The Welsh Government has announced an additional £1.3m to expand
affordable credit options, helping thousands more people across
Wales access fair financial services.
This new funding for credit unions builds on the successful loan
expansion scheme established in 2022, bringing the total
investment to £2.9m. The scheme has already helped over 4,000
people access affordable credit who might otherwise have been
turned away by mainstream lenders.
The funding is boosting credit union growth, alongside
initiatives like Celtic Credit Union's new mobile branch service.
Originally established in Neath, Celtic Credit Union has expanded
its reach in recent years and the mobile service will bring
essential face to face financial services directly to communities
across Neath Port Talbot and Swansea.,
Celtic Credit Union Business Development
Manager, Julie
Mallinson, said: “Following changes in the
landscape of our high streets, we hope that this additional
service will provide an innovative solution to maintaining a
physical presence in our communities.
“Thanks to funding from the Welsh Government we can continue to
support access to our services for those living in the Neath Port
Talbot and Swansea areas, including those who cannot or chose not
to engage digitally. This is especially valuable during the
current economic situation, allowing us to promote ethical,
affordable lending options for people facing unmanageable debt.
“To be able to launch this service in our
20th anniversary year is an added bonus and we
hope it will help us to continue our steady, sustainable growth
and enable us to encourage more people to join us.”
The investment is part of Welsh Government's broader strategy to
create a financially inclusive Wales, particularly supporting
low-income households often excluded from mainstream banking.
The announcement follows last month's 'Banking in Welsh
Communities' event, where the Welsh Government brought together
financial institutions and community organisations to develop
solutions for financially excluded people.
The Cabinet Secretary for Social Justice, , said: "We are committed
to building a Wales where everyone can access fair financial
services, and as a government we're using all our levers to help
people in these uncertain times. This extra £1.3m for credit
unions will provide ethical and affordable alternatives to
high-cost credit that can trap people in a cycle of debt.
"We want a connected financial system that works for everyone. By
supporting credit unions and bringing together partners across
the financial sector, we're taking practical steps to make this a
reality for communities throughout Wales."
