For example, for participants in the MICOOPE Cooperative system, the average savings balance is Q35,000 ($4,666) among persons who save and receive remittances compared with an average savings balance of Q10,000 ($1,333) for those who save without receiving remittances. In addition to these statistics, project data reveals that people who receive remittances have a strong capacity and potential to save. Through hard work and diligence, Jessica has convinced 239 persons to formalize their savings by opening an account, which for many, is their first. We are helping people and they are responding positively.”Īccording to her records, nearly half of the people who do not have an account save their money at home. With these sessions, I can present them with other options such as saving as a way of achieving financial goals. “These people have a lot of debt, wanting to solve everything with loans. Jes sica notes that clients generally demonstrate interest in knowing more about savings accounts at the end of her sessions with them. Informal savings are savings that are kept outside of the financial system, including savings that are “under the mattress.” Those who do not have a savings account have an average of Q4,492 ($600) in informal savings compared to people who have an account with an average balance of Q17,780 ($2,370). Incomes are higher among those who have an account with the cooperative and average Q68,175 ($9,090), and 92 percent of participants at the branch affirm they save in one form or another. This population’s average annual income is Q32,404 ($4,320). In six months Jessica performed 996 individual financial education sessions with outstanding outcomes.Īccording to the data collected during her sessions, 8 percent of the population using the cooperative branch does not have a savings account. Jessica’s work with the project generated impressive results for the Santa Cruz Barillas branch of the San Pedro Cooperative. Jessica (right) attends a workshop for Financial Educators in Guatemala City She affirms that the methodology she learned during the project’s training is particularly successful because it includes individualized sessions that focus on the specific needs of each client, such as drafting a budget. Thus, for Jessica, it was easy to understand the objectives of the project. Previous to joining the project, Jessica worked for a bank for 14 years during which time she accumulated knowledge on financial education and the importance of building assets through the formalization of savings. Thus, due to her excellent work, demonstrated commitment, and strong sense of responsibility, Jessica Noriega was promoted to Branch Manager at Cooperative San Pedro. In addition to promoting financial inclusion in her community, Jessica always demonstrated a willingness to collaborate with her colleagues at Cooperative San Pedro given her extensive experience in banking and finance. Her work was to provide financial education at Cooperative San Pedro in Santa Cruz Barillas, Huehuetenango in the Western Highlands region of Guatemala. Jessica Noriega first joined the Opportunities for My Community project as a financial educator. Spanish This is a story of success of the Opportunities for My Community Project, which links remittances, education and savings to promote economic and human development in Guatemala.Ĭooperative San Pedro (MICOOPE), Santa Cruz Barillas Branch
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