The Archbishop of Canterbury’s push into credit union is so entrepreneurial, it is a move worthy of Richard Branson, says Robert Ashton.

Many make biblical references when commenting on Archbishop of Canterbury's recent attack on payday lenders. For me, facial hair fits better. Naturally, Christian pundits will draw on their faith history when seeking to justify Welby's public championing of the credit union movement. But for me, as a secular entrepreneur, I think he's simply applying a strong consumer brand to an urgent social need.

Just as Richard Branson has made his name charging into sectors where he sees consumer exploitation, so too has Justin Welby just taken what I hope will be his first step in that same direction. And to provide him with a daily reminder of the massive opportunity he is facing, I think he should grow a goatee.

Of course the full, flowing, some might say, rampant beard of his predecessor would not be so good. Williams was a scholar and by all accounts, a thought rather than a deed leader. But the Branson look would clearly assert the entrepreneurial approach I believe Welby's organisation needs to see.

Apart from the million Brits who go to church every Sunday, there are millions more who trust the brand. It's avoided most of the scandal that's taken the shine off Roman Catholicism and lacks the divisive extremism of some other faiths. What's more the C of E has 16,000 churches; instantly recognisable retail outlets most associate with key life events. The brand is surely unrivalled in strength in its ability to conjure in even the most ardent atheist, positive associations.

A little research shows that the Church of England are already quietly active in two other controversial sectors. They provide homes to 3,000 working and retired people and influence 4,700 Church of England schools. They are already looking at bringing groups of their smaller rural schools together as academies. And then of course they have a pension fund with more than a £1bn under management. Think how that could in part be invested in much needed new social housing.

The potential for Welby's organisation to play a proactive, profitable and socially entrepreneurial role is massive. Matched perhaps only by that other sleeping giant, the Coop. Both are long established, but essentially trusted and both well-resourced and ready to roll. Both I think are poised to connect, coordinate and maybe even come to control a new economy where doing the right thing is, at last, seen as sensible and sustainable.

We live at a time when consumer mistrust of the global, corporate brand is high. Localism legislation creates so many new opportunities and the C of E is arguably perfectly placed to exploit them. Their social values are well known and widely understood. Welby is young too (well, a few months younger than me) and so surely has the stamina to drive the change many would welcome.

By giving payday lenders a well-aimed kick and partnering in so many parishes with credit unions, the Archbishop has already earned recognition as a social entrepreneur. A Branson beard might not be next on his list of challenges. I can't wait to see what is!