Post Office and Cash Access UK Continue Five-Year Agreement to Operate Banking Hubs Nationwide
The UK Post Office has announced a new five-year agreement with Cash Access UK to continue operating Banking Hubs across the country. This partnership, which is set to commence in January 2026, is an extension of their existing collaboration.
Role of the Post Office in the Operation of Banking Hubs
Currently, the Post Office manages 200 Banking Hubs and is expected to play a crucial role in achieving the government’s target of establishing 350 Hubs by the end of the current Parliament. In tandem with the 150 Banking Hubs run in conjunction with Cash Access UK, the Post Office’s branch network is anticipated to play a significant role in fulfilling the cash needs of local High Streets.
These services are designed to allow individuals and small businesses to maintain access to cash without incurring fees. Furthermore, Post Office branches are reported to offer extended opening hours compared to traditional bank branches, with approximately 3,000 locations open during weekends.
Post Office: A Vital Player in Everyday Banking
According to Post Office data, since January 2020, over 760 million transactions have been conducted by business and personal customers at its branches nationwide. The organization has also highlighted consistent annual increases in the total volume of business and personal deposits from 2020 through to the end of the last year.
The Post Office notes that many individuals and small businesses rely on daily access to cash. Hence, its branches and Banking Hubs are increasingly serving as the primary location for everyday banking in various communities. The Post Office’s new Banking Framework agreement, which includes 30 of the largest UK banks and building societies, is set to coincide with the renewal of the contract with Cash Access UK.
These agreements are intended to ensure that local communities continue to have access to cash deposit and withdrawal services at various Post Office branches nationwide.
Expert Comments
Ross Borkett, Post Office financial services director, expressed his delight at the renewal of this agreement with Cash Access UK. He stated, “I’m delighted that this agreement renewal with Cash Access UK ensures our long-term commitment to work together as we and our postmasters continue to play an important role in delivering on the Government’s commitment to have 350 operating Banking Hubs by the end of this Parliament.”
“Banking Hubs simply wouldn’t exist without the Post Office’s role in developing and operating them. Postmasters are at the heart of their local communities offering outstanding service and are the natural partner to operate Banking Hubs given their expertise when it comes to providing face-to-face everyday banking services,” Borkett added.
Source: Here
