Ballina Credit Union

What Ballina Credit Union does

Ballina Credit Union is a member-owned, not-for-profit financial cooperative founded in 1968 and headquartered in Ballina, County Mayo, Ireland. It operates under a legally defined common bond area covering Ballycastle to Foxford to Templeboy in west Sligo, and is regulated by the Central Bank of Ireland (registration 59CU). The credit union serves more than 17,000 members with assets exceeding €100 million, operating a main branch in Ballina plus a sub-office in Ballycastle and a small mobile staff (11–50 employees). It is led by CEO Michael Ferguson with a volunteer board.

The institution offers a diversified retail financial product set: savings accounts, personal loans (APR 4.99%–12.69%), agricultural loans (Cultivate), green loans, a switcher loan aimed at bank defectors, a current account with Visa Debit and €5/month fee, insurance referrals, and foreign exchange services. Its technology footprint includes a recently launched member-facing mobile app, with SEPA Instant Payments scheduled for incoming January 2025 and outgoing October 2025. Loan underwriting, member servicing, and product distribution are delivered through the branch network and digital channel — there is no disclosed AI, advanced analytics, or proprietary core-banking technology.

The business model is cooperative: surplus income is returned to members through competitive savings and loan rates, member dividends, and reinvestment in products and services rather than distributed to external shareholders. Revenue derives from net interest margin on the loan book, current account and transaction fees, FX spread, and insurance referral commissions. Growth is pursued through share-of-wallet deepening (current account, loyalty programme) and product extension (green, agricultural, switcher loans) within the fixed common bond, rather than geographic expansion.

Name

Ballina Credit Union

Legal name

Ballina Credit Union Ltd

Website

https://ballinacu.ie

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

11–50 employees

Short description

Ballina Credit Union is a member-owned Irish financial cooperative founded in 1968, serving 17,500+ members across County Mayo and West Sligo with savings, loans, current accounts, and digital banking services.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending
• Savings accounts
• Agricultural loans
• Current account services

Headquarters

HQ city

Ballina

HQ country

Ireland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: Primary revenue stream from interest charged on various loan products including personal loans, car loans, agricultural loans, green loans, and other credit facilities. Interest rates range from 4.99% to 12.69% APR depending on loan type and amount.
2. Current Account Fees: Monthly fee of €5.00 for Current Account covering unlimited Euro point of sale and contactless transactions, unlimited mobile and online banking and unlimited standing orders and direct debit processing and up to five Euro ATM withdrawals per month. Paper statement fee of €2.50 per statement.
3. Foreign Exchange Services: Currency exchange services through FEXCO partnership offering buy/sell of foreign currencies with competitive exchange rates and low commission fees.
4. Insurance Referral Fees: Referral arrangements with AXA for car and home insurance products, with scheme code 431 for credit union members.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Ballina Credit Union is a member-owned financial cooperative providing savings accounts (Share Accounts), current accounts with Visa debit cards, and a comprehensive range of loan products including personal, car, agricultural, green, education, and switcher loans to members within its common bond area in County Mayo and west Sligo, Ireland. Services are supported by digital banking through CU Online+ online platform and a mobile banking application, along with supplementary offerings such as foreign exchange, insurance referrals, and member protection schemes.

Product overview

Ballina Credit Union operates as a member-owned financial co-operative providing a comprehensive suite of banking and lending products. The core offerings include Share Accounts (savings) and Current Accounts with Visa Debit Card functionality, supported by mobile and online banking through CU Online+ and a dedicated mobile app. The lending portfolio encompasses Personal/Home Improvement Loans, Car Loans, Agricultural Loans (Cultivate and Farm Loans), Green Loans, Education Loans, Share Guaranteed Loans, Switcher Loans, Small Loans, Pyrite Loans, and Current Account Loans. Supplementary services include Life Savings Insurance, Loan Protection Insurance, Foreign Exchange (via FEXCO), Members' Quarterly Draw, Nomination Services, and AXA Insurance partnerships. The architecture follows a platform-plus-modules approach where the core savings and current account products serve as the foundation, with specialized loan products and insurance/protection services built around them.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Accounts (Savings)

Quantifiable outcome

• Savings protected up to €100,000 under Government Deposit Guarantee Scheme
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• AXA InsuranceminorChannel Partner/ Reseller/ DistributorAXA provides car and home insurance products for credit union members through a referral/partnership arrangement. Ballina Credit Union members receive preferential rates with scheme code 431. Services available through local AXA branch at Dillon Terrace, Ballina, online or by phone.
• PayaccoreTechnology or IntegrationPayac provides digital payment infrastructure for Ballina Credit Union's Current Account services including SEPA payment processing, instant credit transfers, and digital wallet integration.
• Visa Europe / Transact Payments MaltacoreTechnology or IntegrationVisa provides the debit card infrastructure for Current Account. Transact Payments Malta Limited issues the Visa debit card pursuant to licence by Visa Europe Limited. Card is accepted globally at millions of locations.
• Cultivate (Credit Union Agricultural Initiative)coreStrategic or Co-development PartnerCultivate is an initiative of a group of Credit Unions providing short to medium-term loan opportunities built specifically around the growing needs of farming members. Ballina Credit Union participates in this programme offering Cultivate Farm loans with specific underwriting requirements including Form 11, fact find, and farm payments account documentation.
• Government Deposit Guarantee SchemecoreOthersSavings (shares and deposits) up to €100,000 are automatically covered by the Government Deposit Guarantee Scheme, providing protection for member savings.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• EBS Building Society: Irish mutual building society offering savings, mortgages and current accounts, structurally similar to a credit union as a member-owned depository institution competing in the same retail market.
• Permanent TSB: Irish retail bank competing for the same consumer current account, savings and personal loan wallet as Ballina Credit Union, with comparable community focus and branch-based service in regional towns.
• An Post (An Post Money / Financial Services): State-provided retail financial services through Ireland's post office network, including savings accounts and foreign exchange. Operates as a community-based alternative to credit unions with similar geographic footprint.

Emerging players

• N26: European digital bank with Irish customers, offering mobile-first current accounts and FX services. Overlaps with Ballina Credit Union's Current Account and Foreign Exchange offerings as a digital-first competitor.
• Revolut Ireland: Digital challenger bank operating in Ireland offering current accounts, payments and FX with no geographic restriction. Represents the digital disruption threat to community credit unions.

Broad incumbents

• Bank of Ireland: Ireland's other dominant retail bank with full deposit, lending, current account, and digital banking offerings, competing with credit unions for the same member/customer base.
• Allied Irish Banks (AIB): One of Ireland's two largest retail banks, offering savings, lending, current accounts and digital banking nationwide. Competes head-on with credit unions across consumer and SME lending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/creditunionie
• Facebookfacebook.com/ballina.creditunion
• LinkedInlinkedin.com/in/ballina-credit-union-ltd-3808172b2
• Instagraminstagram.com/ballinacreditunion

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Ballina Credit Union