Blaenau Gwent is aiming to become the first ‘Credit Union County’ in Wales.
Blaenau Gwent County Borough Council and Smart Money Cymru Community Bank have teamed up to encourage residents to make more use of their local community bank.
Smart Money already has a strong presence in the county with 1,600 members, and Chief Executive Mark White is confident this can be increased considerably.
“Our vision is to provide people in Wales with accessible, fair and affordable financial services,” he said.
In the next three years the target for the county is to add more than 700 new members, and sign up at least 18 employers on the Payroll Saving scheme. New banking hubs have been set up at Ebbw Vale Institute and Ebenezer Chapel in Abertillery and four more are planned at strategic locations, as well as a network of school savings clubs.
Terri Short of Smart Money Cymru has been appointed Blaenau Gwent Development Officer and is based at the community bank’s Tredegar branch.
“Smart Money Cymru has much to offer in terms of financial services, and my role is to make people in Blaenau Gwent aware of this, working with the County Council and other bodies,” she said.
“In partnership with Blaenau Gwent County Council we are aiming to establish the first Credit Union County and for this to serve as a model for others to follow.”
Smart Money Cymru offers savings accounts with an annual dividend, loans of up to £15,000, the ability to pay benefits directly into accounts, and plans are well advanced to launch a debit card. Community groups, charities and social enterprises are also catered for, she added.
“We want Blaenau Gwent residents to realise that we can offer banking with sophisticated financial products, and that we are welcoming and supportive,” she said.
Members can use the Smart Money Cymru branch network which serves 11,000 members in South and Mid Wales covering Tredegar, Caerphilly, Blackwood, Aberdare, Brecon and Llandrindod Wells.
Smart Money Cymru is forging a path of digitising and upgrading its technology with support from Welsh Government.
