Council and Smart Money Cymru Partner to Create Wales’ First ‘Credit Union County’ in Blaenau Gwent

In an exciting move for financial inclusion, Blaenau Gwent County Borough Council has partnered with Smart Money Cymru, a proud member of Fintech Wales, to establish Blaenau Gwent as Wales’ first ‘Credit Union County’. This groundbreaking campaign, supported by newly appointed Credit Union Champion, Councillor Jules Gardner, seeks to expand community access to fair, secure banking.

With traditional banks increasingly closing branches in smaller towns, locally based financial institutions like Smart Money Cymru are vital for providing accessible financial services. Blaenau Gwent is already home to 2,055 members of Smart Money Cymru, with an additional 14,000 across South and Mid Wales. The long-term vision is ambitious: to enroll half the adult population of the county in a credit union, demonstrating the strength of community-focused banking.

Financial Inclusion for Blaenau Gwent’s Future

Councillor Gardner, the new Credit Union Champion, emphasized the importance of this initiative for residents, helping them save safely and access fair loan rates. He also pointed to the opportunity to build partnerships with local employers, as major businesses move into Blaenau Gwent, creating new job prospects. “This represents an opportunity for the Community Bank to engage with these new employers, providing banking for the workforce and other services such as Payroll Savings,” said Gardner.

Alun Taylor, Chair of Smart Money Cymru, highlighted the progress made so far, including the establishment of a new Banking Hub at the Ebbw Vale Institute and plans for four more hubs and a network of school savings clubs. “Our long-term aim is to have half the adult population of Blaenau Gwent signed up as Members of a Credit Union or Community Bank,” he said. “We and the Council are committed to making this vision a reality.”

Putting Members First

Smart Money Cymru offers a member-first approach, contrasting with the shareholder-driven model of traditional banks. “We believe in offering a personal service and looking at a wider range of factors when we make a loan or other decisions,” Taylor noted. “Our focus is on treating Members fairly and taking a long-term view. Unlike banks focused on shareholder returns, we reinvest profits for the benefit of our Members.”

By setting Blaenau Gwent on a path to become a ‘Credit Union County,’ Blaenau Gwent Council and Smart Money Cymru are creating a powerful model for community banking in Wales and championing financial inclusivity.

From left Smart Money Cymru CEO Mark White, Councillor Jules Gardner and Smart Money Cymru Chair Alun Taylor