How Northern Ireland Credit Unions could unlock £165m in additional lending

Northern Ireland faces significant financial inclusion. 350,000 people live in poverty. The lowest earners survive on just £51.45 each week after essentials. That’s a 20% decline since 2021. Meanwhile, one quarter of people seeking debt advice carry High-Cost Short-Term loan burdens averaging £1,700. The Consumer Council found 38% of people reported that their finances negatively impacted their mental health.

Despite these statistics, there’s a strong base from which to work. Northern Ireland’s credit unions already demonstrate remarkable reach, serving 655,000 members with £2.1bn in assets. With 40% population penetration compared to 2.1% in England, Northern Ireland has one of the highest credit union membership rates in the world. However high doesn’t mean active. The loan to assets ratio is just 36%, the lowest across the UK. Existing members are not borrowing.

To address this challenge, NestEgg has identified £165m of additional lending that would add 20% to Northern Ireland’s combined loan book. Providing an initial boost to achieve the government’s objective to double the credit union sector by 2030.

That’s where NestEgg’s webinar A Blueprint to Double Credit Union Lending by 2030 comes in. During this online event, we’ll share data and strategies to help Northern Ireland credit unions grow. NestEgg has the UK’s largest data set on credit union lending. We’re keen to share valuable insights about what drives loan demand, member engagement and credit risk in Northern Ireland.

The £165M gap: 75,000 people can’t find suitable credit

NestEgg’s forthcoming white paper, estimates that there are 75,000 people in Northern Ireland who cannot find suitable credit. If wider unmet demand and credit union conversation rates are in line with the whole UK, this represents an additional £165m of lending to Northern Ireland’s credit unions combined loan book each year.

Why 90% of website visitors leave without applying (and how to fix it)

When people arrive at a credit union website, the majority will leave within seconds. Interest rates, common bond communication and long application forms don’t help. Even the sequencing of questions asked in an application can influence conversion. NestEgg has been monitoring online behaviours for thousands of applications and we’ll share insights to maximise conversion of website borrowers to borrowing and saving members.

Five data-Driven strategies that actually increase lending

The webinar A Blueprint to Double Credit Union Lending by 2030 arrives at a pivotal moment for Northern Ireland. The convergence of the Department for the Economy’s Credit Union Modernisation and Reform Bill, regulatory evolution, technological capability, a network for change and community need creates conditions for transformative growth.

On this webinar we’ll explore:

• The data behind thousands of loans, large and small
• What’s really driving credit risk and arrears
• Getting interest rates right
• Why people walk away from your website
• The highest impact strategies to increase lending

Register here.