An Agreement on Synergies to Drive Financial Inclusion in Ecuador
Within the framework of the Economic Inclusion Project, WOCCU and the Superintendency of Popular and Solidarity Economy (SEPS) sign an agreement for the benefit of migrants, refugees and locals in vulnerable situations
July 21, 2021
QUITO, Ecuador—In an effort to boost its dual priorities of financial inclusion and education in Ecuador, the Economic Inclusion Project, financed by the United States Agency for International Development (USAID) and executed by World Council of Credit Unions (WOCCU), signed a cooperation agreement with the Superintendency of Popular and Solidarity Economy (SEPS) to benefit vulnerable people in Quito and Guayaquil.
“Inter-institutional coordination is very important. Since the SEPS is the regulatory and supervisory entity that oversees the savings and credit cooperatives we are working with, it allows us to generate synergies and joint efforts to efficiently promote digital financial inclusion despite the challenges presented by the COVID-19 pandemic,” said Oscar Guzman, Director of the WOCCU Economic Inclusion Project (EIP) in Peru and Ecuador.
The purpose of the agreement is to establish a collaborative framework between SEPS and EIP for the exchange of information, and the development and implementation of projects focused on promoting financial inclusion and contributing to the development of economic and financial competencies in different sectors of the population. That will allow more people to make sustainable financial decisions.
"What we do is to favor the strengthening of entities through technical management. And we all know that in order to achieve financial inclusion, we need a sustainable and strengthened sector, and we are working on that. That is our commitment," said Margarita Hernández, Superintendent of Economy Popular and Solidarity.
The goal is to work in a joint and coordinated manner to achieve financial inclusion for the Venezuelan and Ecuadorian populations, considering that only 16% and 50% respectively, currently have access to formal financial services.
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 90 countries. Worldwide, 86,055 credit unions in 118 countries serve 291 million people. Learn more about World Council's impact around the world at www.woccu.org.