2024 Annual Report
One World Through Cooperative Finance
The Global Network of Credit Unions and Financial Cooperatives
The Global Network of Credit Unions and Financial Cooperatives
Our International Advocacy team scored several important victories on behalf of our members and their credit unions in 2024.
Click on each country icon to learn more.
Successfully advocated that the Basel Committee on Banking Supervision emphasize a proportional approach to supervision be clearly communicated with national-level supervisory authorities to prevent credit unions from facing unfair regulatory burden in key areas such as operational resilience and stress testing.
Successfully influenced the G20 Brazilian Presidency to include language in its Leaders Declaration that emphasizes the importance of financial inclusion in improving financial well-being and harnessing digital technologies to reduce inequalities.
Engaged with key European Union (EU) officials and select Members of the EU Parliament in Brussels, Belgium on exempting credit unions from the Financial Data Access Regulation (FiDA).
Amendments to the Law on Credit Unions eliminated the need for credit unions to obtain a separate license to provide payment services.
Change to Basic Account Rule allows migrants and refugees to open credit union accounts and receive debit cards using an ID from their home country.
Changes to the country’s Banking Law that allows credit unions to enhance the ability of credit unions to offer better and more diversified services to members.
To date, WOCCU has implemented 300+ technical assistance programs in 90 countries. In 2024, WOCCU implemented five USAID-funded programs in seven countries—each of which produced impressive results for the year.
WOCCU's Meetings and Events team in July hosted the first World Credit Union Conference held in the United States since 2015, in partnership with America's Credit Unions.
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Assets (in USD Millions)
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2024 | 2023 |
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Current Assets
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| Cash & CDs | $6.30 | $7.79 |
| Cash - Restricted Projects | $0.25 | $0.12 |
| Receivables and Prepaid Expenses | $1.41 | $0.96 |
| Investment in International CUs & Subsidiaries | $2.28 | $0.19 |
| Furniture, Equipment & Leaseholds | $0.03 | $0.05 |
| Total Assets | $10.27 | $9.11 |
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Liabilities (in USD Millions)
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2024 | 2023 |
| Accounts Payable & Accrued Expenses | $1.21 | $1.10 |
| Unearned Revenue | $1.72 | $0.39 |
| Accrued Pension Liability | $0.10 | $0.10 |
| Total Liabilities | $3.03 | $1.59 |
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Net Assets (in USD Millions)
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2024 | 2023 |
| Unrestricted | $3.82 | $3.96 |
| Unearned Revenue | $3.00 | $3.00 |
| Total Unrestricted Net Assets | $6.82 | $6.96 |
| Temporarily Restricted | $0.42 | $0.56 |
| Total Net Assets | $7.24 | $7.52 |
| Total Liabilities & Net Assets | $10.27 | $9.11 |
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Revenues (in USD Millions)
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2024 | 2023 |
| Grant Revenues | $9.99 | 64% | $7.66 | 46% |
| Membership Dues | $2.66 | 17% | $2.63 | 16% |
| Conference Registration Fees | $0.50 | 3% | $3.95 | 24% |
| Supporter Contributions | $1.49 | 10% | $1.83 | 11% |
| Other Revenues | $0.98 | 6% | $0.55 | 3% |
| Total Revenues | $15.62 | 100% | $16.62 | 100% |
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Expenses (in USD Millions)
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2024 | 2023 |
| Trade Association/Meetings Activities | $2.53 | 16% | $5.11 | 29% |
| Grant Supported Development Activities | $7.88 | 50% | $5.84 | 34% |
| International Foundation | $0.84 | 5% | $1.78 | 10% |
| Activities Other | $1.64 | 10% | $1.81 | 10% |
| Administration & Fundraising | $3.00 | 19% | $2.82 | 16% |
| Total Expenses | $15.90 | 100% | $17.36 | 100% |
| Sub-Total | $(0.28) | $(0.74) | ||
| FAS 158 Adjustment | $0.00 | $0.00 | ||
| Increase (Decrease) in Net Assets | $(0.28) | $(0.74) | ||
| Net Assets at Beginning of Year | $7.52 | $8.28 | ||
| Net Assets at End of Year | $7.24 | $7.52 | ||