London Mutual Credit Union shortlisted for Co-operative of the year
25 May 18
London Mutual Credit Union (LMCU) has been shortlisted for this year’s Co-operative of the Year Award.
The nomination is in the ‘Inspiring Co-operative of the Year category’ which recognises cooperatives that have a turnover between £1m and £30 million.
In its 35 year history, LMCU has served almost 30,000 members, encouraging them to save over £22 million and lending over £10 million annually to provide a fairer and ethical financial option to those of high street lenders.
The last year has been a pivotal one for LMCU, thanks to the launch of its brand new online and mobile banking service. Over 9000 members, can now view their live balance, update their own personal details, and manage their own finances. The project was implemented successfully and the overall feedback from members has been overwhelmingly positive.
Last year also marked the fifth anniversary of its ground-breaking CUOK! Product, which is an online payday loan alternative, which competes with high cost credit providers. Issuing 25,000 loans worth £7million CUOK! has saved members 4,900 borrowers more than £2.7million in interest alone.
Reporting in their annual report at this year’s AGM, Chair of London Mutual Credit Union, Mufutau Durowoju stated that membership of LMCU has grown by over 1200 adult members and almost 1000 junior members in the last year. Durowoju thanked staff of LMCU for their continued excellent service to members, he said: “I would like to thank the Chief Executive and all his staff for all the efforts at the most trying of times during and post the Banking Project.
“Their professionalism, enthusiasm and drive, if not personally experienced, was viewed by millions on the BBC program ‘A Matter of Life & Debt’.
“The programme shows why credit unions are filling the gap to meet the financial needs of those in the community that may otherwise not have access to the mainstream financial institutions. So far, we have seen that this programme has in part contributed to some increase in our members.”
Mufutau continued to address members at the AGM stating hisoptimism for the year ahead for LMCU and looks forward to the new products they plan to release to further the development of the credit union. He said; “We now have a great opportunity to drive the credit union forward, with products such as mortgages and credit cards which we hope to bring to you soon, subject to meeting all regulatory requirements, and this demonstrates the way we continue to make prudent, but bold decisions to meet the increasing demands of our members.
“Some of the decisions that we have made already beginning to bear fruit that I hope will make 2017/2018 a successful year for London Mutual Credit Union”.
Winners of this year’s award will be decided by an online vote which runs until 15 June. Voting is open to all, with individuals eligible to cast one vote per category. You can access the voting page here.