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.

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

2024-10-31

Carl Manlan speaking at the 2024 SACCA Congress

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.

Recognizing the urgent need to bridge this gap, the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) joined forces with Visa, a global leader in digital payments, to spearhead a groundbreaking financial inclusion project in Kenya and Tanzania.

The Financial Inclusion in Kenya and Tanzania (FIKT) project aims to redefine the continent’s economic landscape, bolster organic economic growth and provide employment opportunities for local communities. It underscores the urgent need to promote economic development and access to financial resources for African women and youth, while highlighting the pivotal role financial inclusion plays in fostering sustainable development, reducing gender disparities, and ultimately contributing to the prosperity and well-being of communities.

By combining Visa's cutting-edge payment solutions with ACCOSCA's deep-rooted understanding of local financial ecosystems, this partnership is poised to make a lasting impact on the continent’s economic landscape.

Participants attending October’s 2024 SACCA Congress had a once in a lifetime opportunity to see a keynote presentation by Carl Manlan, Vice President for Social Impact at Visa Central and Eastern Europe, Middle East and Africa.

In his presentation on "Grassroots Transformation through Collaborations for Financial Inclusion", the global leader noted that the deepened synergy between ACCOSCA and Visa is an essential tool for driving sustainable economic development in Africa toward supporting the realization of the United Nations' 2030 Sustainable Development Goals.

The collaboration between Visa and ACCOSCA represents a powerful union of expertise and resources dedicated to empowering underserved communities and catalyzing economic growth in East Africa.

This post originally appeared on the ACCOSCA LinkedIn page. ACCOSCA is the apex credit union and cooperative finance association for Africa, and a direct member of World Council of Credit Unions.