Member-owned and future-focused: Metro Moneywise delivers fair finance and stronger governance

At Metro Moneywise they do things differently. Members of the Rochdale-based credit union can save hundreds of pounds on travel costs around Greater Manchester. Loan rates consistently outperform many high street lenders. A salary sacrifice scheme makes savings easy. And its members can also win £5,000 a month through a unique prize-linked saver account.

“Our members own and run our credit union,” said Ciara Davies, CEO of Metro Moneywise. “So if a member wants to join the Board as a director they have that opportunity. We’re not for profit, so any surplus goes back to members or into providing the products our members need. We really value the savings element, as every member contributes to the savings pot.”

Established in 1990, Metro Moneywise now has more than 50 payroll partners, primarily across healthcare through NHS Trusts, but also education, social care and local government. It gives an increasing amount of local people an easy way to grow savings straight from their pay-check.”

It is one of several examples of the credit union putting members first. Metro Moneywise is also a member of The Sound Pound Group – a collective of Greater Manchester credit unions – that offer commuters the option of paying for annual bus tickets in instalments. The initiative, backed by Greater Manchester Mayor Andy Burnham, can save bus users up to £250 a year. 

Acting on the Prudential Regulation Authority’s recommendations around good governance – and its own drive to keep the business focused on serving its members - Metro Moneywise recently undertook an independent board effectiveness review, conducted by Co-operatives UK.

Ciara said: “Governance is key within any organisation. Credit unions can fail – so good governance has to be front and centre. It means we’ve been benchmarked against the gold standard of co-operative governance.”

The review identified several immediate steps Metro Moneywise could take, along with longer-term priorities such as succession planning. It also reassured the credit union that its strong governance practices were indeed effective and well-founded.

The CEO added: “The board effectiveness review is thorough and the report you receive is great. I would absolutely recommend it.”