Membership

AUSCA MICRO FINANCE COOPERATIVE SOCIETY LIMITED - Membership

TERMS AND CONDITIONS FOR MEMBERSHIP

All prospective members having been properly educated on the bye-laws of the cooperative micro finance institution shall adhere to the under listed conditions:

  1. Registration: Having been educated on the constitution or bye-laws of the CMFI, the intending member(s) indicates interest of becoming member by paying the membership registration fee as stipulated by the constitution of the CMFI.

Full Membership:    N5, 500.00 (annual renewal -N2,000.00).

Associate Membership:   N2, 500.00 (annual renewal – N1,000.00).

Registration Criteria: An intending member must be properly identified with the following

  • Two (2) passport photographs
  • Identification (National Driver’s License, International Passport, National I.D Card, Permanent Voters card or by a member duly identified).

 

 

  • Utility Bill (not less than 3 months).
  1. Account Opening: Members are expected to maintain one or more forms of account for the economic benefit of the CMFI members.
  2. Shares: According to section 10 of the constitution/bye-laws as amended an intending member is required to purchase shares of at least 2000 units valued at N1.00 per share as a prerequisite for membership.
  3. Fines/Penalties: 10% default penalties are charged on the principal membership loan amount where a member fails to repay the Loan. Penal charges of 10% are also charged on failed repayment pattern.
  4. The intending member (s) must not be involved in criminal activities, dubious transaction before and after registration with the CMFI and if so shall face expulsion if proven.

Note:

  1. Thirft Savings attracts interest on prevailing rates for periods not less than 6 months while Special Savings accounts attracts interest annually at the prevailing rates too. Special Savings Interests are paid one (1) month after due date while 90 days’ notice is required for complete withdrawal and another 90 days free interest is required for payment of due but not re-fixed Special Savings.
  2. Abortion of term deposits (6 months/1 year savings account, Isusu/Agbaeburu, Special Savings, Common Wealth) attracts Interest forfeiture and/or 10% default charge as applicable.
  • Commissions, monthly maintenance charges and Welfare(optional) are applicable in our different accounts.

 

Full Membership: The full membership registration gives one access to Loans, to vote and be voted for, save and withdraw. Membership is renewable annually with the sum of (N2, 000.00) Two Thousand Naira.

CLICK HERE TO REGISTER  FOR  FULL MEMBERSHIP

Associate Membership: Associate membership gives you the right to save and withdraw only. Membership is renewable annually with the sum of (N1, 000.00) One Thousand Naira.

CLICK HERE TO REGISTER FOR ASSOCIATE MEMBERSHIP

 

Corporate Membership: Institutions, clubs, unions and cooperative Institutions.

Who is Eligible?

  • Individuals
  • Cooperative Organizations
  • Cooperative supporter clubs/organizations.

Registration Requirements:

  • Two(2) passport photographs
  • Valid identity card
  • Utility Bill/Physical Inspection
  • Registration Amount

CLICK HERE TO REGISTER FOR CORPORATE MEMBERSHIP

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