MAVENCO, which stands for Mandaue City Public Market Vendors Multi-Purpose Cooperative, was then born in Mandaue City Public Market. The movement was then the beginning for the vendors to start a thrift and savings mobilization for the capital formation of the cooperative. It created the funds needed for its lending services for productive and providential purposes. Then, the organization adopted the Articles of Cooperation and By-Laws in compliance with the provisions of Republic Act 6938.