Credit union wins national award for work during pandemic and cost-of-living crisis

A Caerphilly-based credit union has won a national award for its work during the pandemic and cost of living crisis.

Smart Money Cymru, which has offices on Cardiff Road in Caerphilly and on Wesley Road in Blackwood, as well as an office in Tredegar, won the Tech for Good category at the 2022 Social Business Wales Awards.

Smart Money Cymru was also up for the Social Enterprise Team of the Year award.

The awards celebrate the contribution social enterprises and social entrepreneurs from across Wales make to their communities. The awards were given out in a ceremony at the new Swansea Arena on October 10.

The win comes after Smart Money Cymru expanded its digital offering to make it easier for people to access finance during the pandemic.

This has led to an increase in the number of applications for loans during the current cost of living crisis, as well as reducing the amount of paper it uses.

Smart Money Cymru, which is a not-for-profit organisation, now has plans to launch its own debit card and transactional bank accounts in the coming months.

Speaking after the award win, Mark White, the credit union’s Chief Executive Officer, said: “As a traditionally paper-based organisation, the pandemic forced Smart Money Cymru to close to the public and find new ways of operating.

“This has been a period of massive change for the team and recognition should go to them for their professionalism and resilience in not only implementing all of this change, but for ensuring its success.”

He continued: “Over 90% of loan applications are now handled online, meaning that nobody is digitally excluded, but that our paper usage is drastically reduced. Our capacity to handle new members and loan applications has increased significantly, facilitating the large growth of Smart Money Cymru since 2020.”

Cwmpas, which is a development agency for economic and social change, and funded by the European Regional Development Fund through the Welsh Government, is behind the awards.

Glenn Bowen, Director of Enterprise at Cwmpas, said: “Social enterprises embedded within their communities provide much needed support, services and jobs. 

“We have brilliant examples of businesses doing their bit to reduce the impact of climate change and reaching out to new members of the community through their equity, diversity and inclusion work. Congratulations to all our wonderful winners.”

Along with the other winners, Smart Money Cymru will go on to represent Wales at the Social Enterprise UK Awards, which are being held in London in December.