loans. This follows global trends in weaker demand for credit as well
as increased risks in credit portfolio quality.
