Guanajuato (Transatlantic Today) – In a testament to its burgeoning cooperative sector, Guanajuato has emerged as a focal point for financial solidarity and stability, boasting an impressive concentration of cooperative members. The Central Integrating Federation of Savings and Loan Cooperatives, comprising ten prominent firms, has reported a staggering accumulation of 150 billion pesos in the capital of cooperatives, with Guanajuato accounting for a remarkable 40%.
With 600 branches strategically spread nationwide, these affiliated cooperative firms have extended their reach across Mexico, serving nearly 4 million members. Adalberto de Jesús Segovia Dévora, President of the Central Integrating Federation of Savings and Loan Cooperatives, stressed the notable growth trajectory of these institutions, citing their resilience and commitment to timely payments, resulting in low delinquency rates.
Resilience Amid Challenges
Despite the obstacles created by the COVID-19 pandemic, cooperatives in Guanajuato have demonstrated exceptional stability, with no known resignations or huge withdrawals. Segovia Dévora emphasized cooperativism’s social and solidarity-driven culture, which has historically thrived in the face of economic disasters, providing a lifeline to struggling communities.
Remittance Resilience
Despite the exchange rate fluctuations, the remittance service within the cooperative union remained robust. Segovia Dévora traced this resilience to the steady commitment of migrants, mainly from regions like General Francisco R. Murguía, Zacatecas, who still support their families back home, not discouraged by currency fluctuations.
Ensuring Regulatory Compliance
According to AM, in light of the critical role cooperatives play in fostering financial inclusivity, Segovia Dévora emphasized the importance of verifying regulatory compliance. He urged cooperative users to ensure their institutions are regulated by the Auxiliary Supervision Fund for Cooperative Savings and Loan Societies and Protection of their Savers (Focoop), stressing that failure to do so could leave them vulnerable.
A Decade of Progress
Celebrating a decade of cooperative synergy, the Central Integrating Federation of Savings and Loan Cooperatives convened its annual general assembly in León. This gathering served as a platform for national representatives to review cooperative strategies and chart a course for collective growth and resilience.
Governor Diego Sinhue Rodríguez Vallejo, acknowledging the critical role of cooperatives, hailed them as engines of opportunity, providing necessary financing avenues for needy families while promoting a culture of savings. With 8,927 employees nationwide, the cooperative sector continues to be a cornerstone of economic empowerment, with Guanajuato leading the charge as the epicenter of cooperative membership in Mexico.
