History of the JEP Cooperative
The Savings and Credit Cooperative, "Juventud Ecuatoriana Progresista" Ltda., (JEP), is an entity dedicated to social finance. It was created by the Ministerial Agreement N° 3310, on December 31, 1971. It was qualified by the Superintendency of Banks and Insurance with SBS Resolution -2003-0596, on August 12, 2003.
It was created in the Sayausí parish of the Cuenca Canton, Azuay province of the Republic of Ecuador, with the initiative of 29 young people, making inroads in a sustained credit support to the population segments that do not have access to traditional banking credit. This aspect has stimulated the acceptance and trust of the people.
Currently, it has one million owners and ranks first in the ranking of Ecuadorian cooperatives and fourth in the ranking of Latin America and the Caribbean. Its risk rating is "AA -" awarded by the rating agency of risks Class International Rating SA.
It has 43 agencies available in 10 provinces: Azuay, Guayas, Pichincha, Cañar, El Oro, Loja, Los Rios, Santa Elena, Santo Domingo de los Tsáchilas, and Morona Santiago.
- On December 31, 1971, the Cooperative obtained its legal status.
- From August 10, 2003, the Superintendency of Banks and Insurance controls the Cooperative.
- From 2007, JEP is the largest Cooperative in Ecuador.
- From 2013, the Superintendence of Popular and Solidarity Economy controls the Cooperative.