Registration is a non-refundable fee of N5,000
◦ Monthly savings is a minimum of N5,000. You can save as much as you wish
◦ Monthly savings is very compulsory
◦ Failure to do monthly savings attracts a fine of N500
◦ Late payment of monthly savings also attracts a fine of N500
◦ If you don’t save for 3 consecutive months, you seize to be a member of the cooperative
◦ We are also to add N200 to our monthly savings for office running
◦ The cooperative holds her meetings quarterly that is 4times in a year. Failure to attend meeting attracts a fine of N500 and late coming attracts a fine of N200
◦ We do not share money saved at the end of the year, we share dividend
◦ You can withdraw up to 60% of your savings in case of emergency without any fine or interest
◦ Any withdrawal more than two(2) times in a year attracts a fine of 1%of the amount
◦ Loan can only be granted if the cooperator has saved for at least 3 months, and has attended at least 1 meeting, and has guarantor or guarantors within the cooperative
◦ We do not accept outside guarantors for now
◦ Our loans are charged at 5% for 6months and 10% for 1year for now.

If a member decides to withdraw his or her membership, a fine of 2% will be applied to their net balance and the balance sent to the account provided.

Members who are indebted to the cooperative will not be allowed to withdraw his or her membership without first paying off their debt.

Members who are guarantors to other cooperators who have not paid up to 60% of their loan will not be allowed to withdraw from their accounts and not be allowed to withdraw their membership from the cooperative.