We have put together some of our frequently asked questions to enable you understand better what our cooperative society is all about, its benefits and clarification on some crucial conditions.
Q: What are my main responsibilities as a member of the Society?
Make your thrift savings; actively participant in all AGMs; engage and exchange valuable ideas with Management Committee members; render any other services as may be required in any capacity in the society.
Q: Can a member withdraw his/her membership?
Yes, by conveying one month notice in writing to the Management Committee provided you are not indebted to the society.
Q: How do I get briefed on the performance of the Cooperative Society?
A financial report of the society is presented to all members at the AGM.
Q: What is the Tenor duration of the Management committee?
2 years; Members are elected in an Annual General Meeting.
Q: What and how is Bonus/Dividend payments made?
Is a share of the profit(s)/surplus of the society divided among its members in proportion to the volume of business done with the society by them from which the appropriated surplus of the society was derived.
Q: Can I withdraw a part of my thrift credit contribution as any time?
No member can withdraw part or whole of his savings except on withdrawal of Membership.
Q: Can I request for my account statement as to know total thrift credit contribution I have made?
Yes; write to the Financial Secretary to obtain your account statement.
Q: How do I obtain Loan facility from the Cooperative?
Send a request mail to the Management committee stating the required amount; The Management committee shall review request, approve and advise you on the amount approved. Your account is credited. Due to limited funds availability, Loans request are treated on its merit.
Q: What is the maximum loan limit I am entitled to request for?
Your loan limit is twice the total amount of your contribution at the time of submitting request.
Q: What is the maximum Tenor for the loan to be repaid?
Loans are to be paid back within 12 calendar months. However waivers for 24 months may be granted on the merit of the request by the Management Committee. This might attract additional interest.
Q: What is the minimum thrift savings amount I can contribute monthly?
N10,000.00 per month.
Q: On joining the cooperative, how soon can I be considered for a loan on request?
Loans shall be made to only to persons of a minimum of 6 months membership.
Q: What is the interest rate on loans granted to members?
Interest Loans shall not exceed 15% per annum. You may request to know at the time of being granted the loan the interest rate on which the loan is being offered. Please note that this rate is as approved by the Management Committee
Q: How are payments from members treated in view of thrift credit and loan repayments?
When a member from whom money is due pays any sum to the society, it shall be appropriated in the following order as:
- First, to thrift credit savings, penalty and other miscellanies charges due by him
- then to interest on loan
- and finally to principal loan.