Economy Minister Caoimhe Archibald has announced plans to introduce a Bill that will modernise the credit union sector in Northern Ireland.

The announcement follows a public consultation and is detailed in the newly published 'Credit Union (Modernisation and Reform) Next Steps' document.

The sector serves nearly 600,000 members across Northern Ireland.

The proposed changes aim to update the legislative and policy framework and allow credit unions to expand their role in the economy.

A permanent Credit Union Advisory Group will be established with industry representatives and subject matter experts.

Further updates will be made through secondary legislation.

Martin Fisher of the Irish League of Credit Unions welcomed the publication and said the proposals mark an important step towards sustainable growth and greater financial inclusion.

William McKeown of the Ulster Federation of Credit Unions said the sector plays an important role in supporting communities across Northern Ireland.