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BrowseCredit Union Newsview Islwyn Credit Union merges with Smart Money Cymru Credit Union

Two credit unions in the Welsh Valleys have merged to create an enhanced financial platform for their local members.

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Wednesday 17 January 2024

Two credit unions in the Welsh Valleys have merged to create an enhanced financial platform for their local members.

Smart Money Cymru which has branches in Caerphilly and Tredegar, has joined forces with Islwyn Credit Union (ICU) in Blackwood in a move to strengthen the not-for-profit credit union movement n the area and help members navigate these difficult financial times.

Islwyn Credit Union will now be rebranded under the Smart Money Cymru identity. However the 850 members of ICU will see a seamless change-over giving them a wider range of financial services to call on now that it has joined with the much larger credit union.

CEO of Smart Money Cymru (SMCCU), Mark White, said he was delighted that the merger was complete. “Members in Islwyn will now have more offices they can use, improved opening hours and a wider range of financial services at their fingertips,” he said.

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, and an online loan is being developed to make affordable borrowing simpler.

The 6,000 members of the expanded credit union will be able to use all three branches in Blackwood, Caerphilly and Tredegar and benefit from the services offered.

The two long-serving ICU staff in Blackwood will continue, while three of the founder Board members are set to retire after years of service to the community.

Smart Money Cymru recently celebrated 30 years, in which time it has grown into a sophisticated organisation offering a wide variety of financial services to individuals, business and charities.

“Credit unions offer a much wider range of financial services than many people expect,” said Mr White. “The Credit union philosophy is to be financially sympathetic to its members and offer fair and reasonable access to finance and financial services where we can.

“We are looking forward to offering an enhanced service to the members in Islwyn and to continuing to serve other members throughout the area.”

Source – Business Wales


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