MICROCAPITAL BRIEF: The World Council of Credit Unions (WOCCU) and Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC) of Guatemala Partner to Launch Savings Guarantee Fund

The World Council of Credit Unions (WOCCU), a US-based global trade association for credit unions, and the Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC), an association of credit unions and cooperatives in Guatemala, have partnered to launch Mi Cooperativa (MICOOPE) Savings Guarantee Fund, a private deposit insurance institution aiming to serve FENACOAC holders of savings and share accounts in Guatemala. All member credit unions of FENACOAC reportedly participated in capitalizing the fund at USD 5.5 million. This figure represents 1.5 percent of member institutions aggregate deposits of USD 365 million and is planned to grow to 3 percent of total deposits by 2015. The fund, which will be effective in January 2011, will offer USD 12,500 of deposit insurance per person per institution, significantly more than the reported USD 2,500 offered by commercial banks.

About the Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC): The Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC) is an association of credit unions and cooperatives in Guatemala that was founded in 1963. It represents 27 member credit unions and aims to serve as a forum for information exchange and training.

By Diana Baide, Research Assistant

[1] World Council of Credit Unions. “Guatemala CU System Launches Private Savings Guarantee Fund for Credit Unions” 7 December 2010

http://www.woccu.org/newsroom/releases?id=1743

MicroCapital’s Microfinance Universe profile: Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC):

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Federacion+Nacional+de+Cooperativas+de+Ahorro+y+Credito+(FENACOAC)

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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