Already one of the fastest-growing credit unions in the country, the not-for-profit Portsmouth Savers Credit Union is looking for another tag to its name with the community contribution of the year award.

The credit union is also now providing its services across the county after members decided to expand geographically and is now registered as the Hampshire Credit Union, though wherever city-wide credit unions are set up, these will still be known by the name of the city.

It has been looking at premises in Basingstoke, which should see its own branch set up soon.

Manager Amanda Winkworth said: ‘We play a vital part in the local community and it would be good for the recognition of the staff and the work they do.

‘It’s really exciting for us at the moment. We are launching our current account at the moment and that’s proving very popular.’

The Portsmouth Savers Credit Union, which was set up on January 29, 2001, has more than 6,300 members. Membership has risen by a quarter in the year to date.

Across the world there are 40,258 organisations called credit unions – in 78 countries and with 118 million members.

In its six years, the Portsmouth Savers Credit Union, Fratton Road, has lent more than £3.8m to members, though the organisation prefers to help people to save and encourages this through young savers’ clubs in schools. About a fifth of members are regular savers and on good incomes, while the rest could be on benefits or in need of low-cost loans.

According to the World Council, nations with the greatest number of credit union members include the United States, India, Canada, South Korea, Mexico, Australia, Kenya, Ireland, Thailand and Brazil.

Countries with the highest percentage of members in the economically active population were Dominica, Ireland and Barbados.