SAVING SCHEMES

  1. Members Ordinary Contribution: This contribution is the mandatory contribution for the month by each member. The minimum monthly contribution is N5,000.00
  1. Members Other Contribution: This is a contribution set aside by the member to meet any purpose described.
  1. 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:

  1. 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.
  2. 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:

  1. No more than 50% of the existing balance on your Contribution account can be transferred.
  2. There must be no outstanding loan at the time of the transfer referred to in (a) above.
  3. 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 enquiry@ifadacoop.com or call 0811 111 1199.

LOAN SCHEMES

  1. APPLICATION

This procedure is applicable to members who wish to obtain a loan from The Society.

  1. DEFINITIONS

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.

24hr Hotline

08111111199

MISSION

Our mission is to empower our members; improving their quality of life by providing the widest possible range of rewarding investments and services.

VISION

Our Vision is to be a leading cooperative in Ekiti state providing financial and economic rewarding services.

WHO WE ARE

The “IFEDACOOP” is an independent association of individuals united voluntarily to meet their common economic and social needs and aspirations through a jointly-owned and democratically controlled enterprise.