These are the ten cooperatives that gave the most credit in Ecuador during 2022: Pichincha had the largest amount of loans

The volume of loans in the savings and credit cooperative system in the country grew by a little more than $278,000 million in 2022, compared to 2021.

And it is expected to increase more, since, at the moment, there are only figures from January to October of the previous year where $8,731.03 million. This figure is higher than that of 2021 where the credit was located at $8,453.84, according to figures from the Association of Private Banks of Ecuador (Asobanca), which collects data from the Superintendency of Banks.

Pichincha is the province where the most credit volume with $2,388.51 million, which represents about 27% of the total resources. And where it has been least concentrated is in the Galapagos with $9.34 million between January and October 2022.

Compared with the ranking of banks where the commercial segment is where these resources are directed, in cooperatives consumption prevails with $4,308.78 million. for the economist William Farm, consumer credit is different from a card cash advance. “For the first one, you need to fill out an application, accompany it with documents and certificates, go through a credit committee; in the case of the second, it is to do it online or in person, pay a fee for the advance and set the deadline ”, explains Granja.

with this agrees John Daniel Francoprofessor of Microeconomics, Elements of Economics and Financial Analysis at the Faculty of Administration and Business of the Casa Grande University, who reaffirms that this segment does not mean a credit card.

“There are more consumer loans than productive ones due to the accessibility of these loansAlthough it is true, they tend to be more expensive because they have a higher interest rate and are easier to obtain, because they only ask for basic requirements (identity card, basic services form, and payroll),” Franco mentions.

After consumption is the microcredit with $3,619.52 millionfollowed by productive with $528.98 million and housing $273.27 million. In it educational is a minimum quantity with four hundred eighty thousand dollars.

For Franco, the stagnation of adequate employment is one of the barriers preventing this category from growing. And Granja adds another reason: “Many people made the decision to stop studying or seek educational institutions according to their ability to pay without the use of credit., this is why you see a temporary contraction; as the economy recovers and jobs increase or job opportunities for new graduates this trend will reverse.”

Meanwhile, the Valley Alliance Cooperative is the one that generated the most credit volume in the first ten months of 2022 with $676.93 million; followed by the Cooperativa de Ahorro y Crédito Juventud Ecuatoriana Progresista with $666.04 million. These are the ten entities that have placed the most credit.

1. Cooperativa Alianza del Valle with $676.93 million.
2. Cooperativa de Ahorro y Crédito Juventud Ecuatoriana Progresista Ltda. with $666.04 million.
3. Co-progress with $589.31 million.
4. Jardín Azuayo Savings and Credit Cooperative with $570.90 million.
5. National Police Savings and Credit Cooperative with $487.08 million.
6. Cooperativa de Ahorro y Crédito 29 de Octubre Ltda. with $380.20 million.
7. Cooperativa San Francisco with $271.98 million.
8. Savings and Credit Cooperative “Fernando Daquilema” with $269.29 million.
9. National Corporation of Popular and Solidarity Finance with $261.19 million.
10. OSCUS Cooperative with $260.59 million.

Within the Asobanca figures, September 2022 appears as the month with the highest credit volume with $988.94 million and the lowest falls in January with $671.77 million.

Concentrated credit in the Sierra

More than half of the loans granted between January and October 2022 are in this region. Pichincha has $2,388.51 million where the microcredit segment stands out with $1,185.49 million. Azuay continues with $894.25 million, here instead the type of consumer credit prevails with $595.19 million. And very close is Tungurahua with $800.33 million and microcredit predominates with $359.81 million.

What happens on the Coast and Amazon?

In these two regions, the savings and credit cooperatives also allocated items and the most used is consumption, although there are very few provinces that exceed $400,000 million.

Guayas, for example, registers $466.61 million; Manabí $370.03 million; Morona Santiago with $136.65 million and Zamora Chinchipe with $118.67. Below the detail.

Meanwhile, in the Amazon, Orellana is the province where less credit was allocated with $97.43 million. They are all aimed at consumption.