The role of Cooperative Financial Institutions (CFIs) was explored on a global platform in May, at an International Symposium hosted at the UN’s New York headquarters by the International Cooperative Banking Association (ICBA) and the ICA.
Built on democratic ownership and member participation, CFIs promote financial models that prioritize human needs, productive investment and long-term stability. The International Symposium examined three interconnected thematic dimensions reflecting the priorities of the ICA’s 2026-2030 Strategy and the evolving realities of cooperative finance: Competitiveness & Access to Capital; Investment, Intersectorality & Impact; and Governance, Regulation & People-Centredness.
“At a time when the world economy is witnessing unprecedented technological advancement alongside widening inequalities, the relevance of cooperative financial institutions has become more profound than ever before,” said Bhima Subrahmanyam, ICBA President, in his keynote address.
“Across continents, societies are confronted with difficult realities [and] in such an environment, the question before us is not merely how economies should grow, but for whom and through whom growth must occur. Inclusive and equitable growth is not simply an economic objective. It is a social commitment, a democratic aspiration, and a moral responsibility.”
He highlighted how the cooperative movement has historically emerged wherever communities sought dignity, economic justice, and self-reliance – and how the strength of CFIs “lies in their proximity to the people”. This means that in many economies (particularly in rural regions), CFIs “remain the first and most trusted point of contact for formal finance”.
Subrahmanyam acknowledged the growing tension between commercial viability and cooperative identity, and the challenge of strengthening regulation without weakening the cooperative character – while at the same time navigating sustainability and evolving technologies without excluding the people CFIs serve. He called on delegates to consider a number of policy imperatives, from enabling regulatory frameworks that recognise the distinct nature and developmental role of CFIs, to shared digital infrastructure and better integration into national cross-sector development strategies
The two-day event was attended by Ariel Guarco (President, ICA), Jose Alves de Souza Neto (President, Cooperatives of the Americas) and Jeroen Douglas (Director General, ICA) as well as national representatives to the UN and high-profile delegates from around the world, who heard presentations and discussions from more than 50 speakers, moderators, and panelists. This included keynotes from Marian Trompetter, Chair of the Supervisory Board of the Rabobank Cooperative and Mirjan 't Lam, CEO of Oikocredit International – and special addresses on taxation by Prof. Maria Amparo Grau Ruiz; International regulatory advocacy by Erin O'Hern of WOCCU; and Ecosystem cooperative by Jeroo Billimoria of One Family Foundation.
“The ultimate takeaway of this Symposium is that for Cooperative Financial Institutions to fuel inclusive growth, they must remain commercially viable yet socially accountable,” said Subrahmanyam in his closing remarks. “The global cooperative movement must move forward with unified advocacy, robust inter-cooperative networks, and a renewed commitment to the principles that distinguish us from traditional capital-centric institutions.”
