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Caja Popular Mexicana's Commitment to Education Supports 9,000 Students
By Francisco Javier Guerrero López, External Planning and Communication Analyst
Caja Popular Mexicana wants to make the difference giving one million of dollars in school aids to students with low financial resources.
Valeria is 9 years old and live in Oaxaca, one of the poorest states in Mexico where at least 66 percent of people there lives in poor conditions, unemployment or informal economy, according to a research by the National Council for Evaluation of Social Development Policy (Coneval). In addition, Oaxaca is one of the two states with most population.
In addition, Oaxaca is one of the two states with the largest population lagging in education in the Mexican republic, as revealed by the National Household Survey 2015 prepared by the National Institute of Statistics and Geography (INEGI). Currently Valeria is finishing the fourth year of primary school and has two consecutive years of receiving school aid that Caja Popular Mexicana grants each year to students of academic excellence, with the purpose of supporting them in the purchase of supplies, uniforms or tuition. With an average of 9.8, this little girl already knows what the fate of her school help will be: supplies and savings.
For Valeria's mother, the school grants she received from Caja Popular Mexicana are "a great help to motivate her to continue studying. This made her very happy because she is a girl who works hard and I want to increase her commitment every year, because we want her to study a degree”.
As Valeria, thousands of children and young people in Mexico lack of financial resources to continue studying, thinking about it and as a part of their social commitment, Caja Popular Mexicana created eight years ago its school aid program that from 2008 to 2016, has benefited to 56 thousand 809 students granting them 121 million 371 thousand 774 pesos (about 6 millions 387 thousand 988 US dollars).
Caja Popular Mexicana is convinced that through education children and young people, who are among the most unprotected sectors of the country, can leave their environment of poverty and improve their quality of life.
Since its inception, cooperatives have been one of the best options for people to help each other and improve their living conditions. Following this principle of mutual aid, Caja Popular Mexicana and its partners have supported maintaining their school aid program and thus encourage the permanence in school of their children and young savers, this through the creation of a social work fund that is returned to the partners through the school grants.
In 2016, Caja Popular Mexicana delivered 19 million 884 thousand 774 pesos (approximately one million 46 thousand 567 US dollars) to 9 thousand 328 children and young people. This year, the cooperative received 12 thousand 185 applications from students in 26 states in the republic in order to obtain financial support. In total, 4 thousand 67 primary school children were benefited; 3 thousand 987 high school boys and girls and 274 high school juniors. The amounts of school grants awarded to students ranged from one hundred 826 pesos (96 dollars), 2 thousand 110 pesos (115 dollars) to 2 thousand 921 pesos (153 dollars) for primary, secondary and high school, respectively. The money was deposited in the accounts of the minor savers on 28 October. Caja Popular Mexicana asks applicants to be under the age of 18, savers in the cooperative, to maintain an average at school of at least 9.0 and that their parents are fulfilled partners.
Year after year, Caja Popular Mexicana has increased the amount granted to benefit students, went from offering one million 748 thousand 668 pesos (92 thousand 35 US dollars) in 2008 to allocate 19 million 441 thousand 183 pesos (one million 23 thousand 220 US dollars) in 2015. This year again increases the support in 443 thousand 591 pesos (23 thousand 346 US dollars) more.
Caja Popular Mexicana is supervised by the National Banking and Securities Commission (CNBV), regulated by the Bank of Mexico (Banxico) and the Ministry of Finance and Public Credit (SHCP). It is also one of the largest cooperative organizations in Mexico and in the world, such as: Confederation of Cooperatives of Savings and Loans of Mexico (Concamex), International Cooperative Alliance (COOP), Central Integrator, World Council of Credit Unions (WOCCU), Latin American Confederation of Savings and Credit Cooperatives (Colac) and Raiffeisen International Union IRU).
CAJA POPULAR MEXICANA IN MÉXICO
Boys and girls savers: 309.484
Branch office: 462
Presence: 26 states in Mexico
(Figures as of October 2016)