Challenge 2025

The Digitalization of the Global Credit Union System

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A New Decade, A New Goal

In 2014, World Council of Credit Unions set a goal of reaching 260 million credit union members worldwide by 2020.

Through a concentrated worldwide effort, credit unions were able to reach our "Vision 2020" goal by 2017. But that growth was not even across all countries or among all credit unions. The credit unions that grew were those that offered core services via online and mobile channels. That is why we are now addressing how we increase membership going forward—through the digitalization of the global credit union system by 2025.

Measuring Global Digitalization

World Council will measure the digitalization of credit unions in four key areas for Challenge 2025.

Digital Channels

Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.

Shared Platforms

Connecting your credit union to a shared payments system that allows for mobile payments and integrated with a national payments system.

Risk Management

Implementation of a cybersecurity system that complies with national regulations to protect members' identity and consumer data from digital attacks and intrusions.

Data Analytics

Employing data analytics to determine additional service offerings to members, and helping to identify those that need financial literacy or counseling services.

Follow Our Progress, Tell Us About Yours

Track the latest developments in digitization by subscribing to our Challenge 2025 Blog. You can also send us updates on how your credit union or credit union system is striving to help us meet Challenge 2025 at communications@woccu.org.

2024-10-31

Reshaping Realities to Fuel Prosperity: Visa and ACCOSCA's Transformative Partnership in Africa

Financial inclusion remains a critical issue in Africa, with millions of individuals lacking access to basic financial services. This grim reality continues to brew a growing concern about poverty reduction and shared prosperity among vulnerable populations on the continent.

2024-09-26

Chatbot Developed for Ukrainian Credit Unions

As part of its commitment to advancing digital technology in credit unions, the USAID/WOCCU Credit for Agriculture Producers' (CAP) Project developed a chatbot for credit unions, utilizing one of the most popular messaging apps in Ukraine.

2024-08-29

Colombian Credit Unions Seek to Train Digital Transformation Leaders of Tomorrow

Fecolfin, World Council of Credit Unions' (WOCCU) direct member credit union organization in Colombia, is offering credit union employees and other interested individuals the opportunity to take part in an intensive training program on digital transformation.

2024-07-30

Digital Awards, Conversations Featured at 2024 World Credit Union Conference

World Council of Credit Unions presented its annual Digital Growth Awards and provided educational sessions on a number of digitalization issues confronting credit unions at its 2024 World Credit Union Conference, co-hosted with America's Credit Unions in Boston (USA), July 21-24.

2024-06-27

Tanzanian SACCO League Launches Digital IT Management System

The Savings and Credit Cooperative Union League of Tanzania (SCCULT) on June 21 launched a new digital information technology (IT) system to improve the efficiency, transparency and accountability of its member Savings and Credit Cooperative Societies' (SACCOs) operations, while also providing a solution that will simplify their financial transaction management.

2024-05-30

Eastern Caribbean Credit Unions Prepare to Implement ACH Solution with the Help of South Korean Colleagues

The National Credit Union Federation of Korea (NACUFOK) in June is helping the Caribbean Confederation of Credit Unions (CCCU) implement a pilot project to develop an automated clearing house (ACH) solution for credit unions in the eight nations that comprise the Eastern Caribbean Currency Union (ECCU).

2024-04-25

Agreement Allows Philippines' Financial Cooperatives to Offer Digital Signatures

The National Confederation of Cooperatives (NATCCO-Philippines) is now working to offer e-signature solutions thanks to a landmark two-year contract with blockchain-powered digital identity and digital signature platform Twala.

2024-03-28

ILCU Asks Northern Ireland Assembly for Financial Support of Credit Union Digital Transformation

The Irish League of Credit Unions (ILCU) in March unveiled a policy manifesto that asked for financial support from the Northern Ireland Assembly to ensure credit unions can implement new digital platforms and offer more online services to members, along with other language that would bring about essential changes and recognize the essential role of credit unions within communities and the wider economy.

2024-02-29

Dominican Republic Credit Unions First to Test Hub C Innovation-as-a-Service Online Marketplace

World Council of Credit Unions (WOCCU) on February 7 launched its Hub C Innovation-as-a-Service online marketplace at an event in Santiago, Dominican Republic, with Asociación de Instituciones Rurales de Ahorro y Crédito (AIRAC), its direct member organization in the Caribbean nation, and representatives from dozens of AIRAC member credit unions.