As countries in Africa and the Caribbean prepare for the
inaugural AfriCaribbean Trade and Investment Forum 2022
(ACTIF2022), attention is being paid to potential opportunities for
flows between the two regions to help plug knowledge and technology
gaps that exist. Two areas in which such gaps exist are the credit
union movement and fintech development.
Worldwide, the credit union movement has been making significant
strides. According to the World Council of Credit Unions (WOCCU),
of which credit unions in Africa and the Caribbean are members,
globally, there are 86,451 credit unions in 118 countries, which
serve 375 million people.
The WOCCU in its 2020 Statistical Report estimates that the
penetration rate of credit unions is 12.8%. Further, the global
body states that the 40,570 credit unions in Africa have a
membership of 40,413,389 across 27 countries. Their assets total
approximately US$16.1 billion and the penetration rate was
calculated at 14.34%.
