WOCCU Calls on G20 to Recognize Cooperatives as ‘Essential Institutions’

Paul Andrews

World Council of Credit Unions (WOCCU) this week made a formal call to action by urging the South African G20 Presidency to recognize cooperatives as essential institutions in the global effort to advance financial inclusion in its 2025 Leaders' Declaration.
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WOCCU Vice President of International Advocacy Paul Andrews made the request in a letter sent to South African President Cyril Ramaphosa, which also included a suggestion that the Leaders' Declaration adopt language supporting regulatory frameworks that enable cooperative growth.

“We urge the G20 to encourage national governments to establish a regulatory environment that prevents bad actors from taking advantage of consumers while allowing credit unions to reach their local communities and support financial inclusion efforts. By taking these actions, the G20 can harness the power of cooperatives to build a world that is more united, equitable and sustainable,” wrote Andrews, who also included a model statement for the G20 to use in its Leaders’ Declaration.

“Nothing influences international financial regulatory guidelines more than the G20 Leaders’ Declaration. 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. It would also be an impactful way for the body to acknowledge and endorse the United Nations’ International Year of Cooperatives and the benefits of financial inclusion,” said Andrews.

The G20 heeded WOCCU's calls to address financial inclusion in each of its previous two Leaders’ Declarations.

The 2024 G20 Brazilian Presidency recognized “the significant role of financial inclusion in improving financial wellbeing” and committed “to harness the potential of digital and emerging technologies to reduce inequalities”. India’s 2023 G20 Presidency specifically embraced proportionality included in the newly adopted sustainability disclosures issued by the International Sustainability Standards Board (ISSB). Both positions better enabled credit unions and other financial cooperatives to provide underserved populations with greater access to financial products and services. 

You can read WOCCU’s entire May 21 letter to the 2025 G20 South African presidency here.

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