South Manchester Credit Union Promotes Growth in All Directions

Friday 26 January 2024

September was a busy month for the staff at South Manchester Credit Union (SMCU) as they launched two new ventures – both of which benefit members.

At the end of last month, SMCU unveiled a new branded ‘white label’ version of its customer app, Nivo. The credit union has enjoyed a prosperous relationship with Nivo since 2018 and today 90% of SMCU’s transactions are processed through Nivo.

The app is extremely popular with members and Sheenagh Young, CEO of SMCU said: “We even had a member come into the branch and thank us for providing such a brilliant app for free. That’s how popular it is”. Sheenagh highlighted that the new branded version of the app will not only benefit existing members, but prospective members too. Sheenagh said the team “noticed some people were dropping out at the very beginning” of their credit union journey but the “easy, intuitive and […] reliable” technology from Nivo will allow SMCU to retain the trust in financial services which they say is “vital” to members.

Furthermore, the credit union has continued to innovate through a partnership led by the Greater Manchester Centre for Voluntary Organisation (GMCVO) with the Greater Manchester Credit Union Consortium, and other organisations including the Greater Manchester Combined Authority (GMCA) to launch an investment fund of £4.1 million for eligible businesses.

Organisations or social businesses working in Greater Manchester who are looking to grow their business activities can apply now to the Enterprising Communities Fund for an investment of up to £100,000. There is a grant element of an average of 20% of each investment to support applicants with specific issues identified in the application process, and for them to consider ‘net zero’ implications and energy efficiency as part of their idea.

“The launch of the Enterprising Communities Fund represents a milestone for the development of the social economy of our city region”, said Sheenagh Young, which means “For the first time, the community wealth deposited in local credit unions will be invested in growing local social enterprises. Credit unions are natural investment partners as we also exist to serve local people and improve their life chances”.

To read more about the Fund, visit here.