What is the easiest credit union to join?

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In an interview with his country’s La Prensa newspaper, the president of the Federation of Savings and Credit Cooperatives of Honduras (Facach), Pedro Aguilar, analyzes the current reality and challenges of the sector.

Yes, we have grown enormously. We currently have many points of service, we have a presence through the various cooperatives, almost in every municipality in the country. This is very good because it shows us that there is coverage to serve all sectors.

Trust. We credit unions have become stronger; people trust us to deposit their savings and make their loans with us. We have very competitive interest rates and we have increased our loan portfolio. In addition, in the cooperatives, people are not only contributors but also members who participate in the decisions made and the benefits. We have followed a line of constant preparation and innovation. We are constantly training ourselves to be able to offer better benefits and consolidate our position in the financial market.

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In fourth place was CFA (Cooperativa Financiera), which increased its surpluses 10.2% by accumulating $5,965 million so far in 2018 up to November, and the list was closed by Coofinep with surpluses of $1,022 million, 79% more than those obtained in the same period of 2017. It is the entity with the highest variation.

For Carlos Acero, president of the Confederation of Cooperatives of Colombia (Confecoop), these positive results imply that there are more associates in the base, more operations and transactions, greater coverage and more presence in the market.

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According to information from the Economic Observatory of the Confederation of Colombian Cooperatives (Confecoop), Colanta and Coopidrogas are currently the largest cooperatives in the country with revenues totaling $2.3 billion and $1.9 billion, respectively.

The president of Confecoop, Carlos Acero, emphasized that in several fields of the economy, cooperatives are positioned as key players. One of the most outstanding is the field of retail medicines, in which the two main companies in this field are two cooperatives: the aforementioned Coopidrogas and Drogas La Rebaja. In the agri-food field, he highlighted Colanta as the main Colombian company in this sector.

On this particular subject, the executive president of the Coomeva Group, Alfredo Arana, mentioned that the cooperatives have been making a great contribution to the attention of the health and economic crisis due to the wide participation they have in the health sector.

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As we know, the main objective of any cooperative is to satisfy the expectations, aspirations and needs of its members. The contribution that each one makes is reflected in the benefits to which everyone has equal access.

In addition to this, there are a series of characteristic values such as mutual aid, responsibility, democracy, equality and equity on which cooperatives are based. And of course, their members stand out for believing in ethical values of honesty, transparency, social responsibility and concern for others.

You’ve come this far and you’re still wondering, what are all these advantages that a cooperative can give you? Although all cooperatives have the same purpose, each one offers different benefits, among which the following stand out:

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You also find that cooperatives are governed by some basic principles, among which stand out the principle of autonomy and independence, that is, these are autonomous organizations of mutual aid and most importantly, controlled by their own members.

What is the easiest credit union to join?
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