A Cooperative Society is a voluntary association of individuals/group of individuals or legal persons united by common bond, who have come together to pursue their socio-economic goals for their own benefits with high regards to non-members as their neighbors.
- To promote the economic interests of all members, stakeholders and the parent’s company
- To provide financial services such as thrift, investment and loans.
- To promote business, entrepreneurial and agricultural development schemes among its members.
- To stock consumer and producer goods for distribution to members and non-members (with priority to members) at fair and reasonable prices.
- To operate warehouses and cold room facilities for the storage of these consumer and producer goods and leasing of such facilities to interested parties.
- To acquire acres of land for sale, lease or Estate development to meet the housing needs of members for residential, commercial or industrial purposes as a form of investment for the economic benefit of members and other interested parties.
- To undertake and invest in profitable business ventures which is beneficial to its members and the Society as approved by the Management Committee.
- To trigger consciousness of a progressive and improved lifestyle amongst members.
- To assist members in acquisition of equipment, machine, landed properties, etc
- To invest the funds of the society in accordance with this bye-law.
- To undertake services and/or businesses that will cater for the primary needs of members in the overall interest of members and the Society.
- To undertake other financial management schemes like Special Withdraw-able Deposit and Community Banking Schemes at co-operative and competitive rates for members and other interested parties.
- To encourage fixed deposits from members out of which such funds may be used as short-term loans to members; to acquire stock of shares and other rewarding ventures.
- To raise funds through share holdings by members in the Society and to undertake other activities as are necessary for the attainment of these objects.
- To invest in Agricultural products, this will include crop and animal farming, buying and selling of Agricultural products and any other agricultural activity.
- To engage in other economic or social activity as may be approved by the Management Committee or the general meeting of members.
- To seek loans for residential, commercial or industrial housing development from banks, co-operative circle and other financial institutions.
- To engage in other things or provide other facilities or services and enter into any transaction which in the Society’s opinion as may be necessary to ensure the proper performance of its functions to the attainment of the above objectives.
This means a person has been admitted to be a member after registration in accordance with bye-laws and regulations of the society.
Make your desired savings or investment
Yes, a non-refundable entrance fee of N2, 500.00 shall be paid by a new applicant
Yes, by conveying 6 months’ notice in writing via email address: email@example.com
One ceases to be a member of the Society under any of the following conditions:
- Ceases to be of sound mind.
It depends on the package you registered for.
Yes, it is displayed on your dashboard and it can be sent to you via email address.
You must have been a consistent member for minimum of 3months, then fill the loan application form online and we will attend to you and give your responses based on your transaction history with us.
Your loan limit depends on your creditability scores, your saving structures and collateral.
Loans are to be paid back within the agreed period. Also, additional interest are charged on default
For personal savings, it is 500NGN daily, above 500NGN for weekly and monthly
Minimum of 3 months.
Our interest are friendly and affordable
Interest on loan and handling charges shall be collected up-front before disbursement of loan balance to the beneficiary.
I should have attained the age of 18 years and above, be of good character and employed,
- Automated daily, weekly or monthly savings and investments.
- Better returns than your bank’s savings account.
- We are regulated by the Lagos Ministry of Commerce, industry and Cooperatives.
- The minimum amount to start is N500 (depending on the chosen package).
- Access to different mutual funds including dollar funds all from one place.
- Withdraw your savings at your own will
You can withdraw from your savings on CIB MCS as soon as it matures. You get credit almost instantly.
Withdrawals from locked Savings Plans can be done on or after the maturity date chosen for a plan. This is a way to ensure committed savings and effective investments of your saved funds (if you decide to earn interests).
Simply go to your dashboard and and click withdraw from where your wallet balance is. The minimum withdrawal is NGN2,000