Cooperativa de Ahorro y Crédito Minga Ltda

Gross Loan Portfolio USD, 2010: 3.0 million

Number of active borrowers 2010: 2,081

Average loan balance per borrower USD, 2010: 1,461.4

Deposits USD, 2010: 2.3 million

Assets USD, 2010: 3.6 million

Number of depositors 2010: 8,900

Mission:

Minga Ltda, es una Cooperativa de ahorro y credito especializada en economía popular y solidaria afrece una diversidad de servicios finanacieros que satisfacen las expectativas de sus socios y socias contribuyendo aso a su progeso y bienestar.

Background and Main Challenges:

Somos la mejor institución microfinanciera Kichwa solidaria, eficiente y solvente; estamos presentes en las principales ciudades del pais; a tarves de un equipo humana talentoso y profesional ofrecemos diversos productos y servicios financieros de calidad y facil acceso; asi contribuimos al ... Read more

Address:

Rio Chanchan 18-33 y Chile

Riobamba

Chimborazo

Ecuador

Phone:

03-2961-390

Fax:

03-2961-390

Main Funding Sources:

Savings

Products and Services:

Loans

Voluntary Savings

Insurance

Looking for (Investment Types):

Loans in Local Currency

Loans in USD

Donations

% Operations Comprised by MF:

91 - 100

Date established:

May 30 1997

FYE:

31-Dec

Current Legal Status:

Credit Union / Cooperative

Regulated:

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in rural areas	1
Clients living in urban areas	2
+ Development goals (ranked by importance)
Increased access to financial services	1
Poverty reduction	2
+ Poverty targets
Very poor clients
Poor clients
Low income clients
+ Governance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
Microcredit for household needs/consumption
+ Savings products offered
Voluntary savings accounts
Compulsory savings accounts (cash collateral)
Fixed term deposits
+ Compulsory insurance products required
+ Voluntary insurance products offered
+ Other financial products and services offered
Savings facilitation services
Pago de servicios
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
+ Health services offered
+ Women's empowerment services offered
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Transparency on salary (a clear salary scale based upon market salaries)
+ Basis of staff incentives related to social performance
Portfolio quality
+ Social responsibility to the environment
+ Poverty measurement tools in use
Grameen Progress out of Poverty Index (PPI)

Partnerships

Current
Name	Relationship
RFR	Network Affiliation

MFI Report