Brochoure FEDMAC-english - Federación de Cajas Municipales de

We promote
strategic solutions
for the MUNICIPAL SAVINGS
AND CREDIT BANKS SYSTEM
Vision
To become the organization that
supports the CMACs' (Municipal Savings
and Credit Bank) competitiveness in the
Peruvian financial system.
Mission
To work for the development and the
consolidation of the CMAC System,
promoting the proprietary strengthening,
the good corporate governance and the
CMACs' sustainability.
Principles
Integrity
To act with ethics, responsibility, probity,
impartiality, transparency, confidentiality
and righteousness.
Service Vocation
Ability of helping others and offering
useful time in a convenient way.
Commitment
To demonstrate determination to achieve
the organization's objectives/goals.
Creativity
To generate new ideas to improve the
products and services for the members.
Solidarity
To act towards others with the aim of
sharing opportunities and supporting in
case of need or difficulty.
FEPCMAC Members
Caja Municipal de Ahorro y Crédito de Arequipa
(Municipal Savings and Credit Bank of Arequipa)
Caja Municipal de Ahorro y Crédito de Cusco
(Municipal Savings and Credit Bank of Cuzco)
Caja Municipal de Ahorro y Crédito Del Santa
(Municipal Savings and Credit Bank of Santa)
Caja Municipal de Ahorro y Crédito de Huancayo
(Municipal Savings and Credit Bank of Huancayo)
Caja Municipal de Ahorro y Crédito de Ica
(Municipal Savings and Credit Bank of Ica)
Caja Municipal de Ahorro y Crédito de Maynas
(Municipal Savings and Credit Bank of Maynas)
Caja Municipal de Ahorro y Crédito de Paita
(Municipal Savings and Credit Bank of Paita)
Caja Municipal de Ahorro y Crédito de Piura
(Municipal Savings and Credit Bank of Piura)
Caja Municipal de Ahorro y Crédito de Sullana
(Municipal Savings and Credit Bank of Sullana)
Caja Municipal de Ahorro y Crédito de Tacna
(Municipal Savings and Credit Bank of Tacna)
Caja Municipal de Ahorro y Crédito de Trujillo
(Municipal Savings and Credit Bank of Trujillo)
1. Letter from the
Chairman of the Board
The Peruvian Federation of Municipal Savings and
Credit Banks (FEPCMAC, for its acronym in
Spanish) has positioned itself as an strategic
representative of CMACs to the main national and
international cooperation entities, supervisory and
regulatory bodies such as the Superintendence of
Banking, Insurances and Private Pension Funds
(SBS, for its acronyms in Spanish) , and the Banco
Central de Reserva (Central Reserve Bank); as well
as different economic agents of the Peruvian
financial system.
and encourage the research in financial inclusion
from a geographic perspective.
According to the Microscopio Global report of 2014,
"Analysis of the Environment for Financial Inclusion"
developed by The Economist Intelligence Unit at
the request of the Inter-American Development
Bank (IDB); Peru was ch osen for the seventh
consecutive year as the country that offers the best
business environment for microfinance and other
financial services in the world. Due to having shown
a greater global positioning in about twelve fields
related to financial inclusion, such as national
strategy, regulation framework and financial
supervision, financial products, service channels
and means of payment offered by the financial
system, transparency of information, protection to
the financial consumer, amongst the main fields.
There is no doubt that CMAC System has been one
of the pillars for the development of microfinance in
our country maintaining its leadership, and has
become an example to other countries.
Consequently, the CMACs will continue to be an
instrument of financial decentralization and
deepening, which provides credits to improve the
living conditions of a large part of the population,
and offers opportunities to the development of
productive activities not assisted by banking
institutions.
On the other hand, the SBS has already made
available to the financial entities and general public
the Map of Opportunities for Financial Inclusion, a
tool that aims to provide the necessary information
to take actions in order to expand the coverage of
financial services, identify business opportunities
As we know, every day we have new tools and
technologies to continue working for financial
inclusion, such as psychometric scoring and mobile
banking, and soon the electronic money as well.
While it is true that Peru has made progress in
financial inclusion, we can still keep growing, and
as the CMAC System is a significant player in its
consolidation, we hope to continue working on it.
Another great challenge will be to increase the focus
on rural areas, which despite having a complicated
geography, have gained a higher dynamism in
recent years. It should be noted that these
difficulties have not been an obstacle to the CMAC
System to develop in provinces, and in some cases
in remote areas; but there is still a lot to be done.
Finally, we hope to keep working with the support of
all CMACs and their different groups of interest,
under a management model that allows to identify
best practices in the microfinance area, access to
specialized studies, introduce appropriate technologies and thus contribute to the creation of new
products, services and service channels to the
benefit of the low-income populations that CMACs
serve.
Mr. Pedro Chunga Puescas
4. Cooperation Agreements
and Strategic Partnerships
2. CMAC System in Figures
The CMAC System has an important role in the
Peruvian microfinance system, considering the
geographical coverage of its service channels
nationwide, being the only financial presence in
about 100 districts of the country.
 More than 1.5 million people with active credit
operations and 2.7 million customers with active
savings accounts.
 $ 4.248 million in credits (89% in provinces,
62% for Small and Micro Enterprises).
 $ 4.160 million in deposits (70% in provinces).
 629 offices nationwide, 2.171 ATMs and
8.763 Correspondent Agents.
This has been achieved through technical
assistance programs and/or inter-institutional
cooperation agreements, being the principal ones:
 More than 75.000 customers already use the
Mobile Banking.
COLECTIVO ACCESO INITIATIVE
 154.320 people work in the CMAC System.
Source, SBS, figures to May 2015
3. FEPCMAC background
The FEPCMAC is a non-government legal entity of
public law, responsible of coordinating the activities
of all its members nationwide and representing the
Municipal Savings and Credit Bank System
nationally and internationally.
It is composed of eleven Municipal Savings and
Credit Banks operating in the country and aims to
achieve decentralization and deepening of the
financial inclusion through savings and credits.
The FEPCMAC supports the CMAC System through
technical assistance, training services, consulting in
The FEPCMAC, in order to promote alternatives to
develop the CMAC System, has sought to formalize
cooperation agreements and establish strategic
public-private partnerships to identify the best
practices in the microfinance sector.
business management, in the execution of corporate
projects and acts as a facilitator of strategic
partnerships to support the sustainable development
of the CMAC System.
In this context, it directly supports the CMAC
System against the challenges that arise as a result
of its particular characteristics and the current
situation; thus preserving a model of inclusive
financial company, which has proven successful for
over 30 years, reaching the 80% of microfinance in
Peru.
The FEPCMAC is part of Colectivo Acceso, along
with entities that agree that the diversity increasing of
financial products and services, the increasing
number of financial decisions and the technological
changes that multiply the contact channels, among
other reasons; make necessary an alignment of
efforts in financial inclusion and education initiatives,
by promoting the exchange of information and a
coordinated and institutionalized dialogue.
including exploration of value chains in the influence
areas of CMACs, analysis of the characteristics of
demand, financing needs, identification of market
barriers, analysis of suppliers and analysis of
profitability of the microleasing product in identified
value chains.
FINANCIAL CULTURE USING SMS- INNOVATION
FOR POVERTY ACTION
The FEPCMAC supported by IPA has tried to access to
information from better international practices on new
financial products and financial inclusion programs,
and thus support the identification of strategies for
poverty reduction.
A financial culture program has been designed via SMS
about the importance of cash savings for the benefit of
CMACs' clients. It is expected to try non-traditional
mechanisms of financial education.
BETTER THAN CASH
FINANZGRUPPE SPARKASSENSTIFTUNG FÜR
INTERNATIONALE KOOPERATION
The organization Better than Cash Alliance, an
organization that aims to accelerate the change
towards electronic media, has approved to grant a
technical assistance to support FEPCMAC issues
related to electronic money in the CMAC System.
It is expected to identify initiatives that promote
population's financial education through an interagency
cooperation agreement in order to generate greater
awareness of financial opportunities, informed decision
making, and defense the user’s rights.
SPECIALIZED STUDY IN MICROLEASING WITH
THE SUPPORT OF SWISSCONTACT
PROMOTING TRANSPARENCY - MIX MARKET
Work was carried out as strategic partners for
executing a study on microleasing in order to
promote its diffusion and overcrowding in the
market, therefore contributing to financial inclusion
for underserved segments.
A feasibility study of microleasing was carried out,
The signed MIX MARKET agreement has sought to
increase the public availability of standardized
information about the institutional performance of
CMACs, and thus spread their performance
internationally. On the other hand, it also seeks to
promote the transparency of CMACs and facilitate
the benchmarking about the performance of local
and international institutions.
5. Corporate Projects
In order to support the generation of economies of scale, cost reduction,
innovation to identify new products, services, service channels and
operational efficiency for the benefit of the CMAC System, the FEPCMAC
develops different corporate projects among which stand out:
CMAC System’s Unique Platform of Financial
Culture - Development Bank of Latin America
(CAF, for its Spanish acronym)
The technical assistance program
with CAF has allowed the union of
CMAC System to offer online
free-of-charge training courses that
help bring the services that
financial system provides.
Tu Caja te Cuenta is a platform for
financial culture that provides
financial knowledge as required by
age. Therefore, four strategic groups
have been determined: children,
youth, adults and elderly people. It
has tools for self- training and
knowledge tests.
Additionally, social media is used to
share opinions and queries about
financial services CMACs offer. The
platform was launched in January
2015.
Transactions via Cellphone - Mobile CMAC
The Mobile CMAC service was
launched in August 2013 With the
support from the Inter-American
Development Bank, using the free
USSD technology to benefit of the
CMACs' customers.
Technical assistance included market
research studies nationwide, design
of marketing strategies, training
programs for CMACs' customers,
among other things that directly
contribute to familiarize the use of
mobile banking.
By December 2014, more than
65.000 customers have
been
enrolled. They have a new service
channel for queries, credit payments,
cellphone refills and transfers to
propietary and third party accounts.
This project was a finalist in the 2014
Business Creativity Award.
Financial education about savings
and mobile banking
Training workshops that sought to
advertise the importance of savings
as a mean of better use of resources,
budget and its usefulness in
situations of emergency, among
other topics were developed within
the Mobile CMAC project.
The benefits and convenience of the mobile banking as
a friendly and safe service channel for low-income
people were also made known.
The workshops were attended by more than 16.000
people, including 3.750 people located in different
rural areas of the country, like Pilcomayo, Chupaca
Orcotuna and Sicaya in the department of Junin;
Tambogrande, La Unión, La Arena and Loma Negra in
the department of Piura; Tarata, Inclan and Calana in
the department of Tacna, among others.
Mobile Money
The MODELO PERU project is an initiative of the
Peruvian financial system for the implementation of a
unique platform for electronic money, which will mean
the support of financial inclusion given the uptake of
mobile telephony in Peru, in all socio-economic levels
and geographic areas.
A new transactional platform will be implemented by
taking the lessons learned and developments in other
countries of such initiatives.
Corporate Tariffs and Purchases
The CMACs have joined together to make corporate
purchases that allow them to produce economies of
scale in the procurement process, access to corporate
rates for specialized services, produce synergies in the
learning curve about logistics processes in each
participant, CMAC and finally apply jointly efficient
purchasing processes with shared costs.
Microahorro Juvenil
This project had a program of technical assistance
with CAF and included the analysis of young people
behavior in relation to the use of savings to identify
and design specific features on a financial product
that would improve their living conditions, and thus
achieve the production of income for their and their
families’ development. Training workshops of
financial
literacy
using
the
international
methodology (AFLATEEN) were made to more than
2.000 young people in peri-urban areas of Lima.
Corporate Leasing
The project had the Swiss Cooperation technical
assistance program (SECO), which aimed to
implement the leasing product, as well as The
Centralized Back Office Unit focused on FEPCMAC.
Handbooks, procedures and regulations were
prepared, of both microleasing and leasing
products, under the trademarks of Facileasing and
Leasing Emprendedor, respectively.
This project was a finalist in the 2011 and 2013
Business Creativity Awards. To December 2014,
CMACs have invested US$ 4.6 million in the
product. The product was launched in September
2010.
Exchange Hedging’s regulation
The modification of the resolution that allows the
microfinance industry to mitigate the exchange risk,
by enabling the management of exchange rate
derivatives in order to hedge the convert funding
flows from foreign currencies to national currency
and thus avoid operational cost overruns, was
supported in February 2011, by a CAF technical
assistance program under SBS Resolution No.
8182-2012, that amends/modifies the scheme of
authorization to carry out operations with derived
financial products, differentiating applications made
for trading in those made for hedging purposes.
The Municipal Savings and
Credit Banks have worked
together to develop an
ecosystem of financial culture
The Municipal Savings and Credit Banks of
Arequipa, Cusco, Del Santa, Ica, Huancayo,
Maynas, Paita, Piura, Sullana, Tacna and
Trujillo have jointly developed a unique
ecosystem including financial literacy using
social networks and videos for self-training
programs considering contents differentiation
for four strategic groups: children, youth, adults
and older adults.
Thus, the Municipal Savings and Credit
Banks, reaffirm their commitment to
integration in order to contribute to
financial inclusion in Peru, driving the
business model of microfinance, hoping
thereby support confidence in financial
services as a development mechanism for
low income population.
Find out in:
www.tucajatecuenta.com.pe
Contact information
Address: Calle Conde de Chinchón 918, San Isidro, Lima 27 - Peru
Telephone number: (511) 222 4002
www.fpcmac.org.pe