Currently, it is common for most people to have access to financial services, but it is also important to note that there are those who cannot access these financial services through commercial banking, according to the financial inclusion report issued in 2016 According to the CNBV, until December 2014 there were 2 billion adults in the world who did not have an account to save, make payments and receive salaries or financial aid. In the case of Mexico, the same report indicates that only 35% of the adult population has an account in some formal financial institution, this figure is below the average of 62%.
To understand more clearly what this report means, it is important to know that it is carried out by the CNBV, and the data that results in "the access and use of formal financial services within the framework of an appropriate regulation that guarantees schemes consumer protection and promote financial education to improve the financial capabilities of all segments of the population ”(Consejo Nacional de Inclusión Financiera, 2013).
Given the results that our country has, since they are low with the average, it means that the savings of people who do not have access to formal financial services do not have legal protection such as the IPAB, they may lose the fact of by having saved to get a dividend. For this reason, I consider it important that society, regardless of its economic condition, can have access to formal financial services.
It is also important that Cooperative Societies are entities that are within the Mexican Financial System as auxiliary credit entities and have particular characteristics compared to other auxiliary credit entities.
Therefore, the subject that we will address, which is mainly cooperative societies that according to the General Law of Cooperative Societies, << is a form of social organization made up of individuals based on common interests and on the principles of solidarity, self-effort and mutual aid, with the purpose of satisfying individual and collective needs, through the realization of economic activities of production, distribution and consumption of goods and services. >> The purpose of these institutions is to provide financial services to people who do not have access to formal financial services, either by location, adequate supporting documentation, and income level. Therefore, I consider it important to address the issue since our country is one of the important economies in Latin America,and the percentage of people who have access to formal financial services is low compared to the average for Latin America.
Since Cooperative Societies have greater flexibility and seek the common good, many users of formal banking began to look for basic financial services such as savings and credit in Cooperative Societies, which is why formal banking began to feel threatened. Since Cooperative Societies have a greater presence in the country compared to what they had 15 years ago, but a great advantage that formal banking has is that the services they offer are now technological.
What makes Cooperative Societies different from private banking institutions is that they are not for profit since they are identified more with social ends than with economic ends. One of the characteristics of Cooperative Societies is that it operates based on mutual aid, which is why it is a focus of attention worldwide since it provides these financial services regardless of the economic condition of the people, but it should be noted that they are focused on the low-income sector of the population, and since there is a lot of poverty in our country, it is an opportunity for the population, which is why the banking sector has begun to feel threatened, for which it has begun to expand its services in rural areas and has begun to have flexibility with the requirements to place credits to this sector of the population.
Cooperative Societies have certain risks and certain advantages over other entities that offer financial services.
Some of the advantages are that the responsibility of the members is limited to the amount of their contributions, another is that the rights of the members are equal for all regardless of the amount of their contribution, tax benefits of the cooperatives, depending on whether they are considered protected or specially protected, we find: reductions in the tax rate. The risks is that the reserves that these companies have are <
That is why I consider it important that the financial education of the users of these cooperative societies is of great importance because since only a few years ago they began to be regulated, since there were “cooperative societies” that took advantage of the people who used their services for what What is important the orientation of the person must be considered from an internal perspective and the cooperative company meets that condition where the human factor prevails over the capital factor, under a clear scheme of values and principles that define cooperativism and guide behavior cooperatives individually and collectively. Being evident that these values and principles make up a culture and a certain way of thinking and doing.
In conclusion, cooperative societies themselves not only offer financial services to those who do not have access to private banking services, but to all users who have the requirements, so it is important to remember that the informality rate in Mexico is of 56% (INEGI, 2017) which makes people who are within this percentage that cannot be candidates to obtain a financial service from private banking and makes captive users of cooperative societies.
