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<p>The contractor for the Credit Union Expansion Project (CUEP) facilitated access
to a standardised banking service. This banking platform allows credit union members
to receive a range of banking services and benefit from more affordable credit. The
platform is currently used by three credit unions with a total of approximately 16.5k
members and allows these members to benefit from 24 hour online access to their accounts,
and receive faster payments on a loan on the same day, usually within 4 hours.</p><p>
</p><p>CUEP led to a number of credit unions to merge, and others to work together
to develop standardised products and deliver local marketing campaigns to increase
membership. CUEP also contributed to credit unions on the platform to increase the
amount and value of loans made.</p><p>CUEP ended on 16 February 2018 and it is too
early to say what effect it had on the credit union sector. It should be noted that
the credit union sector has grown over the lifetime of CUEP. As of January 2018, credit
unions in Great Britain serve over 1.1 million adult members and have total assets
of £1.5 billion and £815m in loans.</p><p>The project will undertake an evaluation
as part of the project closure.</p>
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