In the high-altitude landscapes of Cajamarca, a quiet financial revolution has been unfolding since 2008. What began as a modest effort to encourage a culture of savings within rural communities has transformed into one of Peru’s most successful models of local economic development and public-private cooperation. The Uniones de Crédito y Ahorro (UNICA)—Savings and Credit Unions—have emerged as a potent antidote to the region’s historically limited access to formal banking and high rates of informality.
Today, this initiative, spearheaded by the state-run development bank COFIDE in a strategic alliance with Newmont’s Asociación Los Andes de Cajamarca (ALAC), stands as a pillar of community empowerment. Having supported over 3,400 small-scale enterprises and mobilized millions of soles in local capital, the program is now entering a transformative new chapter under the banner "Territorios que Crecen" (Territories that Grow).
The Genesis and Chronology of the UNICA Model
The journey of the UNICA model is a testament to the power of grassroots economic organization. When the program was launched nearly two decades ago, the primary obstacle in rural Cajamarca was not just a lack of capital, but a lack of formal financial structures that rural populations could trust and navigate.
- 2008: The Inception: The UNICA model was introduced as a pilot program to foster financial literacy and collective saving habits in isolated rural areas.
- 2010–2015: Scaling and Trust Building: Through technical assistance provided by ALAC, these unions began to move beyond simple savings, facilitating small loans for agricultural and livestock ventures.
- 2016–2020: Consolidation: The model gained momentum, shifting from small, disconnected groups to a structured network of community organizations. During this period, female leadership began to dominate the membership, accounting for over 65% of participants.
- 2021–2025: Institutional Maturity: With over 530 self-sustaining UNICA units established, the focus shifted toward social impact—financing education, healthcare, and infrastructure for local families.
- 2026 and Beyond: The "Territorios que Crecen" Era: The signing of a new contract between COFIDE and Newmont ALAC marks a strategic shift toward digital integration, market access, and massive scalability.
Supporting Data: The Magnitude of Success
The statistical footprint of the UNICA model is as impressive as its social impact. Currently, the ecosystem boasts 536 autonomous UNICA units, comprising approximately 9,000 active members.
Key Performance Indicators:
- Capital Accumulation: These communities have collectively managed and saved over S/ 22 million (Peruvian Soles) in social capital.
- Demographic Profile: Women represent more than two-thirds of the leadership within these organizations, highlighting the program’s role in promoting gender equality in rural economic governance.
- Informality Reduction: In a region where informal economic activity has historically hovered around 90%, the UNICA model provides a gateway for small producers to enter the formal financial system, creating a pathway to legal status and credit history.
- Multi-Sector Impact: Funds managed by the UNICA are not just for business; they are systematically reinvested into the "human capital" of the region, specifically covering university tuition for the younger generation and essential family healthcare.
Official Perspectives: Vision for the Future
The success of this collaboration lies in the alignment of state development goals and private sector corporate social responsibility.
Fernando Cabanillas, Director and Country Manager for Newmont Peru, emphasizes that the UNICA model is fundamentally about human dignity and agency. "The UNICA have demonstrated that when individuals are provided with the right tools, consistent accompaniment, and a foundation of trust, they become the architects of their own development," Cabanillas noted. "Savings is merely the starting point. The true value is the conversion of these resources into sustainable businesses and tangible family well-being. We are not just banking; we are building a culture of responsibility, transparency, and accountability."
Jorge Velarde, Executive President of COFIDE, views the partnership as a blueprint for modern development banking. "This alliance reflects a vision where we use innovative, evidence-based instruments to create high-value synergies," said Velarde. "With the launch of ‘Territorios que Crecen,’ we are not only aiming to create 260 new UNICA units to benefit over 3,200 additional families, but we are also pushing for the digital transformation of rural commerce."
The "Territorios que Crecen" Initiative: A Four-Pillar Strategy
The new phase of the project is backed by a S/ 6.38 million investment, co-financed by the FIDER (Fondo Inclusivo de Desarrollo Empresarial Rural) and Newmont ALAC. The initiative covers seven districts across the provinces of Cajamarca, Hualgayoc, and Celendín. Its implementation is structured around four strategic pillars:
1. Financial Inclusion and Digital Literacy
Moving beyond physical savings, the project will introduce digital tools to help rural entrepreneurs manage their transactions, thereby reducing the risks associated with cash-based economies and opening doors to mobile banking.
2. Technical Capacity and Market Articulation
Recognizing that capital without technical skill is often wasted, the project employs 26 specialized field technicians. These experts provide guidance on production standards, quality control, and, most importantly, connecting local farmers and artisans with broader regional and national markets.
3. Education and Leadership
The project prioritizes "soft skills," focusing on leadership development, financial education, and the concept of "corresponsibility," ensuring that community members understand the long-term impact of their collective financial decisions.
4. Transparent Governance
Accountability is the backbone of the model. Every unit operates under a system of rigorous reporting and public rendición de cuentas (accountability), ensuring that the capital remains protected and its allocation is transparent to all members.
Socio-Economic Implications: Why This Matters for Peru
The implications of the UNICA success story extend far beyond the borders of Cajamarca. In many parts of rural Latin America, financial exclusion is a primary driver of poverty, forcing families to rely on predatory lenders or informal, unsafe systems. By institutionalizing a community-led model, the Newmont ALAC and COFIDE partnership has created a "resilience engine."
When a community has its own financial pool, it is better prepared to withstand economic shocks, such as crop failure or market fluctuations. Furthermore, by formalizing the activities of 9,000 members, the project is helping to bridge the urban-rural divide. These individuals are no longer "unbanked" statistics; they are business owners, taxpayers, and active participants in the national economy.
Moreover, the emphasis on digital transformation suggests a forward-looking approach. As cellular and internet infrastructure continues to penetrate even the most remote districts of the Andes, the UNICA model is positioning itself to be a gateway for broader digital services, potentially including e-commerce and remote consulting.
Conclusion: A Model for National Replication
As the 48-month execution period for "Territorios que Crecen" begins, the eyes of the national development sector are on Cajamarca. The model proves that large-scale mining operations—often a source of controversy in rural regions—can act as powerful agents for economic stability when they shift their strategy from traditional "charity" to long-term "investment in human potential."
The UNICA model is no longer an experiment; it is a proven framework for grassroots prosperity. By fostering a environment where trust is the currency and shared growth is the goal, Cajamarca is setting a precedent that, if replicated, could fundamentally shift the socioeconomic trajectory of rural Peru. The journey from humble savings pots to sophisticated, digital-ready financial unions serves as a powerful reminder: the most effective economic development occurs when the community is not just a beneficiary, but the lead actor in its own success.
