Question 1

What is Confiar?

Accepted Answer

Confiar is a financial cooperative (Cooperativa Financiera) in Colombia, operating as an establishment of credit under the cooperative model. It is one of six financial cooperatives in the country's savings and credit cooperative sector.

The institution serves individuals and companies through savings accounts, credit products, and assistance services, with a particular focus on serving people who generally lack access to traditional banking.

Question 2

When was Confiar founded?

Accepted Answer

Confiar was founded on July 3, 1972, by a group of 33 workers from the Sofasa-Envigado Company who transformed their Christmas savings fund (natillera) into a savings and credit cooperative. The cooperative received legal recognition from the National Superintendency of Cooperatives in September 1972.

During its first decade, the cooperative served exclusively Sofasa workers, growing to over 500 members. In 1982, the cooperative underwent significant transformation, adopting modern cooperative management concepts and expanding beyond its original closed structure. In 2003, Confiar converted to an establishment of credit (Establecimiento de Crédito) under Resolution 1200 of November 11, 2003, and obtained registration with FOGACOOP (Fondo de Garantías del Sector Cooperativo), which provides deposit insurance coverage for savers.

Question 3

Where is Confiar headquartered?

Accepted Answer

Confiar is headquartered in Medellín, Antioquia, Colombia, at Calle 52 (Avenida 10 de Mayo) No. 49-40 Piso 2. The cooperative's main administrative offices and general management are located in this Medellín facility.

Question 4

Where does Confiar operate?

Accepted Answer

Confiar operates throughout the municipalities where it has established physical offices across Colombia. The cooperative has 48 offices present in Antioquia, Barranquilla, Bogotá, Cali, Cartagena, Montería, and Pereira.

The cooperative's territorial presence allows it to serve communities across multiple Colombian regions, with particular strength in Antioquia and other key urban centers.

Question 5

What services does Confiar offer?

Accepted Answer

Confiar provides comprehensive financial intermediation services including savings accounts, credit products (consumer loans, housing loans, commercial credit), and social programs. The cooperative offers digital banking through its mobile app (CFA Móvil) and virtual office platform, enabling online transactions, payments, and account management.

At the end of 2021, Confiar had a membership base exceeding 366,000 people, comprising 202,128 members (asociados) and 164,000 savers (ahorradores). The cooperative also offers payment services, debit cards, and assistance programs through Fundación Confiar, which focuses on education, culture, and recreation initiatives.

Question 6

What makes Confiar unique?

Accepted Answer

Confiar operates under the cooperative ownership model where members are also owners of the institution, fundamentally differentiating it from traditional banks. The cooperative's mission emphasizes solidarity alongside financial intermediation, with the principle that "solidarity is not before or after, but integral to the business."

Confiar focuses on serving natural persons (both salaried and independent workers), family businesses, micro and small enterprises, and nonprofit legal entities that generally lack access to the traditional financial system. The cooperative has maintained its commitment to financial inclusion and social development for over 50 years while achieving operational excellence comparable to commercial banks.

Question 7

What type of financial institution is Confiar?

Accepted Answer

Confiar is a Cooperativa Financiera (Financial Cooperative), a specialized type of cooperative organization in Colombia defined by Law 454 of 1998. As an establishment of credit, it conducts financial intermediation activities under cooperative principles of democratic governance, member ownership, and social responsibility.

Financial cooperatives in Colombia are supervised by the Superintendencia Financiera and must comply with prudential regulations similar to those for banks, while maintaining their distinctive cooperative character and social mission.

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