SaveEasy Credit Union Receive Financial Access Award
SaveEasy Credit Union has been honoured for helping people gain access to financial services by opening a series of new branches and collection points in towns and rural communities..
They were presented with the Access to Financial Services Award which was launched this year by the Credit Unions of Wales.
With main branches in Llanelli, Cardigan, Carmarthen, Haverfordwest and Pembroke Dock, directors and staff at SaveEasy Credit Union recognised the lack of financial services in many communities where high street banks have closed.
They have opened five pop-up branches in addition to the existing 12 collection points and main branches. Each pop-up provides a low-cost alternative to the high interest doorstep lenders and have helped people to avoid unethical lenders.
Chief Executive Officer Janine Marenghi explained: “We are delighted to win the award because it recognises our commitment to improving the financial wellbeing of people across Ceredigion, Carmarthenshire and Pembrokeshire who are benefiting from our new collection points that otherwise may have been forced to turn to payday lenders.
“The money that is saved with a credit union is loaned responsibly to others in the community at affordable rates, there are no external shareholders, so our focus is simply on providing the best services to our members.”
The expansion comes as tightened Financial Conduct Authority regulations and compensation claims saw the demise of payday lenders and high cost rental stores including QuickQuid, Wonga, WageDay Advance, Sunny, the Money Shop and Brighthouse.
SaveEasy Credit Union pop up branches have been opened in Brechfa, Pencader, Lampeter, Carmarthen and Narberth due to a decline of banking facilities in the communities.
Each pop-up is fully equipped with staff, meaning members have access to full Credit Union services including a loan officer which allows loan decisions to be made the same day.
Jane Hutt MS, Patron of Credit Unions of Wales said: “The Credit Unions of Wales Awards has once again highlighted the many success stories of this global movement and I want to congratulate each of the winners for their dedication and commitment to the cause.
“As financial cooperative, credit unions have a major role to play in the economic health of Wales by offering easy access to ethical savings and affordable loans.
“Once again, congratulations to the many businesses, organisations, members, volunteers and schools who have been recognised for their contribution to the success of credit unions across Wales.”
The Credit Unions of Wales Awards were sponsored by Engage and supported by the Welsh Government.
Geoff Leech Managing Director at Engage added: “Engage Account is delighted to be sponsoring the Credit Unions of Wales Awards for the third consecutive time and we are continually impressed by the high standards of entries.
“This year is no exception as they illustrate once more the commitment and dedication of businesses, workers, organisations, members and volunteers towards the global credit union movement.
“We congratulate all of the winners and highly commended for all that they do to further the incredible work of ethical savings and loan providers across Wales.”