International Credit Union Day - by Bill Hudson

Our All Wales Credit Union Support Programme project manager Bill Hudson gives us an update on the credit unions currently being supported by the programme 

The Social Investment Business manages the All Wales Credit Union Support Programme, which aims to support  credit unions to become stronger and more sustainable businesses. As part of this work we aim to  raise awareness and promote credit union financial services throughout Wales and in doing so we’re happy to highlight this year's International Credit Union (ICU) Day which took place on Thursday 20^th October with the theme Credit Unions Build a Better World. There are currently 22 credit unions throughout Wales providing services to more than 55,000 members. We’re working with the Welsh Government, which is committed to supporting and expanding credit unions to provide services to those financially excluded from mainstream providers and we are currently supporting 16 credit unions in Wales to strengthen their businesses and the services offered to the Welsh public.

The Local Government and Communities Minister Carl Sargeant highlighted the benefits of joining a credit union on International Credit Union Day when he said:

“Credit union membership in Wales continues to grow, with more than 50,000 members and junior savers enjoying the benefits that belonging to a credit union can bring. Whether people want the flexibility to save what they can when they can, or save regularly to build that ‘nest egg’, then credit unions bring many advantages. As a member of a credit union you know that your money is safe and secure and backed by the Financial Services Compensation Scheme. Many people also like the idea of their money staying within their community to benefit their local area. In the current economic climate, it is more important than ever that people are able to access affordable financial services.”

Over the first 9 months of the All Wales Credit Union Support Programme,  credit unions in Wales have grown significantly with overall membership increasing by 11.5% and combined assets by 8.5%. Currently representatives from 10 of the credit unions we are working with are attending the HLT Management & Governance course run by UWIC. The Social Investment Business were instrumental in  the development of the course in partnership with UWIC and which will focus on topics such as Management of Risk, Leadership, Regulation and Compliance and Strategy and Marketing. These courses aim to support the credit unions to build their own in-house expertise, as well as supporting them to learn from others. Additionally, some are looking forward to the South Yorkshire Credit Union (SYCU) exchange visit between 31^st October to 1^st November. This exchange will involve representatives from 7 of the Credit Unions we are working with and offering an opportunity for them to learn and exchange knowledge and practices with SYCU, a progressive credit union that has more than 15,000 members and which almost exclusively services those who are financially excluded.

We’re looking forward to sharing the learning from these programmes, and the experiences of the individual credit unions involved.

For more information on our work with credit unions in Wales, check out our website: http://www.thesocialinvestmentbusiness.org/awcusp/