Question 1

What is COOPAC Financmar?

Accepted Answer

COOPAC Financmar (Cooperativa de Ahorro y Crédito Magdalena del Mar Ltda. 210) is a savings and credit cooperative operating in Peru. As a COOPAC (Cooperativa de Ahorro y Crédito), it is a member-owned financial cooperative that provides savings and lending services exclusively to its members. The institution is regulated and supervised by the Superintendencia de Banca, Seguros y AFP (SBS) through the Superintendencia Adjunta de Cooperativas (SACOOP), in accordance with Law No. 30822 and the General Law of the Financial System (Law No. 26702).

COOPAC Financmar operates under the cooperative principles of mutual aid and self-help, focusing on promoting the economic and social development of its members.

Question 2

When was COOPAC Financmar founded?

Accepted Answer

[Information not publicly available]

Question 3

Where is COOPAC Financmar headquartered?

Accepted Answer

COOPAC Financmar is headquartered in the Magdalena del Mar district of Lima, Peru. Magdalena del Mar is a residential district located in the western part of Lima, close to the Pacific Ocean.

Question 4

Where does COOPAC Financmar operate?

Accepted Answer

COOPAC Financmar operates primarily in the Lima metropolitan area, with a focus on the Magdalena del Mar district and surrounding neighborhoods in Peru's capital region. As a locally-focused cooperative, it serves the financial needs of members within its immediate geographic area.

Question 5

What services does COOPAC Financmar offer?

Accepted Answer

COOPAC Financmar provides typical cooperative financial services to its members, including:

Savings Products: Members can open savings accounts and term deposits to securely store their funds and earn interest.

Credit Services: The cooperative offers various loan products designed to meet member needs, including personal loans, business financing for micro and small enterprises, and consumer credit.

Member Services: As a cooperative, COOPAC Financmar provides financial education and support services to help members make informed financial decisions and improve their economic well-being.

All services are available exclusively to registered members of the cooperative, as COOPACs in Peru are not authorized to capture deposits from the general public.

Question 6

What makes COOPAC Financmar unique?

Accepted Answer

COOPAC Financmar operates under the cooperative model, which distinguishes it from traditional banks. Key unique aspects include:

Member Ownership: Members are both owners and clients of the cooperative, with voting rights in governance decisions.

Community Focus: The cooperative prioritizes the economic and social development of its members and the local community over profit maximization.

Deposit Insurance: Member deposits are protected by the Fondo de Seguro de Depósitos Cooperativo (FSDC - Cooperative Deposit Insurance Fund), which provides coverage up to S/ 5,000 per member, offering security for member savings.

Regulatory Compliance: The institution is formally registered with the SBS and operates under strict regulatory supervision, ensuring transparency and sound financial practices.

Question 7

What type of financial institution is COOPAC Financmar?

Accepted Answer

COOPAC Financmar is classified as a Cooperativa de Ahorro y Crédito No Autorizada a Captar Recursos del Público (Credit Union Not Authorized to Capture Public Deposits). This is a specific type of financial cooperative in Peru that operates exclusively with its members.

COOPACs are mutual financial institutions organized under cooperative principles, where members pool their savings to provide credit to one another. Unlike banks, COOPACs in Peru can only accept deposits from and extend credit to their registered members, not the general public. They are regulated by the SBS under Law No. 30822, which established a comprehensive regulatory framework for the cooperative sector in 2019, and are classified into different modular levels based on their asset size and authorized operations.

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