Credit Unions in Ukraine: Membership Aspect

In many countries of the world (Poland, Germany, USA, Canada, UK), the activity of credit unions (cooperative banks) has a significant positive influence for the development of the country's economy. In Ukraine, credit unions have become the main lenders of small and medium-sized agricultural producers, but the effectiveness of their activities requires members to be disciplined in the payment of contributions determined by the statute. In recent years, there has been a significant reduction in the number of credit unions in Ukraine, due to many factors. The purpose of the article is to reveal the role and influence of members of credit unions on their functioning and development. The study is based on the use of materials from the National Rating Agency "Rurik", the World Consilium of Credit Unions, the National Commission, which carries out state regulation in the sphere of financial services markets in Ukraine. The basic principles of the functioning of credit unions were disclosed. The key performance indicators of credit unions in the world were estimated. The analysis of the dynamics of changes in the number of members of credit unions in Ukraine over the past ten years has been carried out. It was revealed that the development of credit unions in Ukraine is declining because there is a significant decrease in the interest and active participation of the overwhelming majority of members of credit unions in their work. The one element today to support the development of credit unions remains the assistance of international experts in the framework of non-governmental projects and programs. The lawmakers also are indifferent to the problems of credit unions development. Prospects for the development of credit unions remain disappointing, and therefore require a fundamental change in the attitude of members in the activities of such institutions and a more active position of legislators.