Sligo Credit Union

What Sligo Credit Union does

Sligo Credit Union, now trading as North West Credit Union following a 2025 rebrand, is an Irish member-owned, not-for-profit cooperative financial institution established in 1965 and regulated by the Central Bank of Ireland under Reg No. 220CU. It provides retail savings and lending products to individuals, families, and farmers through five branches across Sligo, Leitrim, and Roscommon, with local lending services recently extended into Boyle and Keadue. The product set includes more than 13 loan offerings with APRs ranging from 5.0% to 10.5% (including the new 2026 Cultivate Farm Loan), alongside regular and Junior Savers accounts, a €30,000 Community Fund, and a Sports Bursary programme.

The credit union operates a digital banking stack comprising iOS and Android mobile applications, an online banking platform with electronic signature loan origination, SEPA Instant payments, and Open Banking integration, supported by a technology partnership with Progress Systems. Digital channels are layered on top of the physical branch network rather than replacing it, preserving the face-to-face service model typical of community credit unions.

The business model is the standard Irish credit union model: net interest income generated by lending member savings at higher rates than are paid on deposits, retained within the cooperative rather than distributed as profit. Revenue is therefore a function of loan-book size, deposit base, and net interest margin, with modest ancillary fee income. There is no equity funding, no external shareholders, and no disclosed revenue or asset figures; growth is funded entirely by retained reserves and member shares.

Name

Sligo Credit Union

Legal name

North West Credit Union Ltd

Website

https://sligocu.ie

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

11–50 employees

Short description

North West Credit Union (formerly Sligo Credit Union) is an Irish member-owned cooperative offering savings, personal and agricultural loans, and digital banking to individuals, families, and farmers across Sligo, Leitrim, and Roscommon.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130), Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Savings accounts
• Credit union services
• Community banking

Headquarters

HQ city

Sligo

HQ country

Ireland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Loan Interest Income: Interest earned on various loan products including personal loans, car loans, home improvement loans, green loans, education loans, and agricultural loans. Interest rates vary by loan type, with rates ranging from 5% (Green Car Loan, Secure Loan) to 10.5% (Personal Loan).
2. Member Savings: Not-for-profit institution where member savings fund lending activities. Returns benefits to members through fair rates and low fees rather than maximizing profit.
3. Current Account Services: ACE Current Account with contactless payments and no excessive maintenance charges
4. Insurance Services: Loan Protection Insurance and Life Savings Insurance products
5. Foreign Exchange: Currency exchange services for members

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

North West Credit Union (formerly Sligo Credit Union) is a not-for-profit, member-owned credit union providing personal loans (car, home improvement, green, education, personal, agricultural), savings accounts, current accounts, and insurance products to individuals across Sligo, Leitrim, and Roscommon in Ireland. The credit union operates a five-branch network complemented by online and mobile banking platforms with digital loan applications and SEPA Instant payments.

Product overview

North West Credit Union is a not-for-profit financial institution offering a comprehensive suite of banking and financial services. The core product is Online Banking, which serves as the primary digital platform for members to access Current Accounts, Savings (including Junior Savers), and all loan products. The organization offers 13 distinct loan products spanning personal lending (Personal Loan, Welcome Loan, Education Loan, Dental Treatment Loan), vehicle financing (Car Loan, Green Car Loan, Hybrid Car Loan), home improvement (Home Improvement Loan, Green Home Improvement Loan with BER-based rates), specialized lending (Cultivate Farm Loan, Community Loan, Winter Heating Loan, Local Lending), and secured borrowing (Secure Loan). Additional services include Insurance, Foreign Exchange, Electronic Fund Transfer, Express Lodgements, Nomination, Mobile App banking, E-Signature for digital loan applications, SEPA Instant payments, and Open Banking integration. The credit union also operates a €30,000 Community Fund and provides Bursary Awards for educational support. All services are supported across five branch locations in Sligo, Boyle, Collooney, Drumkeerin, and Keadue.

Differentiator

Problem solved

Functional benefit

Products and services

• Car Loan Vehicle financing product for individual members with an 8.75% APR rate, no deposit required, and no hidden fees or balloon payments.
• Green Car Loan Eco-friendly vehicle financing for individual members at 5% interest rate (5.12% APR), no deposit, conditions, hidden fees, or balloon payments.
• Hybrid Car Loan Financing for hybrid vehicles for individual members at 6.9% APR rate.
• Home Improvement Loan Home improvement financing for individual members up to €100,000 with no hidden conditions, applied at a variable rate.
• Green Home Improvement Loan Sustainable home improvement financing with BER-based tiered rates: BER A 5%, BER B1-B2 6.75%, less than B2 8.75%.
• Personal Loan General purpose unsecured loan for individual members at 10.5% interest rate.
• Community Loan Loan product supporting community-focused initiatives for individual members.
• Education Loan Educational financing for individual members at 6.75% rate.
• Secure Loan Secured loan for individual members at 5% interest rate.
• Welcome Loan Introductory loan product for new individual members at 8.75% rate.
• Winter Heating Loan Seasonal loan to help individual members with heating costs during winter months.
• Local Lending Local lending service for members in Boyle and Keadue areas offering borrowings up to €100,000 for home upgrades and life goals with personal service.
• Cultivate Farm Loan Specialized agricultural loan for farmer members, offered as a group initiative of Credit Unions, providing short to medium term unsecured loans at 6.55% for farming cashflow support.
• Current Account Everyday banking account for individual members with contactless payments and no excessive maintenance charges.
• Savings Accounts Regular savings accounts for individual members, offering investment in future financial security.
• Junior Savers Savings accounts designed for children of members to encourage early financial literacy and saving habits.
• Insurance Services Insurance products for individual members including Loan Protection Insurance and Life Savings Insurance to protect members and their savings.
• Foreign Exchange Currency exchange services for individual members, available at branches during operating hours.
• Mobile Banking Application Native mobile banking application available for iOS and Android devices, enabling members to manage finances on the go.

Quantifiable outcome

• Community Fund of €30,000 allocated annually to support community projects

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Letterkenny Credit Union: Regional Irish credit union serving Donegal with a similar multi-branch community model, full loan book, and digital banking services. Closely comparable in size, governance, and product mix.
• St. Colman's Credit Union: Mid-sized Irish community credit union with a Common Bond area, similar savings, lending, and member-service orientation. Operates the same regulatory framework under the Central Bank of Ireland.
• Ballinasloe & District Credit Union: Community credit union operating in the west of Ireland with personal, agricultural, and home improvement loans. Highly comparable regional Irish credit union with similar product breadth.
• Cabinteely Community Credit Union: Irish community credit union of comparable scale serving a defined Common Bond area with loans, savings, and current accounts. Highly comparable operating model and member-cooperative structure to North West Credit Union.
• Cavan Credit Union: Border-region Irish credit union offering savings, loans, online banking, and current accounts. Comparable community-based cooperative model and member-focused service proposition.

Broad incumbents

• Permanent TSB: One of Ireland's main retail banks, offering current accounts, mortgages, and personal loans nationwide. Competes with North West Credit Union for the same household deposits and lending relationships but at much larger scale and broader product set.
• Bank of Ireland: Major Irish retail and commercial bank with full banking, lending, and digital services. Competes for North West Credit Union's members on current accounts, savings, and personal/green loans across the same Sligo/Leitrim/Roscommon catchment.
• Allied Irish Banks (AIB): Ireland's largest domestic retail bank with full personal and SME banking, broad digital channels, and a national branch network. Overlaps with North West Credit Union on deposits, personal loans, and current accounts but with substantially greater resources.

Emerging players

• Revolut: Global digital challenger bank with a strong Irish customer base, offering current accounts, payments, savings, and consumer credit. Represents the primary digital-native competitive threat to community credit unions for younger members.

Others

• League of Credit Unions (Ireland): Representative body for Irish credit unions, providing shared services, governance, and product support (and originator of the Cultivate Farm Loan initiative). Ecosystem participant rather than a direct competitor but materially shapes the operating environment for North West Credit Union.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SligoCU
• YouTubeyoutube.com/@northwestcreditunion
• Facebookfacebook.com/SligoCreditUnion
• LinkedInlinkedin.com/company/sligocreditunion
• Instagraminstagram.com/northwestcreditunion/?lang=en
• TikToktiktok.com/@nwcu.ie?lang=en

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sligo Credit Union