THE Wee County's financial co-operative has paid dividends to its members despite Covid-19 challenges.

Clackmannanshire Credit Union has agreed to pay a dividend of one per cent on savings at its recent annual general meeting (AGM).

The payout was agreed at the AGM on Monday, March 15, and came despite a fall in profits, which are used to support development and to benefit members.

Sean McGarvey, president of Clackmannanshire Credit Union, told the Advertiser: "Obviously this has been a difficult year for everybody and a very challenging one for the credit union.

"That we have been able to install a new software system and offer members more services says much about the efforts of our team of volunteers.

"I am delighted we are able to pay a one per cent dividend which is better than any bank offering accessible savings and better than most banks offering fixed-term savings accounts.”

The meeting heard how the pandemic brought both health and financial challenges for people with the credit union adapting to introduce electronic services.

This meant more transactions could be carried out online, but the office on Alloa's Bank Street also remained open for limited hours and appointments in a bid not to disadvantage those with no online access.

Mr McGarvey also confirmed the credit union is in good financial health, however, the risk was losing older volunteers without younger replacements coming in.

He said: “Volunteering is very rewarding and we would be delighted to hear from people who are interested in supporting this valuable community enterprise.”

At the AGM, it was also reported that Clacks Credit Union is optimistic of receiving a financial award from the Scottish Government's Ethical Lenders Fund.