When you think about saving or taking out a loan, the first thing that comes to mind is usually a traditional financial institution. But there is another model, older and deeply community-based: the savings and credit cooperative. At COOPACSOL we live that model every day, and we want to explain why it may suit you.
The key difference: it belongs to its members
A cooperative is owned by the people who use it — its members — and not by external shareholders looking to distribute profits. When you join, you are not just a customer: you become a co-owner. That changes everything, because decisions and surplus are geared toward benefiting members and the community, not a third party.
One member, one vote
In a cooperative, the highest authority is the General Assembly of Members, and each member has one vote — regardless of how much they have contributed. It is a democratic model: your voice counts the same as any other member's.
And who supervises cooperatives?
In the Dominican Republic, cooperatives are regulated and supervised by IDECOOP (Institute for Cooperative Development and Credit), the State body that ensures they operate with solvency, transparency and responsibility toward their members. The country has more than 800 registered cooperatives: cooperativism is a recognized pillar of local economic development.
In short, being a member gives you:
- ✓Co-ownership: your contribution makes you an owner of part of the cooperative.
- ✓Voice and vote in decisions, equal to the other members.
- ✓Fair rates and surplus that returns to members.
- ✓A community that grows with you, with close support.
In a cooperative, your money does not finance an external shareholder: it works for you and your community.