Challenge 2025

The Digitalization of the Global Credit Union System


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

Dominican Republic Credit Unions First to Test Hub C Innovation-as-a-Service Online Marketplace

Hub C launch event in the Dominican Republic
Hub C launch event in the Dominican Republic
Elissa McCarter LaBorde speaks to reporters
Elissa McCarter LaBorde speaks to reporters
José Alejandro Rodríguez addresses the media
José Alejandro Rodríguez addresses the media

World Council of Credit Unions (WOCCU) on February 7 launched its Hub C Innovation-as-a-Service online marketplace at an event in Santiago, Dominican Republic, with Asociación de Instituciones Rurales de Ahorro y Crédito (AIRAC), its direct member organization in the Caribbean nation, and representatives from dozens of AIRAC member credit unions.

Utilizing a platform developed by FinConecta, the marketplace gives credit unions the ability to explore, evaluate and collaborate with fintech vendors to access cutting-edge technologies and solutions that enhance operational efficiencies, member experiences and overall competitiveness.

The sandbox environment allows credit unions to experiment with and test solutions that address digital lending, identity, savings, fraud prevention, digital banking, payments and customer engagement.

WOCCU President and CEO Elissa McCarter LaBorde and WOCCU Director of Member Services Thom Belekevich traveled to the Dominican Republic for the launch event, where they joined AIRAC President Alfredo Dorrejo and AIRAC Executive Director José Alejandro Rodríguez to speak with credit union representatives and members of the local press about the new initiative.

“This marketplace represents more than just a platform; it symbolizes collaboration, partnership and progress. It is a testament to the power of coming together, pooling our resources, and leveraging technology to create solutions that empower individuals and businesses alike,” said McCarter LaBorde. “As we gather here today, let us not only celebrate this milestone but also reflect on the immense possibilities that lie ahead. Together, we have the opportunity to shape the future of finance, to democratize access to financial services, and to drive economic growth and prosperity for our communities.”

According to 2021 data from the World Bank, nearly half of the Dominican Republic’s population is unbanked. And even many of those who are banked lack access to the digital financial products and services that define the way most people live and conduct business. 

With Hub C, WOCCU and AIRAC hope to bridge the growing digital divide that risks further isolating both cooperatives and their members from digital ecosystems that offer greater utility from accounts, through easy access to secure payments, savings, credit, insurance, remittances and mobile-centric emergency access to cash.

“They don't even know that it exists, so they are not going to look for it. So, I am very grateful to you, and also very grateful to your cooperatives for the receptivity to our call for action,” Rodriguez told attendees. “We have a platform where we can search for apps and download them (to test). I think it's a real revolution.”

After a testing phase in the Dominican Republic, WOCCU plans to offer access to the Hub C Innovation-as-a-Service online marketplace to credit unions in other Latin American countries.

To learn more about Hub C, visit our page on the new initiative at