UK lenders commit to more high street banking hubs

19th Mar 2024 13:05

(Sharecast News) - UK retail banks have committed to opening up more than 100 new shared banking hubs in an effort to preserve access to cash amid ongoing branch closures.

Banking hubs, run by the Post Office but funded by ten of the biggest UK high street banks, opened in 2022 to provide cash and face-to-face basic banking services across the UK.

The centres also enable people to pay their utility bills, seek banking advice or top up their gas and electricity.

Despite declining cash usage, there are thought to be around five to six million people across Britain and Northern Ireland who say they rely on cash in their day-to-day lives, according to Cash Access UK, the non-profit behind the scheme.

There are currently only 31 Hubs open across the UK, but there are now plans to open around 100 more by the end of 2024, up 40 previously, according to insiders cited by Sky News on Tuesday.

The meeting, which was attended by high street lenders, discussed plans to upgrade the existing banking-hub network, as well as commitments to identify further potential sites.