Around 11 of the country's largest credit unions are getting on board with a scheme to offer customers debit cards.

The Irish Independent says they will be on offer to as many as 250,000 people, in a move that will shake up the current accounts sector.

Credit Unions have traditionally held on to customers with savings accounts and small loans - but are now set to challenge a commercial banks' stronghold.

It is reported that 11 of Ireland's largest credit unions are set to offer debit cards to their customers - starting with a pilot scheme in Tullamore, Co Offaly.

By the end of 2015, it's expected that as many as 250,000 customers will be signed up to the service.

Fintan Ryan, head of the group of 11 Credit Unions involved in the scheme, says pricing has yet to be set; but says it will be competitive and allow participating branches to compete 'on an equal footing' with banks.

It is understood the move has been given the go-ahead to allow regional credit unions to target bank customers who've seen fees increase and local branches close in recent years.