On September 19, 2024, a historic milestone will be reached with the launch of Britain’s first Black community bank, the Pentecostal Community Bank (PCB). The prestigious Royal Society in London will host this momentous event, where prominent figures from the world of business, charity, religion, and entertainment will gather to witness the birth of a new era in financial empowerment. Among the key speakers will be Tim Campbell MBE, renowned entrepreneur and BBC Apprentice winner, adding further significance to the occasion.

This launch represents a pivotal evolution for the Pentecostal Credit Union (PCU), which was founded in 1980 by the visionary Rev. Carmel Jones. Rev. Jones established PCU to meet the financial needs of the UK's Pentecostal faith community, particularly those who faced challenges accessing mainstream banking services due to systemic discrimination. Over the decades, PCU became a lifeline for Black and minority ethnic communities, offering a safe and supportive financial space where members could borrow, save, and grow their wealth.

From Credit Union to Community Bank: A Legacy of Empowerment

PCB’s launch is a testament to the enduring legacy of Rev. Carmel Jones, a trailblazer in the credit union movement. His mission was clear: to provide financial opportunities and education to communities historically excluded from the traditional banking system. For over 40 years, PCU has been committed to fostering financial literacy and wealth-building among its members. 

In 2022, the launch of **GiftBOX**, an innovative service designed specifically for millennials, further cemented PCU's forward-thinking approach. GiftBOX offered tailored money masterclasses, entrepreneurial development programs, and networking opportunities, providing young people with the tools to borrow, save, and learn in a sustainable way. The service reflected PCU’s commitment to creating long-term financial solutions for the next generation, with a focus on collaboration and co-creation.

With the transition to PCB, the institution is broadening its mission and expanding its services to become a fully-fledged community bank. This shift marks a new chapter in the organization’s journey, moving beyond the Pentecostal community to provide financial solutions that meet the broader needs of the Black and minority ethnic population in the UK.

The Mission of PCB: Building Wealth, Bridging Gaps

Under the leadership of CEO Shane Bowes, the Pentecostal Community Bank is poised to be a game-changer in the financial landscape. Bowes, who has been at the helm of PCU and is a firm believer in the power of community banking, envisions PCB as a platform that will significantly contribute to the economic growth of the Black community. "As Britain’s first Black-led community bank, PCB is dedicated to fostering economic growth and development within the Black community," Bowes stated. The bank’s product offering includes savings accounts, loans, and business financing, all designed to address the specific financial needs of its membership.

The mission is clear: PCB is committed to closing the wealth gap and creating financial opportunities for a community that has long been underserved by mainstream banks. Recent statistics show that for every £100 held by a White British family, Black-Caribbean families have just £12, and Black-African families have £10. PCB aims to change these figures by offering services that empower individuals and businesses to build wealth, create opportunities, and achieve financial independence.

A Launch to Remember

The launch event at the Royal Society in London was  a grand celebration of this groundbreaking achievement. It is not just the unveiling of a bank, but the beginning of a new chapter in the economic empowerment of Black communities in Britain. With leading figures from business, charity, and religion in attendance, the event shone a spotlight on the importance of community-led financial initiatives in addressing long-standing inequalities.

Tim Campbell MBE, the special guest speaker, bought his wealth of entrepreneurial experience to the event, highlighting the role of innovation and leadership in driving financial growth. Campbell, who won the first series of BBC's "The Apprentice," is a champion of diversity in business and a strong advocate for empowering underrepresented communities through entrepreneurship.

 PCB: A Vision for the Future

As the UK’s first Black-led community bank, PCB is not just a financial institution—it’s a movement. The bank will serve as a beacon of hope for those who have been excluded from traditional banking services. By focusing on the needs of the Black community, PCB aims to provide solutions that are accessible, inclusive, and designed with the future in mind.

The launch of PCB marks a significant step toward financial equality and economic justice in the UK. It’s not only about providing loans or savings accounts, but about equipping people with the knowledge and tools they need to thrive in an often inequitable system. The vision of PCB aligns with the broader goals of the Pentecostal Credit Union: to educate, empower, and uplift individuals, while building a strong, resilient financial foundation for generations to come.

As Britain prepares for the launch of its first Black community bank, it’s clear that PCB is more than just another bank—it’s a transformative force for good. Rooted in the legacy of Rev. Carmel Jones and the Pentecostal Credit Union, PCB represents a bold step toward financial inclusivity and empowerment for the Black community in Britain.

With services tailored to meet the unique needs of its members, PCB is set to play a critical role in fostering economic growth, reducing inequality, and providing the tools for long-term financial success. The bank’s launch will not only make history but will also pave the way for a more inclusive and equitable financial future for all.