Powerful Tips on how we operate

Objectives

• Registration fee is #5000
• ICT Charges per annum is #3000 and can be paid in a minimum of 2 tranches within the first 6 months of joining the cooperative
• Minute of #200 for weekly cooperators and #1000 for monthly cooperators
• For a member to be entitled to first loan he/she must have been a member for minimum of six(6) weeks for weekly cooperators and six (6) months for a monthly cooperators
• Weekly cooperators is entitled to an empowerment fee of #30,000 with a minimum savings of #10,000 at the 7th week of a consistent savings
• Apart from the empowerment loan of #30,000 all loans are calculated based on times of 2 of individual members savings
• First and second loan will be paid in a space of 6 months while the third loan is allowed to be paid in a maximum space of 10 months
• Before any cooperators (weekly/monthly) will be entitled to any loan he must have referred a minimum of 2 members who must have 50% of the proposed loan amount of the applicant
• For the empowerment of #30,000 for the weekly cooperators each guarantor (referrals) must have a minimum savings of #5000
• The guarantors to be used are the cooperators (referrals) who registered with my referral code
• Any member who is applying for loan have the ability to pick minimum of 2 guarantors from his/her referrals.
• Any guarantor who did not save consistently for 3 weeks for weekly or 3 months for monthly cooperators cannot be used as a guarantor
• If a member did not save for a week or a month such a cooperator will be delayed for the total duration he/she did not save
• Minimum savings for a weekly contributors is #1000 while the minimum savings for a monthly contributors is #5000
• If a cooperator saves an amount greater than #10,000 such amount must be repeated at least 3 times before that amount can be used to calculate loan amount. If not such amount will be removed before calculating the loan amount
• Default fee for weekly loan defaulters is #1000 and #2000 for monthly loan defaulters
• If a cooperator decides to quit he/she will be paid after six (6) months under the following conditions (a) if he/she did not guarantee any member (b) if he/she did not owe any association due (c) a payment of #1000 for quit form
• Cooperative member must save on the date of requesting for loan and on the date of taking loan.
• When a member quits and decides to continue his service he/she must first pay all the outstanding minutes fee and continue savings for 6 weeks for a weekly member if his/her savings is not up to #50,000 but will wait for 8 weeks if the savings is more than #50,000
• Loan processing fee is 30,000-99,000 #1000, #100,000-#199,000 #2000, #200,000-#299,000 #3000 and so on