Guatemalan cooperatives seek alliances with local banks

Advised by the World Credit and Savings Council and based on the experience in other countries, Fenocoac is interested in establishing alliances with banks.

Friday, November 28, 2008

The alliances would be in the sense that the members of the cooperatives can make deposits or withdrawals from bank branches countrywide.

Elio Armando Estrada, president of the of Administrative Council of the National Federation of Credit Unions (Fenocoac), added that even though they have their own ATM's they are also looking to join the national network, using debit cards and issuing a local and international credit card.

More on this topic

Cooperatives in Honduras to be Supervised

August 2011

The National Commission of Banking and Insurance (CNBS) will monitor 20 credit unions in a pilot project.

The initiative, called "Strengthening credit union’s competition and financial security within supervised framework," has the support of the Inter-American Development Bank (IDB) and the Federation of Credit Unions (FACACH).

El Salvador: Unions Oppose Greater Financial Regulation

September 2016

Unions are opposed to the legal reform which aims to extend the scope of the supervision of the Superintendent of Financial System over savings and loans cooperatives.

In the view of Julio Cesar Portillo, secretary of the board of the National Commission for credit unions in El Salvador and CEO of Co-Andes de R.L.

Credit Unions in Guatemala seeking members

October 2008

Credit Unions iin Guatemala are looking for new members, after being in the non-traditional financial market with 800 thousand members for 45 years.

Oswaldo Oliva, national manager of the Credit and Savings Cooperatives of Guatemala (Fenacoac) commented that the cooperatives are hoping to add 1.5 million new members in the next four years.

El Salvador: Savings Cooperatives Growing

March 2014

Between 2006 and 2013 the number of agencies in the network of cooperatives in the country doubled.

Salvadoran Credit Unions have experienced a significant increase in the last year in order to expand financial services in most areas of the country.

The Federation of Savings and Credit Cooperatives of El Salvador (Fedecaces) announced that "growth is supported by an increase of over 20% in the portfolio of loans and deposits, after the close of 2013."

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