Why do 186 million people worldwide choose credit unions?
21 October 2010
This Thursday October 21 is International Credit Union Day, a day celebrated internationally on the third Thursday of October since its inception in 1948.
International Credit Union Day aims to create awareness and celebrate the ways credit unions improve the lives of their members around the world.
"There are excellent reasons why nearly 186 million people in 97 countries across the world are members of credit unions. Credit unions play a vital role in the economic development and stability of the communities they serve, helping people improve their lives through access to affordable financial services and supporting their local communities," said Louise Petschler, CEO of Abacus – Australian Mutuals.
"There are more than 54,000 credit unions in the world, serving nearly 186 million people in 97 countries across the world.
"International Credit Union Day celebrates that for than 150 years, credit unions worldwide have proudly put people before profits in order to provide access to affordable financial services for all members.
"As not-for-profit financial cooperatives, credit unions invest their earnings in helping members. In addition to competitive loan rates and better customer service, members experience the difference that comes through in our democratic structure, our service to members, and the social goals that credit unions' "people-helping-people" philosophy supports.
"Through the international trade association and development organisation for credit unions, the World Council for Credit Unions (WOCCU), development programs are run in countries as diverse as Mexico, Kenya and Afghanistan to benefit impoverished and disadvantaged communities so that they can improve the quality of their lives.
"Credit unions are not-for-profit financial institutions that provide banking and financial services for more than 186 million members in 97 countries worldwide. They exist to serve their members, providing a safe place to save money and access affordable loans.
"Credit unions are recognised as a force for positive economic and social change and have provided significant social and economic value in both developed and emerging nations," Petschler said.
For more information, please contact:
Pamela Eldridge
Senior Adviser - Media, Public Affairs,
(02) 8299 9024, 0423 843 790;
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