Arequipa: Mi Financiera freezes interest payments until December

By: Roberth Orihuela

Through a statement, the Savings and Credit Cooperative (Coopac) My Financial, informed that the interests that must be paid to savers who have fixed and mobile deposits will be frozen until at least December 31 of this year. In addition, they announce will accept returns of such depositsSince August, but at the same time they will “make the partners aware” of the need to make Coopac profitable. For the Public Accountant and specialist in cooperatives, Fredy Copari Huanca, the proposal is contradictory and suspicious, since the interests will continue to add up and they will have to pay them at some point. “It is dangerous because annual losses could be generated, further harming their option to get out of the dissolution that the Superintendence of Banking, Insurance and AFPs (SBS) has been seeking since 2018 ″, he maintains.

According to the document, the directors of My Financial They met with 13 representatives of the 100 delegates elected by the 48,000 members nationwide, on March 8. These agreed to hire an external audit that must deliver results no later than August 30. In addition, the Education Committee must strengthen training for members in order to explain the importance of making Coopac profitable. And also the Surveillance Committee must accredit at least one representative of the partners in each agency that Mi Financiera has in the country. For as long as they accept the freezing of interest to savers, at least until December 31, 2022. But they put as a condition the recovery of credits delivered to other partners.

Copari Huanca points out that the measure is contradictory. “While on the one hand they say that interest will be frozen, on the other they accept that they will return fixed-term deposits from August. The truth is that in the face of the crisis it will not be strange for the majority to ask for the return of their savings. But at the same time they accept that the credits are not being paid. So, how do they intend to return the savings?”, asks the specialist. He adds that the measure will not work and only serves as a breathing space to freeze its obligations.

transformation is illegal

The accountant also warns that the “transformation” to Cooperativa de Servicios Múltiples (Coopsermul), proposed by the directors of My Financial and doubtfully approved last week, it would be illegal. “First, several partners and delegates denounced irregularities. They were not allowed to speak or vote, except those from Arequipa. In addition, everything is handled in secret and is not published for the knowledge of the partners”.

Also, to ensure that the change from Coopac to Coopsermul is registered with Public Registries You must have the authorization of the SBS. This is in accordance with articles 2 and 4 of resolution 480-2019-SBS, which states that any change in the statutes, reorganization or transformation must be previously approved by the SBS.

My Finance violates the nature of Coopsermul

Another important aspect is that by changing to Coopsermul, the entity becomes a closed cooperative, which by design should only accept members with certain occupational, labor or professional qualities. “For example, they can only be policemen or lawyers,” explains Fredy Copari.

In the case of Coopsemul Mi Financiera Peru (as it will be called Mi Financiera), they indicate that they will accept any natural person with legal capacity, non-profit associations, micro and small businesses, other cooperatives and even minors. “They are violating the closed nature that it should necessarily have,” adds the specialist. In addition, while the SBS continues with the dissolution process, Mi Financiera cannot do anything.