Money Box credit union is one of 30 credit unions to join the second wave of a major project set to transform the credit union sector over the next two years.
The financial co-operative is one of 61 credit unions across Britain which have signed up to the ambitious Credit Union Expansion Project which aims to attract up to a million more people into credit union membership. The project is being managed by the Association of British Credit Unions Ltd (ABCUL) and has attracted Government investment of up to £38 million.
Peter Brown, Chair of Money Box Credit Union said, “Joining the project will help us keep the focus on the specific needs of our members, but work together with other credit unions where we can benefit from pooling knowledge and resources. This will give our members the best of both worlds and we look forward to offering a wider range of services and to many more people accessing our services.”
Mark Lyonette, Chief Executive of ABCUL, said: “The Credit Union Expansion Project will help credit unions to offer a much wider range of great value products to many more members from a broad range of income groups. We are delighted that the number of credit unions working with us on the Project has doubled and we look forward to more joining.
Peter Brown added, “Because we will be able to pool resources and centralise core tasks, we will benefit from cost savings which we will be able to pass onto more members through lower loan rates and better returns on savings. We will be able to continue to focus on providing the great member service that we pride ourselves on.”
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