TWO Credit Unions in Gwent have merged to help members to navigate the difficult financial situation of lockdown.

Smart Money Cymru, which has branches in Caerphilly and Tredegar, has joined forces with Islwyn Credit Union (ICU) in Blackwood.

The 850 members of ICU will benefit from a wider range of financial services to call on now that it has joined with the much larger credit union.

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Chief executive of Smart Money Cymru (SMCCU), Mark White, said: “Members in Islwyn will now have more offices they can use, improved opening hours and a wider range of financial services at their fingertips.

These include a phone app for balance-checking, access to an Engage Current Account which supports direct debits, standing orders and processing of card payments, and an online loan is being developed to make borrowing simpler.

The 6,000 members will be able to use all three branches.

The two long-serving ICU staff in Blackwood will continue, while three of the founder Board members are set to retire after years of service to the community.

Mr White explained that Credit Unions had a flexible and collaborative approach to lending to their members, different to that of a typical high street bank.

“We have a broader more sympathetic policy which looks at the individual circumstances of potential borrowers," he said.

"We don’t base our lending decisions on credit ratings alone, but on a wider financial picture."