Question 1

What is Cooperativa de Ahorro y Crédito Yoro, Limitada?

Accepted Answer

Cooperativa de Ahorro y Crédito Yoro, Limitada, commonly known as COOPACYL, is a credit union operating in the department of Yoro, Honduras. As a member-owned financial cooperative, it provides comprehensive savings and credit services to its members under the cooperative principles of mutual aid, democratic governance, and social responsibility.

COOPACYL is affiliated with the Federación de Cooperativas de Ahorro y Crédito (FACACH), the Federation of Credit Unions in Honduras. The institution operates under the supervision of the Consejo Nacional Supervisor de Cooperativas (CONSUCOOP), Honduras' national cooperative supervisory council.

Question 2

When was Cooperativa de Ahorro y Crédito Yoro, Limitada founded?

Accepted Answer

COOPACYL was founded on April 30, 1969, through the initiative of a group of residents from the Department of Yoro. The cooperative was established with the support of priest Norman Macffic and Carlos I Perdergast.

The credit union began operations with an initial capital of L. 4,446.00 and a membership of 94 members. Its primary objective was to improve the socioeconomic welfare of the people of Yoro, particularly in response to the exploitation by moneylenders who were charging excessive interest rates to local residents.

Question 3

Where is Cooperativa de Ahorro y Crédito Yoro, Limitada headquartered?

Accepted Answer

COOPACYL is headquartered in Yoro, the capital city of the Yoro Department in north-central Honduras.

Question 4

Where does Cooperativa de Ahorro y Crédito Yoro, Limitada operate?

Accepted Answer

The credit union operates across 8 municipalities within the Yoro Department. COOPACYL maintains its main office in the departmental capital of Yoro and operates branch offices in Victoria, Morazán, Jocón, Sulaco, Olanchito, Yorito, and Arenal.

This regional network allows the cooperative to serve communities throughout the department, bringing financial services to areas that may have limited access to traditional banking.

Question 5

What services does Cooperativa de Ahorro y Crédito Yoro, Limitada offer?

Accepted Answer

COOPACYL offers a comprehensive range of financial services to its members:

Savings Services: The cooperative accepts various types of deposits, including withdrawable savings accounts and fixed-term deposits that allow members to save securely while earning returns.

Credit Services: COOPACYL provides loans for productive agricultural purposes, personal improvement, education, housing, commercial activities, and microfinance. These lending services are designed to support both personal and business needs of members.

Insurance Services: The cooperative organizes insurance services for its members, providing additional financial protection.

Digital Services: Members can access services through the cooperative's website, which provides information about products, services, and the institution's history.

Question 6

What makes Cooperativa de Ahorro y Crédito Yoro, Limitada unique?

Accepted Answer

COOPACYL stands out for its deep roots in the Yoro community, having served the department for over 50 years since 1969. The cooperative's founding story reflects its commitment to protecting community members from predatory lending practices.

The institution's mission emphasizes providing solutions and alternatives to satisfy the economic needs of its members while maintaining a social and cultural projection. Its values include excellence, integrity, responsibility, loyalty, respect, and commitment to the community.

COOPACYL's extensive branch network across 8 municipalities in Yoro makes it one of the most accessible financial institutions in the department. The cooperative operates according to the seven internationally recognized cooperative principles, including open and voluntary membership, democratic control, and commitment to community.

Within its growth plans, COOPACYL aims to promote experience exchange among cooperatives nationally and create credit lines to incentivize the creation of cooperative enterprises.

Question 7

What type of financial institution is Cooperativa de Ahorro y Crédito Yoro, Limitada?

Accepted Answer

COOPACYL is a Cooperativa de Ahorro y Crédito (credit union), which is a distinct type of financial institution in Honduras.

Credit unions in Honduras are regulated separately from banks by CONSUCOOP rather than by the Comisión Nacional de Bancos y Seguros (CNBS), which oversees commercial banks. They are organized as limited liability cooperatives ("Limitada") under Honduran cooperative law.

These institutions are member-owned financial cooperatives that operate according to internationally recognized cooperative principles. COOPACYL specifically defines itself as a savings and credit cooperative focused on promoting savings among members, providing productive loans, and organizing complementary financial services like insurance.

Cooperativa de Ahorro y Crédito Yoro, Limitada

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About Cooperativa de Ahorro y Crédito Yoro, Limitada in Honduras