Blaenau Gwent is hoping to be the first 'credit union county.'

A bold initiative is in progress to increase the use of the county's Community Bank, as conventional banks continue to retract from communities.

Blaenau Gwent County Borough Council (BGCBC) is collaborating with Smart Money Community Bank to ensure access to high quality banking for all residents.

Leading this vision, chief executive of Smart Money, Mark White, said: "Our vision is to provide people in Wales with accessible, fair and affordable financial services and have linked up with Blaenau Gwent council to encourage people in the county to join us."

Currently, Smart Money has a strong presence in the county with 1,600 members, and Mr White is optimistic about substantial membership growth, particularly under prevailing circumstances.

Within the next three years, the county aspires to get more than 700 new members and involve at least 18 employers in the Payroll Saving scheme.

Banking hubs have been set up in Ebbw Vale Institute and Abertillery's Ebenezer Chapel and four others at strategic positions are being planned.

Terri Short from Smart Money, the newly appointed Blaenau Gwent development officer, said: "Smart Money Cymru has much to offer in terms of financial services, and my role is to make people in Blaenau Gwent aware of this, working with the county council and other bodies."

She added: “In partnership with Blaenau Gwent County Council we are aiming to establish the first Credit Union County and for this to serve as a model for others to follow.”

Smart Money Cymru provides banking services like savings account with annual dividend, loans up to £15,000 and direct benefits payment into accounts.

A debit card launch is also underway.

"We want Blaenau Gwent residents to realise that we can offer banking with sophisticated financial products, and that we are welcoming and supportive," Ms Short said.

The bank's network, serving 11,000 members in South and-Mid Wales, includes branches in Tredegar, Caerphilly, Blackwood, Aberdare, Brecon and Llandrindod Wells.

Mr White concluded that Smart Money aims for a personalised service and fairly treating members over the long term.

In stark contrast to high-street banks, he said: "We exist for the benefit of members and profits are recycled, whereas banks have to make a return for their shareholders."

In support of these changes, Councillor John Morgan, Blaenau Gwent cabinet member for regeneration, expressed his delight and wished every success for Smart Money Cymru.