Employees
Most members save by salary deduction through their employer. We work with 60 employers in Abuja.
Membership
How a cooperative works, in one page.
A cooperative is owned by the people who use it. Members put money in, members borrow it, and members decide the rules. Here is the whole cycle, step by step.
Chapter 01
The cycle.
Money moves in a circle. This is why rates stay fair.
In
Members save every month.
Ordinary savings from ₦5,000, by salary deduction or transfer. Savings are yours and come back to you when you leave.
Out
Members borrow from the pool.
Up to three times their savings, with two member guarantors, at example rates voted by members.
Back
Repayments refill the pool.
Interest paid by borrowers stays in the society. After costs, the surplus is shared out as members decide.
Share
Members vote on the surplus.
At the AGM, members decide how much goes to the welfare fund, to reserves and, if they choose, to a dividend on savings.
Chapter 02
Who can join.
Anyone who lives or works in the FCT, is 18 or over and can save from ₦5,000 a month.
Self employed
Traders, artisans and professionals save by monthly transfer or at the office.
Retirees
Pensioners keep saving and borrowing, with loans matched to their pension.
Chapter 03
Your rights and your part.
What membership gives you, and what it asks of you.
You can
- Vote at every AGM, one member one vote
- Stand for the committee after two years
- Borrow after three months of saving
- See the audited accounts every year
- Leave with your savings and share capital
You agree to
- Save every month, even a little
- Repay loans on time
- Guarantee other members honestly
- Keep your contact details up to date
- Follow the bylaws members wrote
Questions
About membership.
Is my money safe?
Savings are kept in accounts in the society’s name with two banks and lent only to members with guarantors. Accounts are audited every year. A cooperative is not a bank and savings are not insured as bank deposits are.
Can I leave?
Yes, with one month’s notice. Your savings and share capital are returned within 30 days, after any loan balance is cleared.
Do I have to borrow?
No. Many members only save.
Can my spouse join too?
Yes, each adult joins in their own name.
Ready to join?
Ten minutes online, ₦30,000 to join.