- Members Ordinary Contribution: This contribution is the mandatory contribution for the month by each member. The minimum monthly contribution is N5,000.00
- Members Other Contribution: This is a contribution set aside by the member to meet any purpose described.
- FlexiSave Scheme
FlexiSave is a scheme that allows you save with your cooperative, earn interests, and withdraw from your savings at any time. You can put money into your FlexiSave Account in three ways:
- Direct deposit into the bank – simply pays the desired amount into your Cooperative’s bank account, login into your cooperative portal, click on Resources and select Bank Deposit Notification.
- Transfer from Contribution Account (T&Cs apply) – simply send an email to your Cooperative Manager with an instruction to transfer the desired amount to your FlexiSave Account.
The following terms and conditions apply to Transfer:
- No more than 50% of the existing balance on your Contribution account can be transferred.
- There must be no outstanding loan at the time of the transfer referred to in (a) above.
- Transfers can only be made once in a calendar year; (Jan 2020 – Dec 2020).
Watch your Cooperative Funds grow!
FlexiSave Account earns interest at 0.5% per month (6% per annum).
If you have more enquires about FlexiSave, send an email to firstname.lastname@example.org or call 0811 111 1199.
This procedure is applicable to members who wish to obtain a loan from The Society.
Within the context of this document, the following definitions are applicable.
IFEDAPO-Coop or The Society: IFEDAPO (Ido-Ekiti) Cooperative Thrift and Investment Society Ltd.
MC: IFEDACOOP Management Committee
Member: Any person who has been admitted as a member of The Society in accordance with The Society’s bye-laws and operating guidelines.
Loan: All monies that The Society lends to a member.
Applicant: Any member who applied for a loan from The Society.
Beneficiary: Any member who obtained a loan from The Society.
Surety: A member who undertakes the repayment of the loan and its applicable interests in the event of the failure of the beneficiary to repay the loan.
Principal: The amount of money that is borrowed by a beneficiary.
Interest: Cost of borrowing from The Society as specified in the operating guidelines.
Administrative charge Money paid by the beneficiary to cover the cost of loan administration. Such money shall be deducted prior to disbursement of the loan.
Tenor: The length of time in months or weeks a beneficiary has agreed to repay principal and applicable interest.