Access Credit Union has posted another strong year with nine percent growth in 2016, 50 percent higher than most credit unions in the province.

"We had an exceptional year," President and CEO Larry Davey says.

Despite low interest rates, the institution saw a net income of $12 million, while ACU's total assets pushed past the $2.25 billion mark last year.

Davey notes had interest levels remained at pre-2008 levels, they would've seen an additional $15 million per year.

"It's just simply the rates have dropped, and so we have to deal with that," he says. "We're in a very competitive environment."

Despite the challenges, Davey notes ACU is proud to offer a saving account with a minimum 2 percent interest. Outside of Manitoba the best rate hovers around half a percent.

"Manitoba definitely drives rates, which is great for the members, but it makes it a little challenging for the organization."

However, he credits their customer service and new and emerging technology for continuing to attract new members.

In 2016 alone, over $127 million was deposited by members taking a picture of a cheque with their smartphones.

The Access Mobile App also allows users to directly transfer money by email or text message.

ACU also recently announced a new office opening in Morden, a 1,200 square foot 'innovation centre' to provide hands-on customer support for new technology.

The centre is expected to be open by early 2018.

However, the rising cost of developing new technology drives the need for consolidation to stay competitive.

Currently there are more than 30 credit unions in Manitoba. That number is expected to drop to approximately seven in the next decade.

"It simply becomes a situation where half the credit unions can't afford to provide that technology to their membership," Davey says.

While they aren't currently in talks with any other credit unions, he says that could change suddenly.

"Credit Union Central is trying to provide that dialogue between credit unions," Davey explains. "And right now we're not, but that doesn't mean there aren't ten more credit unions in the province talking about it."

In total ACU has over 50,000 members across 17 branches. The organization held their AGM in Carman Tuesday night.