A new Bill designed to modernise and reform the credit union sector is to be introduced, Economy Minister Dr Caoimhe Archibald has announced.

The strategy is detailed in a newly published 'Credit Union (Modernisation and Reform) Next Steps' document. The publication follows a public consultation regarding structural updates for the sector, which serves nearly 600,000 members across Northern Ireland.

Minister Archibald said: "Credit unions provide a vital financial service for their members. They foster a spirit of cooperation and mutual support and are at the heart of many local communities. As we look to the future, it is essential that credit unions continue to evolve in response to changing member needs and community expectations.

"Following public consultation, these proposed next steps will modernise the credit union legislative and policy framework and expand the role that credit unions play within the economy." Additional updates will be identified and implemented via secondary legislation, alongside the creation of a permanent Credit Union Advisory Group. This new body will be composed of industry representatives and subject matter experts.

Martin Fisher of the Irish League of Credit Unions (ILCU) said: "The Irish League of Credit Unions welcome the publication of the 'Next Steps' paper and the continued commitment to strengthening and modernising the credit union movement in Northern Ireland. Credit unions play a vital role in communities across the island, and this marks an important step towards ensuring the legislative and regulatory framework within the North supports sustainable growth, innovation, and greater financial inclusion. We look forward to continuing to work closely with the Minister and officials as the proposals are progressed."

William McKeown from the Ulster Federation of Credit Unions (UFCU) added: "The UFCU welcomes and supports the efforts being made to modernise Credit Union legislation in Northern Ireland. The sector plays an important and developing role in supporting the lives of many financially right across the community."