South Manchester Credit Union (SMCU) has reported a successful year of growth – with lending and assets increasing by around a third in the year, surplus almost tripled and membership at just under 4,000.
The increases follow a successful merger with Fallowfield Credit Union, and a new approach to marketing through Facebook, said the credit union as it discussed its 2017/18 financial year at its AGM.
And – as it reached its 18th anniversary – SMCU hit the £18m milestone in lending and has just under £3m worth of savings.
Chair Mike Connolly said: “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. We are committed to providing affordable financial services to our members and to build the social and economic fabric of South Manchester.”
The introduction of new digital services for members has also had a positive impact on the credit union’s day-to-day business, according to chief executive Sheenagh Young. A new website with a fresher, simpler look has made key information easier to access and included member stories to describe the difference membership with the credit union can make.
SMCU also introduced a secure instant messaging app, Nivo, for android and iPhones. Members can securely join, make account queries, give account instructions, apply for loans and sign loan agreements on their phones.
Ms Young said the app is an innovative way to meet members’ needs. “As the first organisation in the UK to use Nivo, we demonstrated that we understood that members look for us to innovate 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.”
