Finance Committee Meets with Cash Access UK
Session: Session currently unavailable
Date: 10 October 2024
Reference: CFF 02/24/25
The Northern Ireland Assembly’s Finance Committee today met with representatives of the Cash Access UK to examine the impact of two newly opened local banking hubs. This is part of a wider stream of work on the local banking and financial services sector.
The Hubs are designed to provide access to banking services in areas where there have been bank branch closures and are a shared space for multiple banks to provide in-person services to customers. Each Hub is operated by the Post Office.
In Great Britain, the Hubs have been rolled out earlier and more widely and polling suggests that they have been well received by people.
Today there are three banking hubs open in Northern Ireland – one in Portrush, Kilkeel and the other in, Warrenpoint with a further two planned for Comber and Newcastle.
The Finance Committee Chairperson Matthew O’Toole MLA said: “Given the move by many high street banks to close branches and move online, banking hubs are seen as a cost-effective solution for communities to still access a traditional face to face banking service.
“However, these are not a magic bullet and some communities here feel the services provided aren’t meeting their needs. For example, the Kilkeel hub opened without an ATM, but the Committee hopes to see this added in due course.
“The Committee heard from Cash Access UK how they are in active discussion with AIB bank to include them in the offering in the Kilkeel branch, which the Committee welcomes.
“Many people still want to use cash or aren’t confident using online services, and the Committee have concerns about the wider societal impacts that bank branch closures have on local communities, including the most vulnerable in our society such as the elderly and those on low incomes.
“Having the banking hubs staff, where representatives can act on behalf of all member banks and offering opening hours on a Saturday, would ensure that more people in the community, especially those who rely on in-person banking services, continue to have access to essential financial services.
“As a Committee, we welcome hearing today from Cash Access UK who shared valuable learning and insight from their work in Great Britain and we look monitor the further roll out of Hubs here. The Committee looks forward to hearing about how the five local Hubs impact on the surrounding communities”.
ENDS
Robbie Best
Deputy Communications and Digital Content Officer
