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| Population, total (millions) |
12.3 |
| Population growth (annual %) |
2.6 |
| GNI (current US$) (billions) |
23.5 |
| GDP (current US$) (billions) |
24.7 |
| GNI per capita, Atlas method (current US$) | 1,910.0 |
More country data from the Microfinance Information Exchange Market
WOCCU's Savings Mobilization Programs in Latin America (88 KB, PDF)
Adapting to the Challenges of Changing Financial Paradigms
WOCCU's Savings Mobilization Programs in Latin America, 2003
By Janette Klaehn
This paper presents the case study of the savings methodology employed by the World Council of Credit Unions, Inc. (WOCCU) in its Latin America programs in Bolivia, Ecuador, Guatemala, Mexico and Nicaragua.
In Latin America, WOCCU has implemented credit union strengthening programs in Bolivia, Ecuador, El Salvador, Guatemala, Honduras, Mexico and Nicaragua. WOCCU experience repeatedly demonstrates that credit unions which combine financial discipline with demand driven products and aggressive outreach can both satisfy local demand for savings services and generate stable, long-term financing to meet member demand for credit services.
The Guayacan Credit Union (612 KB, PDF)
Summarized from: "A Review of Commitment Savings Products in Developing Countries', 2003
By: Nava, Ashraf, Nathalie Gons, Dean S. Karlan, and Wesley Yin
The Guayacan Credit Union has a total of 11 points of service serving approximately 41,000 clients in both rural and urban areas of Guatemala. It is legally authorized to mobilize savings. The Women's Savings Account is targeted to women who are perceived to save for birthdays, Christmas, and other family-oriented events. Interested women define an amount they want to save each month and they define a length of time during which they want to save. If they are successful in meeting the self-defined goals, they receive interest on their savings and can roll over the account. Interest on this account is one percentage point higher than passbook savings accounts. Deposit collectors are available to collect funds every month. The Women's Savings Account has witnessed a decrease over the last year. Guayacan staff highlighted that the product is most successful in areas where women are earning income.
Guatemalan Credit Unions (88 KB, PDF)
Going to the Barricades for Microsavings Mobilization: A View of the Real Costs from the Trenches, 2003
By Dave C. Richardson
Even though many true believers in the importance of savings have serious doubts about self governance, the grand irony of cooperative self governance is that its voice has been heard loud and clear in credit unions around the world. The message is unmistakably consistent: People need and want micro savings services. It is because of self governance that credit unions do not limit savings deposit accounts to US$ 500. Perhaps if more MFI's had stronger participatory forms of governance instead of the typical unilateral decision makers pushing their own agendas, microsavings would undoubtedly be viewed with the same importance as microcredit.
Credit Unions have shown that micro-savings mobilization is a financial service that is not only feasible, but in high demand. How can anyone espouse the virtues of microcredit loans below US$ 300 and yet, ignore poor savers who want to deposit and withdraw their meager savings in amounts less than US$ 500? Experience has shown that microsavings mobilization is worth going to the barricades for.
Union Popular Credit Union (Tiquisate) and Union Progresista Amatitlaneca--UPA Credit Union (Amatitlan) (184 KB, PDF)
Microfinance In Guatemala: The Case Of Credit Unions, 1998
By Gloria Almeyda and Brian A. Branch,
Performance and financial sustainability of micro-finance providers in Guatemala are assessed in this paper, with a focus on two credit unions, Union Popular Credit Union (Tiquisate) and Union Progresista Amatitlaneca--UPA Credit Union (Amatitlan)
Credit unions in Guatemala do not exclusively define their mission as serving the poor, but describe their client base as economically active, poor to middle income with a goal of diversifying their membership income and wealth base to build a stable core membership.
The two case studies help pinpoint factors that equip credit unions to compete in the microfinance market including:
- tying savings to loans between shares, savings/deposits, and loans
- becoming self-sustaining in low-income communities and in rural areas
- financial intermediation of credit union to be built on the local community's capital base
- creation of industry standards including an effective monitoring system
- interest rates that tend to be one to two points above the banking sector's for small savings
- credit unions depending on each other, for example advertising collectively and pooling their liquidity, to augment their services and increases competitiveness