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Credit unions (CU) are an important actor in the microfinance sector. These organisations serve more than 59 million members in Africa, in Asia and in Latin America. They have many comparative advantages, which enable them to serve remote rural areas, not reached by classical microfinance institutions. Nevertheless, these organisations could have raised more attention than they did. One of the main criticisms generally made to CU concerns their governance weakness: good governance seems to be a real challenge. In this article, we identify the main governance problems faced by these organisations and new governance challenges generated by growth. We also analyse the main governance mechanisms, which are at work in the case of CU and their evolution with growth process. JEL Classification – G21, G3, L2, L3, O16, O17.