Corporacion Nacional De Finanzas Populares y Solidarias (CONAFIPS)
They are a PUBLIC INSTITUTION THAT OPERATES AS A SECOND FLOOR BANK , that is, a financial entity at the service of the actors of the popular and solidary economy.
They work through the ORGANIZATIONS OF THE POPULAR AND SOLIDARY FINANCIAL SECTOR : savings and credit cooperatives, mutual funds, savings banks and community banks.
They generate financial inclusion and contribute to the improvement of the quality of life of the Organizations and their partners.
They offer a line of financial and non-financial products and services that include loans, guarantee services, strengthening and technology transferto the Organizations, in order to strengthen their capacity to generate credits for their members.
The process of institutional evolution of the National Corporation of Good Living in Ecuador, starts on May 16, 2007, through Executive Decree number 303 published in the Official Register No. 85, which creates the National Microfinance System Program, which in its recitals recognizes exhaustively:
That the microenterprise is an activity that has a positive impact on the generation of employment, the distribution of wealth, the revitalization of the solidarity economy and social development.
That one of the main problems that the microenterprise currently faces is the shortage of credit and the lack of financial institutions that offer enough products capable of meeting their financing needs, which forces them to resort to harmful forms of intermediation.
That national and international experiences show that credit is a virtuous financial instrument of development, and that the best way for the supply of financial services to contribute to economic development, especially of micro-enterprises, is through the promotion and strengthening of Popular finances that harmonize criteria of economic profitability with social profitability.
That even though public and private microcredit programs have created opportunities for the poor population and central social categories, such as women, to access financial services, the lack of coordination between them induces duplication of efforts and increases operating costs; that prevents increasing the coverage of financial services and achieving better impacts on the living conditions of the country's poorest families.
Which are priority objectives of the National Government's Economic Program: social and productive inclusion based on local development, and strengthen the processes for the construction of a social and solidarity economy. "
This governmental action was subsequently improved and strengthened through the issuance of specific reforms, among them, Executive Decree No. 1669, published in Official Gazette No. 578 of April 27, 2009, which recognizes the "need to apply a Strategy from the State. Anti Crisis of Defense of Employment conceived as a systemic set of public policies, and projects, aimed at minimizing the impact of the international economic crisis on the Ecuadorian labor market ". Its strategic components were defined, in the following terms:
Economic inclusion of micro and small producers.
Promotion of the popular and solidary economy.
Productive development, especially for employment-intensive sectors.
Orientation of public investment towards employment-intensive activities.
Protection of the income of the Ecuadorian families.
The Organic Law of the Popular and Solidarity Economy, in its Article 159 establishes the mission of CONAFIPS:
"The Corporation will have as its fundamental mission to provide financial services subject to the policy dictated by the Interinstitutional Committee to the organizations covered by this Law, under second-tier financial and credit service mechanisms; for which it will exercise the functions that will appear in its social Statute ".See more