Membership Savings

This aspect of our service is further broken down into smaller accounts for easy operation. These accounts are as follows:-

• Ordinary Savings Account; this savings account is operated on a daily/weekly/monthly pattern consistently. Withdrawals are accessed at ease (the Cooperative deserves the right of notice of withdrawals of part of or the whole of a deposit) with commission /service charge applied on the amount one withdraws. 10% per annum Interest is payable to six (6) months and above consistent savers without withdrawal. It can be individual or cooperate.
• Membership Current Account; this account allows one save/deposit in bulk and withdraw at will without notice on withdrawal. It also gives one access to Loan and Overdraft based on turnover.
• Special Savings/Fixed Deposit Account; An account with a minimum deposit of 50,000 that will run for one year on an interest rate of 18% per annum. In this account, interests are paid to quarterly and bi-annual collectors 30days after due date.
• Investment Scheme Account; this account can be seen as a withdrawable share account where the member buys into the operation of the Cooperative from N100,000 and above for a minimum of 2 years at a 50% return on investment and or 4 years at 100% return on investment ( ROI ).
• Food Security Account; this account allows one to have 25% savings of the total cost of food items one wants to purchase.
• Asset Account; this account allows one to have 25% savings of the total cost of an asset one wants to purchase
• Common-wealth Account; this is a general account that is opened to both individual and corporate bodies to run. It’s a yearly account where deposit is made daily/weekly without withdrawal or you withdraw by paying a default fee of 10% of your savings made so far. On the other hand, 10% per annum will be paid as an interest account once it gets to one year.
• Isusu/Agbaeburu Account; this account consists of a mandatory deposit of the weekly amount of any class chosen by the member for the period of twenty five (25). Each member of a class is entitled to a collection of the total volume of contribution of the class per week in his/her collection week with a 2% commission fee payable to the Institution and must contribute two (2) weeks before he/she is eligible to pick a number. Collection timing is according to the date picked by the member. A free interest loan available to members operating the account.
• Welfare Scheme Account; this is a product that takes care of the overall Welfare of the members of our noble Institution. Members under this class run a compulsory deposit of (N500.00) Five Hundred Naira monthly in their account and the following rites will be accorded to the welfare beneficiaries:

1. Wedding        -N50 ,000.00
2. House Warming/Child Dedication        – N20, 000.00

• Retirement Benefits                     -N80, 000.00

1. Health Insurance(Serious Health Challenges) -N50,000.00
2. Loss Of Member’s Spouse         -N50, 000.00
3. Loss Of Member’s Parents         -N50,000.00

• Member’s Loss         -N200,000.00 (to next of Kin)

                                 Terms & Conditions           

1. The yearly meeting for all members with entertainment
2. Purchase of food items from our proposed welfare shop at 5% discount – to be located in strategic positions in Aba and Nigeria.

• Community service by welfare members.

1. Not more than Five (5) rites/claims redemption per quarter.
2. First come first serve bases.

 

 

Note: All these accounts are subjected to an account maintenance fee and alert control system. Our credit exposures(funds) are insured and by extension our members deposit are insured and our sources of funds includes; Members Crowd-funding, Borrowing from Commercial Banks and International Donors/Agencies.