By Greg Neumann
World Council of Credit Unions
In a significant appeal to global leadership, the World Council of Credit Unions (WOCCU) has formally urged the South African Presidency of the G20 to recognize cooperatives as essential institutions in the 2025 Leaders’ Declaration.
The call to action, led by WOCCU Vice President of International Advocacy Paul Andrews, aims to elevate the role of credit unions and other cooperatives in advancing global financial inclusion and sustainability. In a letter dated May 21 and addressed to South African President Cyril Ramaphosa, Andrews emphasized the importance of regulatory environments that support the growth of cooperatives while protecting consumers.
He urged the G20 to adopt a statement in its upcoming declaration that highlights the critical contribution of credit unions to underserved populations. The letter underscores the need for frameworks that enable credit unions to effectively reach local communities and deliver affordable financial services without falling prey to predatory practices.
Andrews noted that the G20 Leaders’ Declaration is one of the most influential instruments in shaping international financial regulation. He argued that recognizing cooperatives in this document would not only promote equitable access to financial services but also align with the United Nations’ designation of 2025 as the International Year of Cooperatives.
If the South African Presidency were to take concrete steps to support and promote cooperatives globally, it would have an incredibly positive impact on financial inclusion across the globe,” said Andrews, stressing that such a move would further validate the role of cooperatives in building a more equitable and sustainable world.
The G20 has previously addressed financial inclusion in its past two declarations. The 2024 Brazilian Presidency highlighted the importance of financial inclusion in improving well-being and committed to leveraging digital and emerging technologies to bridge inequality.
Similarly, the 2023 Indian Presidency embraced proportionality in sustainability disclosures under new standards from the International Sustainability Standards Board (ISSB). Both instances paved the way for credit unions and cooperatives to broaden access to financial services among marginalized groups.
WOCCU, which represents credit unions and financial cooperatives worldwide, is committed to empowering communities through accessible, high-quality financial services. The organization advocates for favorable international policies, works with national governments to improve regulatory frameworks, and delivers technical assistance to strengthen the performance and outreach of credit unions globally.
To date, WOCCU has implemented over 300 technical programs across 90 countries, supporting 74,634 credit unions that serve more than 411 million people in 104 countries. More information about WOCCU’s initiatives and impact can be found at www.woccu.org.
