Funding boost to increase credit union membership in north Wales
Vale of Clwyd AM, Ann Jones has welcomed news that the North Wales Credit Union, which has offices in Rhyl and Prestatyn, will be awarded £679,000 by the Welsh Labour Government to conduct a marketing campaign to increase credit union membership. Credit unions provide access to affordable borrowing and can be especially suitable for people who have had credit issues in the past and find themselves unable to borrow from the mainstream lenders.
Mrs Jones said: “I’m pleased to see the Welsh Government continue to invest in credit unions. Instead of resorting to pay day lenders, credit unions offer affordable credit and safe saving opportunities for consumers.
“I encourage everyone to save with the credit union”.
Funding of over £1.2m is being given to national and local schemes which include a publicity campaign, money management education and the development of financial services.
The announcement follows credit unions being challenged to provide additional financial services and products to meet the needs of customers. Schemes receiving Welsh Government funding will increase awareness of credit union and increase membership.
The Welsh Government has been funding the movement to develop into a financially viable and sustainable network since 2010.
Welsh Government funding for credit unions has supported the increase in membership to approximately 73,000 members. The target now is for the number of people using credit unions to increase to of 6% of the population by 2020.