Nearly three years ago, the Archbishop of Canterbury pledged to challenge payday lenders by using the Church to build up credit unions as an alternative, cheaper source of finance.
Today, Archbishop Justin Welby's task group on responsible credit and savings published its final report, giving evidence of a "sea change" in public and political thought on the issue.
Although it is not the only initiative set up to combat high lending rates imposed on some of society's poorest, church leaders believe the task group should take much credit for helping bring in a huge change at the grass roots and the highest levels of society.
Figures show that since it was set up, payday lending declined by 68 per cent and membership of credit unions grew by 13 per cent.
"The Archbishop of Canterbury's intervention has undoubtedly helped to galvanise a broader awareness of, and support for, credit unions from churches and wider society and contributed to a sea-change in public and political opinion around payday lending," the report says.
Results include credit union branches in churches and a network of savings clubs in schools.
More than 3,000 people will have joined a credit union by the end of this year through the Church Credit Champions Network pilot scheme supported by the task group in the London, Southwark and Liverpool dioceses.
A new charitable company is to be set up to continue the work of the group.
Sir Hector Sants, the chairman, said: "The Archbishop of Canterbury's initiative has boosted support for credit unions from the Church and wider society and helped contribute to a sea change in public and political opinion about pay day lending.
"Over the past two years our major achievements have included the launch of an innovative financial education programme for schools and a drive to strengthen the financial resilience of local communities. In addition, there have been numerous initiatives across Church of England dioceses.
"Our work would not have been possible without the Church's unique network of parishes across the country – few institutions would be able to deliver this kind of response and the commitment demonstrated by the parish churches has been both moving and inspiring."
Archbishop Welby said: "I would like to thank Sir Hector and the members of the task group for their generous and unstinting work in promoting the vision of a stronger and more resilient community finance sector. The task group has delivered an impressive list of achievements that will have a real impact now and in the future. I would also like to pay tribute to the energy, enthusiasm and creativity of the Church of England parishes and schools in helping make this vision a reality."
