Questions
Everything members ask us.
Membership, saving and borrowing, in plain words. If your question is not here, the chat answers in seconds and a person answers within a working day.
Chapter 01
Membership.
Questions about membership.
Who can join?
Anyone 18 or over who lives or works in the FCT and can save from ₦5,000 a month.
How much does it cost to join?
₦30,000: a ₦10,000 entrance fee and one ₦20,000 share.
How do I leave?
Give one month’s notice. Savings and shares are returned within 30 days after any loan is cleared.
Is Unity a bank?
No. It is a cooperative society owned by members. Savings are not bank deposits.
Chapter 02
Saving.
Questions about saving.
What is the minimum saving?
₦5,000 a month for ordinary savings.
Do savings earn interest?
Not a fixed rate. Members may vote a dividend from the surplus each year. Past dividends do not promise future ones.
Can I withdraw savings?
Ordinary savings when you leave; target and festive savings on their dates.
Can I change my amount?
Once a quarter, by letter or at the office.
Chapter 03
Borrowing.
Questions about borrowing.
How much can I borrow?
Up to three times your ordinary savings, if repayments stay under a third of your pay.
How fast is a loan?
The committee meets every Tuesday; money arrives within five working days. Emergency loans within 48 hours.
What are the rates?
Example rates from 0.5 to 1.5 percent a month on the reducing balance, voted at the AGM.
Do I need guarantors?
Yes, two members, for every loan.
Example rates for this demo. Loan rates are set by members at the AGM. Any dividend is decided each year from the surplus and past dividends do not promise future ones. Savings are not a deposit with a bank.
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