FAQs

🟢 General Membership

Q: Who is eligible to join the Cooperative?

• A: Membership is open to anyone over 18. You simply need to register on the platform and pay a one-time membership fee of N5,000.

Q: How do I become a member?

• A: You must first be referred, then click the "Sign Up" button on the top bar, fill out the registration form, and upload a valid ID. Once the Admin approves your profile, you will receive a welcome email and an account will be created for you on the portal.

💰 Savings & Deposits

Q: What is the minimum monthly savings amount?

• A: The minimum monthly contribution is N10,000. However, you are encouraged to save more to increase your loan eligibility.

Q: Can I withdraw my savings at any time?

• A: Savings are generally intended for long-term growth and loan collateral. You can withdraw your voluntary savings with 72 hours' notice, but compulsory savings can only be withdrawn if you are exiting the society.

🏦 Loans & Credit

Q: How much can I borrow?

• A: Usually, you can borrow up to two times (2x) your total savings balance, provided you have a good repayment history and meet the guarantor requirements.

Q: What is the interest rate on loans?

• A: Our interest rates are highly competitive, currently at  7% to 10% per annum, depending on the loan type (Emergency, Business, or Asset Acquisition).

Q: How long does loan approval take?

• A: Once your application and guarantors are verified, approval typically takes 24 to 72 hours.

🛒 Cooperative Store

Q: How do I buy items from the store?

• A: Log in to your dashboard, visit the "Item" section, and add place order. An admin will have to approve your order before item delivered to you.

Q: Can I pay for items in instalments?

• A: Yes! The cooperative allows members to spread payments for store items over 3 to 6 months. The monthly deduction will be added to your regular contribution.

🔒 Security & Support

Q: Is my money safe?

• A: Absolutely. We use industry-standard encryption to protect your data. Furthermore, our funds are managed by a Board of Trustees, and [ayments are made into the company's corporate account.

Q: What should I do if I forget my password?

• A: Fill out the query form on the portal and a technical personnel will attend