Nonprofit, member-owned financial cooperatives called Credit unions offer the full variety of banking services to their members.
A credit union, which is similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions often offer their members services similar to retail banks, such as deposit accounts, credit, and other financial services. Credit unions are known as SACCOs in numerous African countries (Savings and Credit Co-Operative Societies).
Credit union systems around the world vary greatly in terms of total assets and average institution asset size, ranging from volunteer organizations with a few hundred members to institutions with hundreds of thousands of members and assets worth billions of dollars. In 2018, there were 274 million credit union members worldwide, with approximately 40 million new members joining since 2016.
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