A credit union, like a commercial bank, is a financial institution, a member-owned financial cooperative, controlled by its members and operated on an unprofitable basis. Credit unions typically provide services to members, such as retail banks, including deposit accounts, lending, and other financial services.   In many African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Cooperative Societies).
Worldwide, the credit union system varies significantly in terms of aggregate assets and average asset size, ranging from volunteering with multiple members to hundreds of thousands of members and billions of dollars in assets ۔ Credit unions worldwide had 274 million members in 2018, with 40 million members since 2016.
Differences from other financial institutions
Due to the financial crisis of 2007-2008, commercial banks engaged in sub-prime lending about five times more than credit unions and were two and a half times more likely to fail during the crisis. ] U.S. credit unions doubled lending to small businesses between 2008 and 2016, increasing from 30 30 billion to 60 60 billion, while lending to small businesses totaled about 100 100 billion over the same period. Has decreased. ] In the United States, public confidence in credit unions is 60 percent, compared to 30 percent for large banks.  Furthermore, small businesses are 80% less likely to be satisfied with a credit union than a large bank. ]
Also called “corporate credit unions” or “credit unions”, “corporate credit unions” (also called “retail credit unions”), which serve other credit unions.
Credit unions differ from banks and other financial institutions in that those who have a credit union account are its members and owners,  and they elect their own board of directors in a one-man voting system. Regardless of the amount they invested. .  Credit unions distinguish themselves from mainstream banks, whose mission is “community-based” and “serve the people, not profit.”
Credit unions offer a variety of financial services, such as banks, but often use different terms. Common services include share accounts (savings accounts), share draft accounts (check accounts), credit cards, share term certificates (certificates of deposit), and online banking. Generally, only one member of a credit union can deposit or borrow money. Consumer surveys in banks and credit unions have shown consistently high customer satisfaction rates with the quality of service in credit unions. Credit unions have historically claimed to serve senior members and are committed to helping improve members’ finances. In terms of financial inclusion, credit unions claim to offer their members a wider range of loans and savings products at much cheaper rates than most microfinance institutions.
Credit unions are different from modern microfinance. In particular, member control over financial resources is a distinguishing feature between cooperative models and modern microfinance. The current dominant model of microfinance, whether provided by for-profit or non-profit organizations, controls and allocates financial resources to those who benefit from the less profitable sector.
At the end of 2018, there were 85,400 credit unions in 118 countries, according to the World Council of Credit Unions (WCCU). Collectively, they served 274.2 million members and overseen 2. 2.19 trillion in assets.  The WOCCU does not include data on cooperative banks, so, for example, some countries that are commonly seen as credit unionists, such as Germany, France, the Netherlands and Italy. , Are not always included in their statistics. The European Association of Cooperative Banks reported 38 million members in the four countries at the end of 2010. 
Countries with the highest credit union activity are extremely diverse. According to the WCCU, the largest credit union countries are the United States (101 million), India (20 million), Canada (10 million), Brazil (6.0 million), South Korea (5.7 million) and the Philippines. 5.4 million), Kenya and Mexico (5.1 million each), Ecuador (4.8 million), Australia (4.5 million), Thailand (4.1 million), Colombia (3.6 million), and Ireland (3.3 million). 
The countries with the highest percentage of credit union members in the economically active population are Barbados (82 82%), Ireland (٪ 75%), Grenada (72%), Trinidad and Tobago (گو 68%). , Belize and St. Lucia. (67% each), Saint Kitts and Nevis (58%), Jamaica (53% each), Antigua and Barbuda (49%), United States (48%), Ecuador (47%), and Canada (43%). ). Credit union membership rates were high in many African and Latin American countries, such as Australia and South Korea. The average of all countries under consideration in the report was 8.2%. Credit unions were started in Poland in 1992. As of 2012, with 2.2 million members, there were 2,000 credit union branches. From 1996 to 2016, credit unions in Costa Rica nearly tripled their share of the financial market (increased from 9% to 9% of market share), and private in Costa Rica. Faster than sector banks or state-owned banks,