People in Ystradgynlais can once again access face-to-face
banking services on their high street following the opening of a
new shared banking hub.
The Cabinet Secretary for Social Justice and the Cabinet
Secretary for Finance and Welsh Language welcomed the
opening and visited the hub this week, meeting staff and
local people who are already benefiting from the new
facility.
The hub has opened in a building that had stood empty since the
last local bank closed in September 2023. Customers can access a
staffed counter, operated by Post Office staff, to
deposit and withdraw cash, pay in cheques and carry out
everyday transactions. They can also book appointments with
specialists from their own bank for support with more complex
banking needs.
LINK, the organisation responsible for assessing communities for
banking hubs, identified Ystradgynlais as
a suitable location following a local campaign.
The town has a high number of retailers who rely on cash daily,
alongside a significant number of older residents and
people who do not use digital banking services.
Ystradgynlais Shared Banking Hub operator, Manjit
Sanghera, said: “What really delights me is
when I see the joy on the face of so many local customers as they
walk into this branch for the first time. I quickly realised how
pleased our customers are to have got their banking
services back in their local town centre.”
Around five million people across the UK still rely on cash every
day, with many feeling more confident managing their
money face-to-face. Banking hubs support these customers while
helping to sustain local high streets and small businesses.
There are now twelve shared banking hubs open across Wales, with
three more in development. These complement enhanced
Post Office services and initiatives undertaken by LINK
with free cash ATMs and building societies in Wales,
including commitments to retaining face to face
branches. Whilst Shared Banking Hubs are a UK Government
initiative, with 350 targeted for this
parliamentary term, the Welsh Government supports
financial inclusion by providing support to credit
unions and facilitating cross sector
collaboration.
The Cabinet Secretary for Social Justice, , said: “Everyone is
concerned about the cost of living and wants access to financial
support and advice. Facilities like this are crucial in our
communities. We are not a cashless society, and access to
face-to-face services is vital for people's
health, wellbeing and financial security.”
The Cabinet Secretary for Finance and Welsh Language,
, said: “The new hub in
Ystradgynlais shows how we can bring essential services back into
the heart of our towns. When communities lose their banks, it
affects local businesses and residents alike. Shared banking hubs
help keep places like Ystradgynlais thriving, and we welcome the
commitment to expanding this network across Wales.”
