Cooperativa de Ahorro y Crédito Maquita Cushunchic

Mission:

We are a financial entity maintaining principals of ethics and solidarity. We believe in the capacity of our members and contribute to their social economic development through providing guidance for their financial decisions and offering appropriate solutions to their needs.

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Background and Main Challenges:

Al 2012 la Cooperativa Maquita Cushunchic será una institución financiera para el desarrollo, socialmente responsable, que ofrece una amplia gama de productos y servicios financieros, de calidad, a precios competitivos, para microempresarios, especialmente mujeres y familias de sectores ... Read more

Address:

Av. Cardenal de la Torre S15-111 y Ajaví Panamericana Sur Km 11/2

Quito

Pichincha

Ecuador

Phone:

593 2 2624344

Fax:

593 2 2624345

Email:

coacmcch [at] andinanet [dot] net

Main Funding Sources:

Grants

Loans

Savings

Shareholder Capital

Products and Services:

Loans

Voluntary Savings

Insurance

Funds Transfer Services

Services Provided:

Full-scale Financial Services

Other

Looking for (Investment Types):

Equity

Capacity-Building Grants

Donations

Guarantees

Loans in US$

% Operations Comprised by MF:

91 - 100

Date established:

Jan 1 1998

FYE:

31-Dec

Current Legal Status:

Credit Union / Cooperative

Regulated:

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Women	1
Clients living in urban areas	2
Clients living in rural areas	3
+ Development goals (ranked by importance)
Increased access to financial services	1
Growth of existing businesses	2
Gender equality and women's empowerment	3
Employment generation	4
Health improvement	5
+ Poverty targets
Low income clients
+ Governance
Has trained members of its board on social performance management
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
Microcredit for household needs/consumption
Loans for education
Housing loans
+ Savings products offered
Voluntary savings accounts
Fixed term deposits
Special purpose savings accounts
+ Compulsory insurance products required
Compulsory credit life insurance
Microseguro
+ Voluntary insurance products offered
Voluntary life insurance
+ Other financial products and services offered
Remittances services
Pago mediante cheques, pago nomina de empresas
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
Financial literacy education
+ Health services offered
Basic medical services
+ Women's empowerment services offered
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Internal audits check household debt exposure, lending practices that violate procedures including unauthorized re-financing, multiple borrowers or co-signers per household, and other practices that could increase indebtedness.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.
A mechanism to handle customer complaints is in place, has dedicated staff resources, and is actively used. (Suggestion boxes alone are generally not considered adequate.)
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Benefits (medical insurance, pension contribution)
+ Basis of staff incentives related to social performance
Portfolio quality
+ Social responsibility to the environment
This institution trains/educates clients regarding environmental improvements
+ Poverty measurement tools in use

Partnerships

Current
Name	Relationship
Hivos	Funding
Hivos-Triodos Fund	Funding
Incofin - Volksvermogen Microfinance Portfolio	Funding
Luxmint - ADA	Funding
MicroBanx Systems, LLC	Vendor
Microfinanza Rating	Rating
MicroRate	Rating
RFR	Network Affiliation
The Rating Fund	Partner

Former
Name	Relationship
LMDF	Funding

MFI Report