Question 1

What is L'Union des Meck?

Accepted Answer

L'Union des Meck (Union of Mutuelles d'Épargne et de Crédit ya Komor) is the apex organization and network coordinator for the MECK cooperative microfinance system in the Union of Comoros. It serves as the umbrella institution that oversees and coordinates 14 member cooperative savings and credit unions (mutuelles) spread across the three main islands of the country.

As the governing body of the MECK network, L'Union des Meck represents the largest and most prominent microfinance network in Comoros, holding the distinction of being the country's leading financial institution in terms of credit distribution and deposit collection.

Question 2

When was L'Union des Meck founded?

Accepted Answer

L'Union des Meck was formally established in 2003 by the AIEB project (Appui aux initiatives économiques de base/Support for Basic Economic Initiatives), which was backed by FIDA (International Fund for Agricultural Development).

The union was created after the first individual MECK cooperatives began operations in the mid-1990s. The network emerged with the primary objective of taking over from the project structure and ensuring the sustainability and coordination of the growing MECK cooperative network across the Comoros islands.

Between 1996 and 2014, 14 individual MECK cooperatives were established across the archipelago, with L'Union des Meck serving as their central coordinating body.

Question 3

Where is L'Union des Meck headquartered?

Accepted Answer

L'Union des Meck is headquartered in Moroni, the capital city of the Union of Comoros, located on Grande Comore (Ngazidja) island.

The organization maintains its primary operations from Moroni, where it serves as the privileged interlocutor with monetary authorities in their interactions with the network's member cooperatives.

Question 4

Where does L'Union des Meck operate?

Accepted Answer

L'Union des Meck operates across all three main islands of the Union of Comoros through its network of 14 member cooperatives:

Grande Comore (Ngazidja): The network includes 9 MECK cooperatives, including MECK-Moroni, MECK-Iconi, MECK-Mitsoudjé, MECK-Mitsamiouli, MECK-Foumbouni, MECK-Ntsawéni, MECK-Koimbani, MECK-Ivembéni, and MECK-Mbéni.

Anjouan: The network includes 4 MECK cooperatives: MECK-Mutsamudu, MECK-Domoni, MECK-Ouani, and MECK-Sima.

Mohéli: The network includes 1 MECK cooperative: MECK-Fomboni.

As of 2017, the network served over 100,000 account holders throughout these locations.

Question 5

What services does L'Union des Meck offer?

Accepted Answer

As the apex organization, L'Union des Meck provides coordination, supervision, and support services to its member cooperatives rather than directly serving individual customers. Its primary functions include:

Network Governance: Controlling and supervising member MECK cooperatives to ensure compliance with cooperative principles and regulatory requirements.

Strategic Planning: Planning and coordinating the development of the network through the creation of new cooperatives and promotion of existing ones.

Regulatory Interface: Representing member cooperatives with the Central Bank of Comoros (Banque Centrale des Comores) and other monetary authorities.

Capacity Building: Strengthening the capabilities of employees and elected officials across the network through training and professional development programs.

Standards Enforcement: Ensuring the application of a code of ethics across all member institutions.

International Representation: Representing its members on the international stage in matters related to cooperative finance and microfinance development.

Through its member cooperatives, the network provides savings accounts, credit facilities, money transfer services, foreign exchange operations, and other financial services to the Comorian population.

Question 6

What makes L'Union des Meck unique?

Accepted Answer

L'Union des Meck holds the distinction of being the largest financial institution in the Union of Comoros in terms of both deposit collection and credit distribution, surpassing even commercial banks in these metrics.

As of 2017-2018, the network managed over 24.7 billion Comorian francs in deposits and more than 20.8 billion Comorian francs in outstanding credit. The network is officially licensed by the Central Bank of Comoros under license number 2005-001/AGM.

The cooperative network plays a crucial role in financial inclusion, contributing approximately 25% to the country's banking penetration rate. It specifically focuses on serving populations traditionally excluded from formal banking services, including women, youth, and rural communities.

The network's cooperative structure means that capital is entirely held by its members, ensuring democratic governance and alignment with member interests. This grassroots ownership model has proven highly successful in the Comorian context.

Question 7

What type of financial institution is L'Union des Meck?

Accepted Answer

L'Union des Meck is a cooperative financial institution network, specifically classified as a decentralized financial institution (institution financière décentralisée) under Comorian banking regulations.

As an apex or umbrella organization, it functions as the central coordinating body for member cooperative savings and credit unions. In the Comorian financial system, it operates alongside traditional commercial banks but with a distinct cooperative and microfinance mission focused on financial inclusion and community development.

The organization and its member cooperatives are officially recognized and regulated by the Central Bank of Comoros (Banque Centrale des Comores) as part of the country's formal financial sector, distinct from but complementary to conventional commercial banking institutions.

L'Union des Meck

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About L'Union des Meck in the Comoros