Introduction to Socaps and their Significance in Mexico
During the First National Encounter of Social Economy, organized by the Secretariat of Economy, 40 Societies Cooperative for Savings and Loans (Socaps) affiliated with Concamex were awarded the “Made in Mexico” distinctive mark.
Background on Socaps
Socaps are an integral part of Mexico’s cooperative sector, which focuses on savings and loans. This sector comprises 155 regulated entities, collectively holding assets exceeding 277 billion pesos. Operating under a participatory community model, Socaps significantly contribute to the economic and social development across Mexico.
Impact of Socaps on Communities
With over 11 million savers and generating more than 20,000 direct jobs spread across 3,200 branches nationwide, Socaps play a crucial role in Mexico’s economy. Notably, 54% of their members are women who benefit from over 3 billion pesos in financing, as reported by Caja Popular Mexicana.
Recognition and Future Prospects
The First National Encounter of Social Economy brought together leaders from various cooperative sectors, including Socaps, to encourage intersectoral linkages, improve development conditions, and highlight their contributions to community progress.
Digital Transformation
As part of their modernization and transformation, Socaps are increasingly integrating digital services. This shift strengthens their presence in the economy while preserving their social character.
Caja Popular Mexicana’s Perspective
Caja Popular Mexicana, the largest cooperative in Mexico by number of members and assets, welcomed the federal government’s initiative as a testament to the transformative role of Mexican cooperativism.
The institution emphasized its commitment to social and solidarity economy, expressing readiness to collaborate on initiatives that bolster collective and community development in the country.
Key Questions and Answers
- What are Socaps? Socaps, or Societies Cooperative for Savings and Loans, are an essential component of Mexico’s cooperative sector, focusing on savings and loans.
- How many Socaps received the “Made in Mexico” mark? Forty Socaps were recognized with this distinctive mark during the First National Encounter of Social Economy.
- What is the significance of Socaps in Mexico? Socaps contribute significantly to Mexico’s economy, with over 11 million savers and generating more than 20,000 direct jobs.
- What is the digital transformation initiative for Socaps? As part of their modernization, Socaps are integrating digital services to strengthen their presence in the economy while maintaining their social character.
- What did Caja Popular Mexicana say about the recognition? Caja Popular Mexicana welcomed the federal government’s initiative as a recognition of the transformative role of Mexican cooperativism.
