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.

Tanzanian SACCO League Launches Digital IT Management System

2024-06-27

SCCULT's SACCOS Management System launch event

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.

SCCULT developed its SACCOS Management System to help with:

Improving Work Efficiency. It facilitates record keeping, monitoring of loans and savings, and management of member assets, which reduces human error and saves time.
Accountability and Transparency. The System increases transparency in financial transactions, facilitating better audits and ensuring SACCOs have accurate and timely information about their financial status.
Reducing Operational Costs. By using this technology, SACCOs can lower the costs associated with maintaining written records, which means a reduction in the use of paper and the time staff spends on administrative tasks.
Information Security. The System provides a high level of protection for member information and financial transactions through modern cybersecurity methods.
Timely Access to Information. SACCO members can access their financial information and important reports easily, quickly and remotely.

SCCULT launched the System at an event held in conjunction with the Tanzania Cooperative Development Commission (TCDC).

According to a TCDC news release on on the launch, Dr. Benson Ndiege, Registrar of Cooperative Societies and Chief Executive of the TCDC, had urged SACCOS to use more digital systems in the operation and processing of member information to improve both performance and security.

SCCULT developed the System in partnership with UBX Company, Umoja Switch, DSIK and various SACCOS. League leaders believe it will help all SACCOs improve their performance and increase the confidence of their members and other stakeholders.

The Savings and Credit Cooperative Union League of Tanzania is a member of the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA), a direct member of World Council of Credit Unions.