Co-op Bank is listed among the 300 largest co-operative organizations worldwide.
The Co-operative Bank of Kenya is listed among the top 300 largest co-operative and mutual organizations in the world.
According to the latest World Co-operative Monitor, 12th edition, which was released recently, Kenya’s Co-operative Bank is positioned in the 45th place out of the top 300 global co-operative organizations.
The top 5 in a list of the 300 largest co-operative organizations and mutual organizations in the world by turnover per GDP per capita is IFFCO in India, followed by Gujarat Co-operative Milk Marketing Federation, Groupe Crédit Agricole in France, Sistema Unimed Americas in Brazil and Copersucar SA, also from Brazil.
The World Co-operative Monitor, which maps the social and economic impact of the 300 largest co-ops and mutuals worldwide, contains crucial facts and figures about the top co-operatives around the world.
The latest edition of the World Co-operative Monitor annual report titled ‘Exploring the Co-operative Economy: Report 2023, not only details the rankings of the top 300 co-operatives and mutuals around the world but also analyses how they promote themselves.
Produced by the International Co-operative Alliance with the support of Euricse (the European Research Institute on Co-operative and Social Enterprises), the World Co-operative Monitor ranks the top co-operatives in terms of turnover and assesses their socioeconomic impact on societies.
In a world facing numerous challenges, the co-operative model emerges as a beacon of hope.
Jeroen Douglas, director general of the ICA, said, “In a world facing numerous challenges, from economic uncertainties to social inequalities, the co-operative model emerges as a beacon of hope, demonstrating its unique ability to foster inclusive growth, shared prosperity, and community resilience.”
The report is based on findings from the fiscal year 2021 and publishes two separate rankings of the top 300 co-operatives in the world: one is based on the turnover of each enterprise, and the other is based on turnover relative to the GDP per capita of the country where the co-op operates. The latter accounts for the size of the enterprise relative to its national context, enabling a fairer comparison for organizations operating in less economically developed countries.
Collectively, the world’s 300 largest co-operatives had an overall turnover of US$2.41bn in 2021, an increase from the 2020 total of $2.17bn and the 2019 total of $2.18bn.
The geographical distribution of the top 300 co-operatives, both by turnover and turnover over GDP per capita, is similar to past years, with most of the large co-operatives and mutuals located in the most industrialized countries such as the US (73 enterprises), France (40), Germany (31) and Japan (21).
Most of the largest by turnover are located in Europe (166) and then the Americas (94), the majority of which are in the US. In third place is the Asia Pacific, with the region having 40 of the top 300, over half of which are in Japan.
Europe is also home to the largest co-ops by turnover over GDP per capita, boasting 158 of them. The Americas (87) and Asia Pacific (54) come in second and third place once again.
However, Africa also makes the list when accounting for turnover over GDP per capita, with one co-operative in Kenya making the top 300.
The top 300 co-operatives in the world by turnover primarily operate in the agriculture and food industries (35%), the insurance sector (32%), and wholesale and retail trade (19%).
The largest co-ops by turnover over GDP per capita tend to operate in similar sectors: agriculture and food industry (34.3%), insurance (18.7%), and wholesale and retail trade (17.7%).
However, despite not topping the overall list, co-operatives in the financial services sector came among the five largest co-ops by turnover and turnover over GDP per capita three times.
The top five co-operatives that made the highest turnover were French co-operative bank Groupe Crédit Agricole ($117bn), German retail company REWE Group ($82bn), and Groupe BPCE in France ($64bn).
In terms of turnover over GDP per capita, the co-operatives that topped the list were Indian agrifood company Indian Farmers Fertiliser Co-operative ($3.3m), Groupe Crédit Agricole ($2.7m) and Gujarat Co-operative Milk Marketing Federation ($2.8), another Indian agrifood company. Brazilian companies Sistema Unimed and Copersucar SA came in fourth and fifth place with $2m and $1.8m, respectively.
Unlike previous years, the 2023 report features a chapter on how large co-operatives and mutuals shape their brand identity and attract members online.
It found that they use a range of methods such as detailing their historical origins on their website, employing collectivist language, ‘partnerships,’ ‘coalitions,’ and ‘pool resources,’ and emphasizing their member benefits to the public to enlarge their social base.
