Wrexham Assembly Member Lesley Griffiths has welcomed a range of Welsh Government measures aimed at supporting credit unions and increasing their membership.
After an initial funding boost of just over £1 million at the beginning of 2014, in March the Welsh Government announced an additional £1.9 million package of support aimed at challenging the credit union movement to develop further.
With the reputation of traditional banks and high-rate loan providers at an all-time low, credit unions are viewed as a viable, trustworthy alternative to the high street lenders.
The Welsh Government’s continued commitment for the sector is down to the desire to support those who are financially excluded and vulnerable.
The extra funding has enabled credit unions to grow, both locally and nationally. A variety of projects have been undertaken aimed at attracting new members, making business improvements and promoting their services.
Ultimately, the Welsh Government hopes credit unions can survive without public funding and for this to be realised, attracting new members and encouraging more people to save through the sector is key.
A target of 143,000 people being members of a credit union by 2020 has been set by the Welsh Government. The current figure is 72,000.
The Wrexham branch of North Wales Credit Union is located in King Street and provides a wide range of practical, affordable and straightforward financial services.
Lesley Griffiths AM said:
“Credit unions differ from traditional high street providers as they are owned and controlled by the people who use them. They often provide a safe and secure lifeline to individuals who find themselves unable to borrow from the mainstream lenders.”
“The Welsh Government is keen for credit unions to grow by offering a wider range of financial services for low and middle income earners across Wales.”
“This continued investment clearly demonstrates the Welsh Government’s desire for the sector to flourish and ultimately provide an easily accessible, effective and affordable financial service for the people of Wales.”
