WALES, U.K.–The Archbishop of Wales, Dr. Barry Morgan, said he supports an effort to transform Wales into a “credit union nation.”
According to ChurchInWales.org, membership of Wales’ 20 credit unions has more than doubled in the last 10 years and now stands at 72,000. In 2014 alone credit unions made loans worth £18m to members.
“Credit unions can help break the cycle of debt-driven poverty by encouraging saving as well as responsible borrowing,” said Morgan in remarks before an event hosted by the Association of British Credit Unions. They also provide a real alternative for people from all walks of life who want to manage their money in an ethical way. Our churches across the country will do all in our power to support the future growth of credit unions in Wales.”
Denis Greenall, Director for Wales for the Association of British Credit Unions, added, “More and more people are turning to credit unions for savings and loans. This demonstrates that there is a real appetite for financial organizations that put their members first.”
“We want to turn Wales into a true credit union nation and we are calling on the next Welsh Government to help us do that by investing in the sector and helping us build the capacity we need to grow.”