Language Sites
  • UCAN China
  • UCAN India
  • UCAN Indonesia
  • UCAN Vietnam

Anglicans plan to take on the money lenders

Church credit unions will compete directly with UK 'payday lenders'

Anglicans plan to take on the money lenders

Justin Welby, Archbishop of Canterbury (picture: Evening Standard)

The Archbishop of Canterbury has said the Church of England will "compete" payday lender Wonga* out of existence as part of plans to expand credit unions.

The Most Rev Justin Welby said he had delivered the message to Errol Damelin, chief executive of Wonga, one of Britain's best-known payday lenders, during a "very good conversation".

"I've met the head of Wonga and we had a very good conversation and I said to him quite bluntly 'we're not in the business of trying to legislate you out of existence, we're trying to compete you out of existence'," he told Total Politics magazine.

"He's a businessman, he took that well."

The Archbishop's remarks come after he launched a new credit union for clergy and church staff earlier this month at the General Synod in York.

Mr Welby, who has served on the parliamentary Banking Standards Commission, has said he plans to expand the reach of credit unions as part of a long-term campaign to boost competition in the banking sector.

There are also plans to encourage church members with relevant skills to volunteer at credit unions. Small, local lenders could also be invited to use church buildings and other community locations with the help of church members.

*Note: Wonga is a market leading short term cash lender which has been criticized for its high interest rates

Full Story: Archbishop of Canterbury: The church will 'compete' Wonga out of existence 

Source: London Evening Standard

Want more stories like this?
Sign up to UCAN Daily or Weekly newsletter.
  • Daily
    Weekly
  • Asia
    Outside Asia
  • FREE 14-DAY TRIAL

    Now you can access Premium Content
    with our 14-day free trial. Sign up today!

    LATEST