£73m tonic for credit unions

March 18 2011

The Association of British Credit Unions has welcomed the Government’s announcement that it is investing up to £73 million in credit unions and that the Post Office could play a central role in delivering credit union services.

Mark Lyonette, ABCUL’s Chief Executive, said: "We are delighted the Government is going to make this money available to continue the expansion and modernisation of credit unions over the next four years. We also welcome the commitment to providing access to credit union accounts through the Post Office network.

"Credit unions have achieved great things in recent years working with the support of the Department for Work and Pensions through the previous Growth Fund, so we are especially pleased to learn that new funding is being made available."

Added Mr Lyonette: "Credit unions have shown they can provide the financial products and services that people on lower incomes need — and want — but often struggle to get elsewhere. By linking up with the Post Office, credit unions will be able to reach many more families, making access to credit union services — such as bank accounts, bill payments, safe savings and low cost credit — that much easier."

Category: Credit unions