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. 

COOPAC Norandino Becomes First Credit Union In Peru to Increase Use of Digital Channels in Rural Areas

2025-01-30

The Norandino Savings and Credit Cooperative (COOPAC Norandino) in December became the first credit union in Peru to start a digital transformation project that seeks to increase financial inclusion through the use of digital channels in several rural and peri-urban areas in the northeastern part of the country.

To date, COOPAC Norandino has more than 19 years of experience in providing rural finance to more than 40,000 members located in the regions of Piura, San Martín, Cajamarca and Amazonas.

Since 2017, the credit union has been implementing innovative digital financial products and services, including:

  • the Norandino debit card, with the Mastercard brand.
  • ATMs in four of its offices and the use of ATMs nationwide.
  • online banking services.
  • a mobile banking app, Norandino WalletOn.
  • a network of correspondent agents in communities where other financial entities do not reach.

However, despite those achievements, COOPAC Norandino still faces challenges to increasing the use of its digital platforms in areas where internet or cellular signals are unstable. And since 70% of its members are farmers who live in these rural areas, COOPAC Norandino has launched a digital transformation plan that will seek to: 

  • consolidate and deepen the digitalization processes that are already underway, expanding their coverage.
  • actively promote the inclusion and financial/digital culture among more members.
  • strengthen the digital structure of COOPAC Norandino through training and technical assistance.

This process will be co-financed by the Spanish organization COFIDES, with the first phase of the project directed by Moventi Group (PERU APPS SAC), a company that has already carried out various digital transformation plans accross various financial entities.

Additional goals include evaluating Norandino's level of digital maturity and developing a strategic plan for digital transformation with a tracking and monitoring system. The overall vision is to promote technological advancement that allows COOPAC Norandino to become a digital benchmark for financial inclusion in the region.

COOPAC Norandino is a member of Federación Nacional de Cooperativas de Ahorro y Crédito del Perú (FENACREP), World Council of Credit Unions' direct member organization in Peru.