South Manchester Credit Union – Local Money for Local Students

Friday 11 October 2024

South Manchester Credit Union (SMCU) has been recognised for its community support to members in the Metro Newspaper for helping one member with financial difficulty through University education.

Stephen Nyamja, 27, from Macclesfield, was worried he would be unable to finish his studies after he found himself £5,000 short on his tuition fees.

Help came from South Manchester Credit Union, who lent Stephen the remaining £5,000 needed and he completed his studies. Not only did he graduate his masters at the top of his class, he fulfilled his dream of becoming a Senior Business Development Manager and went on to set up a community interest company to support other students and academics struggling financially.

“If you are struggling, don’t give up. There is help out there,” says Stephen. “South Manchester Credit Union might just be the best place, as it’s genuine. It was very professional, smooth and just within time. I felt I was treated with priority and for that I’m grateful. The receptiveness was good”

Stephen now helps to provide information around managing finances and accessing support through monthly webinars, where he organises guest speakers, as part of the Black Business Community Network.

“I am aware of a number of students using food banks due to the high cost of living and I helped direct students to them when they’re struggling financially,’ he adds. ‘But it is a worry – students deserve better support.”

Earlier in the year, SMCU celebrated a massive lending milestone, achieving the figure of £30 million loaned to members since it was first established in 2000. This achievement represents a major step in the credit union’s progress and its capabilities to serve the local community.

CEO of SMCU, Sheenagh Young said: “Credit unions exist to increase the financial power of people in our communities, to work together to improve financial wellbeing and to be an anchor for safe financial services in the local social economy. £30 million in total lending from South Manchester Credit Union shows an expanding credit union presence and mutual trust between credit unions and local people. “

Local Withington Labour MP, Jeff Smith congratulated SMCU on the achievement saying: “As a member of South Manchester Credit Union, I know the fantastic strides the credit union has made since it started nearly 25 years ago in the church hall on Fog Lane, Burnage.

“The credit union has been a constant resource and support for the local community ever since. This achievement demonstrates the extensive support provided to local residents, steering many away from high interest lenders, and the support that local residents have given back. Congratulations to everyone involved in making this happen”.