COOPAC Norandino – Peru
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The Norandino cooperative was founded in 2005 by several agricultural cooperatives to provide farmers in northern Peru, including coffee farmers, with adequate and competitive financial services. At the end of 2016, Norandino began a process of portfolio diversification with the goal of reaching 50% of their portfolio dedicated to the agricultural sector and 50% to trade, by 2020.
The institution wishes to be the reference cooperative in rural and sustainable finance, improving the welfare of members, their families, their collaborators and their community, by promoting value chains and strengthening the associative system. Norandino wants to be a reliable and participative credit and savings cooperative, which contributes to improving the well-being of the entire community by providing quality and efficient financial services, with social and environmental responsibility.
The cooperative finances more than 15,600 micro entrepreneurs through its 15 branches. 76% of customers live in rural areas. All agencies are located in the north of the country, in the provinces of Piura, Cajarmaca and San Martin.
Norandino has a diversified product line: financing of the growing season and installation of new crops; marketing credit for agricultural cooperatives; renovation credit (renewal of one hectare of coffee to customers who have been affected by rust); micro-enterprise product targeting urban and commercial activities; green credit financing improved cook stoves (in partnership with a local NGO); housing credit; and medical emergency credit. In addition, all credits of the institutions are covered by life insurance.
