MADISON, Wis.—The World Council of Credit Unions (WOCCU) is reporting it has 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.

The request was made by WOCCU Vice President of International Advocacy Paul 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, the organization said.

Stopping Bad Actors

“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,” Andrews wrote in the letter. “By taking these actions, the G20 can harness the power of cooperatives to build a world that is more united, equitable and sustainable.

The letter includes a model statement for the G20 to use in its Leaders’ Declaration.

‘Incredibly Positive’

“Nothing influences international financial regulatory guidelines more than the G20 Leaders’ Declaration,” the letter states. “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.”

Earlier Call Heeded

The World Council said the G20 had heeded an earlier call it made to address financial inclusion in each of its previous two Leaders’ Declarations.

According to WOCCU:

• 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,” WOCCU said.