FIFE MSP Alex Rowley has highlighted the benefits to individuals, employers and the wider community of the role played by credit unions but says more needs to be done to encourage uptake of the advantages offered by credit union membership.

The Labour MSP highlighted the success of Kingdom Community Bank and Benarty and Lochgelly Credit Union in Fife, and called on the Scottish Government to promote the value of payroll reductions among employers, and awareness of credit unions in schools as part of a broader programme to build financial capability.

Speaking in the debate in the Scottish Parliament Mr Rowley said: “Credit unions are community banks – they exist to support and assist the community in saving and lending. They put money direct into local communities and the members share the profits.

“They have a huge role to play in the development of more ethical and alternative banking services, where the drive to satisfy the need for profit is not the priority of the business model.

“I would like to pay tribute to Kingdom, to Benarty and Lochgelly and all credit unions here in Scotland, I would want to recognise the role of staff and the hundreds of volunteers and I hope this debate today will help spread the positive message of the benefits of joining a credit union.”

Kingdom have outlets in Cowdenbeath and Kelty while Benarty and Lochgelly has bases in Ballingry and Lochgelly and also in local schools.