The global credit union movement came together on International Credit Union Day (17 October) to celebrate the power of co-operation under this year’s theme, “Co-operation for a Prosperous World.”
The event, coordinated by the World Council of Credit Unions (Woccu), and celebrated annually since 1948, highlights how member-owned financial co-operatives empower people and strengthen communities through ethical, inclusive finance.
The theme resonates with the 2025 UN International Year of Cooperatives, reinforcing the message that people and organisations working together can create lasting positive change.
In the UK, credit unions marked the occasion through regional forums organised by the Association of British Credit Unions (Abcul). The London and South Forum, held on 18 October, gathered leaders, staff and volunteers from across the region to celebrate the day, share insight, and discuss the sector’s future.
Speaking at the event, Matt Bland, Abcul CEO, reflected on the global strength of the credit union movement, which serves more than 411 million members worldwide and holds US$3.7tn in assets. He contrasted this global scale with the smaller UK market and urged the sector to seize the opportunity to grow.
Bland, who was appointed CEO in February, outlined Abcul’s work with the Cooperative and Mutuals Business Council, exploring ways to double the size of the credit union sector. He described a five-point plan focusing on collaboration and consolidation, leadership and skills development, innovation and infrastructure, regulatory reform, and investment. Strategic mergers and shared services, he said, can help credit unions achieve the scale needed to invest in digital capability and deliver modern, ethical financial services.
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He also underlined the link between credit unions and financial inclusion. With one in four UK adults having less £100 in savings, Bland argued that growing the sector will support vulnerable households and contribute billions to the wider economy. But he also warned of a concerning trend: shrinking balance sheets at some credit unions, due to savings outflows amid high interest rates. He urged leaders to focus on lending growth and innovation to remain sustainable.
“Credit unions offer a different vision of humanity,” he said. “At a time when society can feel divided, our movement shows what co-operation and community can achieve.”
The event also included masterclasses and advice sessions, offering practical advice on subjects such as how to establish, maintain and build salary savings schemes, and the importance of outreach.
Co-op News executive editor Rebecca Harvey also spoke at the event, delivering a keynote on the importance of gender-diverse leadership. Sharing stories heard through the Co-op Women’s Voices webinar (which she co-hosts with The Co-operative College’s Dr Sarah Alldred) and her role at Co-op News, she highlighted the difference between approaches to leadership in co-operative businesses compared with traditional companies.
“In the FTSE 350 there are still more CEOs called John or Andrew (22) than there are women CEOs (21) – and in the FTSE 100, just 9% of companies are led by women,” said Harvey. The story is better in the UK, she added, citing Co-operatives UK’s Co-op Economy Report which demonstrates how among the UK’s top 100 co-operatives, almost a quarter are led by women and globally, almost half of credit unions are led by women.
This matters, added Harvey, because no economy in the world has achieved full gender parity, despite there being a business case of diverse leadership. “Improving gender equality in leadership could add US$12tn to global GDP and improves business performance by 20%,” she said, referring to a 2015 study by McKinsey. “It also derisks organisations as there are fewer lawsuits at businesses with women at the helm, and – importantly for co-operatives, mutuals and credit unions, diversity of all kinds reflects values of equality and accountability and drives innovation, trust, and inclusion.”
