Caerphilly Observer
Member Sign in | Become a Member - no adverts Manage My Membership | Log out
Menu
  • News
    • Business
    • Opinion
  • Sport
    • Rugby union
    • Football
  • Membership & Subscriptions
  • Notices
  • Advertise
  • About
  • Sponsored Content
Menu

Credit union bucks trend during lockdown

Business, News | Richard Gurner | Published: 14:38, Wednesday June 30th, 2021.
Last updated: 14:38, Wednesday June 30th, 2021

Support quality, independent, local journalism…that matters

From just £3 a month you can help fund our work – and use our website without adverts. Become a member today

Smart Money Cymru on Cardiff Road
Smart Money Cymru on Cardiff Road, Caerphilly town

The Smart Money Cymru Credit Union has bucked national trends in key areas of lending, membership and asset growth despite the lockdown.

Bank of England (BoE) figures show that, in the six months to June, Smart Money Cymru Credit Union (SMCCU) saw a massive 35% uplift in loans to its members. In Wales, credit union lending rose 9% and in England it increased by 2%.

Mark White, chief executive of SMCCU, which is based in Caerphilly, is delighted with the organisation’s performance over this difficult period.

He said: “As a whole Welsh credit unions are helping their clients emerge from the very difficult times we have endured with a significant rise in loans.

“Smart Money Cymru, though, has performed beyond all expectations, helping its members with timely and affordable lending. These BoE figures make excellent reading for us.”

In terms of growing its membership, SMCCU, with offices in Caerphilly, Blackwood and Tredegar, has also outperformed both the UK and Wales.

Refurbished credit union branch reopens after merger

In the UK the number of people using the services of credit unions was virtually unchanged at 1.9 million. In Wales, though, credit union membership dwindled by 5.78% to 66,000 in the BoE statistical period.

SMCCU increased membership by just under 4%, in addition to the extra membership added by the recent mergers with Islwyn and Plaid Cymru Credit unions.

“We are delighted to say that we have added a significant number of members in that time,” added Mr White.

Meanwhile, people are trusting the credit union with more of their savings – SMCCU’s assets had also grown by nearly 5%, while Welsh credit unions had shown a rise of 1.45%.


Latest News

  • Caerphilly Council's headquarters in Tredomen
    Community grant funding should be “easier to access”Wednesday, May 18, 2022
  • Haydn Pritchard and Judith Pritchard took two of the three St Cattwg seats for Plaid Cymru
    Why did Plaid Cymru make gains in the St Cattwg ward?Wednesday, May 18, 2022
  • Cwrt Rawlin FC players wearing t-shirts sporting the words 'Football welcomes refugees'
    Football club covers distance from Caerphilly to Kyiv to raise more than £2.5k for UkraineWednesday, May 18, 2022
  • Gethin Davies-Jones, left, with his late brother Glyn Jones
    “When I get out on my bike, there is always the worry in the back of my mind that what happened to my brother could happen to me”Tuesday, May 17, 2022
  • Nelson councillor Sean Morgan
    Council’s Labour group appoints new leaderTuesday, May 17, 2022

Sign up to our daily newsletter


Mr White believes the strong performance of Smart Money Cymru is due to several factors.

“Communication with our clients and local community has been very important during these unprecedented times. We have a strong, high street presence and have put a lot of work into keeping in touch with people, and understanding their needs in the present circumstances.”

Improved technology and services were also supporting the growth of the credit union.

Mr White added: “These include a phone app for balance-checking, access to an Engage Current Account which supports direct debits, standing orders and processing of card payments.”

Smart Money Cymru recently celebrated 30 years of serving the community. In that time it has grown into a sophisticated organisation offering a wide variety of financial services to individuals, businesses and charities.

Credit unions, said Mr White, played an important, but sometimes undervalued role in communities. “The CU philosophy is to be financially sympathetic to its members and offer fair and reasonable access to finance and financial services where we can.”


Support quality, independent, local journalism…that matters

From just £3 a month you can help fund our work – and use our website without adverts.

Become a member today

Do you want to become a community reporter?

REGENERATION: The new taskforce has been set-up to help the South Wales Valleys

Find out how the communities of Caerphilly County Borough get their names

Caerphilly
© 2009-2022 Caerphilly Media Ltd, Britannia House, Caerphilly Business Park, Van Road, Caerphilly, CF83 3GG. Incorporated in Wales No. 07604006.