The Co-op Credit Union marks another successful year by abolishing membership fees

16/01/2024

The Co-op Credit Union held its first online Annual General Meeting yesterday, ensuring that the Credit Union can discharge its duties while keeping staff, board and members safe during the Covid-19 pandemic.  

The Credit Union is reporting a successful year’s trading having achieved a £15,000 surplus for the year despite the impact of Covid-19 and associated lockdowns and a programme of internal investment in pursuit of growth. This has seen its loan book grow by 20% and members’ savings grow by 15%.  

Led by its Chief Executive, Matt Bland, who completes his first full year in the role this January, the Credit Union is undergoing a programme of transformation, investment and renewal in pursuit of growth. The year has seen:  

• The launch of a new secure messaging app from Mancunian fintech partners Nivo;  

• The launch of a new Child Benefit-linked Family Loan product to help lower income  households reduce their borrowing costs;  
• Refreshing of governance with 5 new directors recruited with an emphasis on  diversity and new committee structures;  
• New engagement and communications with members and potential members to  ensure the credit union is supporting as many members as possible; and,  
• The agreement of an ambitious growth plan to double the credit union’s size in the  next 3-5 years.  
• The year, also saw its membership’s loyalty and support with a survey to which 1,200 responded. When asked how likely they were to recommend Co-op Credit Union to a friend, 92% indicated they would be likely to recommend.   

The same question gave the Credit Union a Net Promoter Score – a measure of those who would recommend it to friends and family less those that would not – of +63, a to rival the leading brands in finance and technology. To cap the year’s excellent progress, the board’s strategic plan agreed in September 2020 abolishes all fees that the Credit Union has historically charged to members upon joining (£3) and annually thereafter (£5).  The coming year sees the Credit Union embark on an exciting process of consultation and engagement with members and stakeholders to redefine the Credit Union’s mission and purpose and underpin the coming growth phase: The Purpose Project.  

Commenting at the AGM, Matt Bland, said: “The board and I are delighted with the progress we have made this year, setting the foundations for an ambitious period of growth. The staff and board team have worked wonders in difficult circumstances to not only weather the Covid storm, but to achieve impressive growth as well as delivering new products, modern technology, and a clear expansion plan.  

 “And we are delighted to announce our decision to abolish our existing fee structures which we hope sends a strong signal of intent to our members and stakeholders alike that we are ready to serve you, we’re hungry to grow and we are not afraid to be bold in  doing so.”