Growth of the Credit Union Sector Amplified in Latest Bank of England Figures

06/09/2024

The Bank of England recently published its credit union data for the first quarter of 2024 which revealed a continuous rise in credit union membership in Britain.

Figures revealed that an increase of +15,000 members across England, Scotland & Wales have been added to total membership. “This past year, the sector has reached record breaking levels of growth, with the latest Bank of England statistics evidencing that credit unions are serving more members than ever before,” says ABCUL CEO, Robert Kelly.

Furthermore, the demand for loans and savings continues to increase significantly as total savings across the devolved nations now stands at over 2.3 billion and loans to members over 1.7 billion.

“This data also shows that credit unions across Britain have stepped up to serve the needs of communities and workplaces and to provide households with safe and fair credit options when they needed support most,” Robert added. “We need to redouble our efforts in this space and continue to develop and enhance the consumer experience.”