South Manchester Credit Union reports on another year of growth
12 Apr 19
There was much to celebrate at South Manchester Credit Union’s (SMCU) AGM this week: a successful year of growth, a new website and a successful merger were amongst the many achievements in 2017/2018.
After a successful merger with Fallowfield Credit Union and a new approach to marketing through Facebook, SMCU continues to grow in membership, with just under 4000 members. The credit union grew its lending and assets by around a third in the year and surplus almost tripled.
SMCU Chairman, Mike Connolly said the respect that staff and volunteers pay to members is crucial to making the credit union work. "Our credit union is stronger than it was a year ago. We have more members, we agreed more loans and we made a better surplus", says Mike.
In a special year for the credit union as they reached their 18th anniversary, they also achieved the £18m milestone in lending and have just under £3m worth of savings.
Mike urges the SMCU team to continue its valued and dedicated service to communities in South Manchester, Mike added: "Our values tell us that we must operate to high standards of ethical practice. We are committed to providing affordable financial services to our members and to build the social and economic fabric of South Manchester.”
Chief Executive, Sheenagh Young believes that implementing new digital services for members has had a positive impact on the day to day business of the credit union. In autumn 2017, SMCU launched its new website which has a fresher, simpler look making key information easier to access and included member stories to describe the difference membership with the credit union can make.
SMCU also went live with its secure instant-messaging app, ‘Nivo’, for Android and iPhones. Members can securely join, make account queries and give account instructions as well as apply for loans all the way through to signing their loan agreement on their phone.
Sheenagh considers the app important to meeting the needs of their members, Sheenagh said: “As the first organization in the UK to use Nivo, we demonstrated that we understood that members look for us to innovating and to team up with service providers operating to a high standard of professionalism. We consider that is what our members deserve.
“We are ambitious for the life chances of our members and the local communities of South Manchester.”