SBS Dissolves Eight Savings and Credit Cooperatives for Failing to Meet Requirements

Attention! The Superintendency of Banking, Insurance and AFP (SBS) announced this last Friday the dissolution of eight savings and credit cooperatives (Coopac) at the national level for not meeting the minimum requirements established to operate in the sector. Find out HERE what they are and why the SBS decided to intervene in them for their subsequent closure.

As is known, in recent weeks, the superintendency has been taking action against several microfinance institutions for not complying with the rules established by law and having million-dollar losses that mainly affect savers, who fear losing their money and being left in uncertainty.

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Which savings and credit cooperatives were dissolved by the SBS?

According to the organization, the dissolved entities are the following:

• Coopac Business (Moquegua)
• Coopac Of Avon Products Workers Ltda (Lima)
• Coopac From the Collaborators of Natura Cosmticos SA Limitada (Callao)
• Coopac CreditToque Peru Limited (Puno)
• Coopac Cash Global of Peru (Lima)
• Coopac Ayni (Cusco)
• Coopac Eurocredit Limitada (Puno)
• Coopac San Antonio (San Martín).

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Situation is worrying, according to expert

Given this, the economist Ronald Casana commented that since 2019 the news of the Coopac It is critical, since many of the smaller ones do not meet the minimum standards established by the SBS, which has led to their closure.

“During that period, more than 100 cooperatives have dissolved,” mentioned Casana, who highlighted that the most affected are those of smaller size, especially those that are within level 1 and represent approximately 200 entities, managing approximately 5% of loans granted to microenterprises throughout Peru.