Digital Financial Transformation Project was implemented by MICOOPE and USAID in Guatemala
The new technologies they can facilitate the access, use and affordability of financial products and services, mainly for those people located in places where there are no traditional service points. Although there are gaps to improve, with effort and teamwork, obstacles can be overcome.
USAID —United States Agency for International Development—, through its project “Creating Economic Opportunities”, works with national financial institutions to mobilize services and access to financing as an engine for local economic growth. With better inclusion and digital access to financial services, economic prosperity has more opportunity to grow and the drivers of irregular migration are reduced.
Description of the photo for the visually impaired: Promotional image of a man with a country hat in front of a message that reads “Request your loan”. (Credit: MICOOPE)
MICOOPE is an organization made up of 25 cooperatives specialized in savings and credit, whose main objective is to help improve the quality of life of Guatemalans through quality financial solutions. For more than 60 years they have offered their financial services in the 22 departments of Guatemala, giving access to more than 2.4 million associates to savings accounts, loans, insurance, remittancesamong others.
Together, the MICOOPE Cooperatives have a portfolio of more than Q 19,500 million in loans and more than Q 20,500 million in savings.
Implementing digital tools and financial products for the development of Guatemala
The National Federation of Savings and Credit Cooperatives of Guatemala —FENACOAC-MICOOPE—in collaboration with USAID through its “Creating Economic Opportunities” project, promoted the use of digital channels among the more than 2.4 million members of the MICOOPE system through its MICOOPE ONLINE transactional platform.
Description of the photo for the visually impaired: Person holding a phone in front of a message that reads “Digitize all your services and say goodbye to queues with MICOOPE ONLINE”. (Credit: MICOOPE)
Among the products and services developed and implemented as part of this alliance are the Digital Credit Request, Online Data Update, MICOOPE ONLINE Digital User Request, Creation of a Digital Fixed Term Deposit and the implementation of the FRI Mobile Wallet. .
Santiago Saavedra, Project Management Manager, shared the main results obtained under this agreement. Mainly, they were based on the context of the new reality, where the availability of financial services and digital means of payment They ceased to be an option, becoming a necessity.
Description of the photo for the visually impaired: A smiling woman holds a phone in front of a message that reads “It works without time or day limitations, that’s why we are part of Fri.” (Credit: MICOOPE)
Among the main results are:
- 200,000 trades from 10,000 active users.
- The mobilization of savings for USD$ 6.6 million.
- Platform users have received more than USD$16 million in financing for micro, small and medium enterprises.
Description of the photo for people with visual disabilities: Representatives from MICOOPE and USAID at a press conference to present the results of the project. (Credit: Guatemala.com)
The process of Digital Transformation of Financial Services of MICOOPE seeks to optimize the country’s digital financial inclusion. This allows the development and implementation of digital tools that facilitate the access and use of financial products for the members of the Cooperatives of the MICOOPE System.
