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Essentially, members can operate three (3) different types of accounts with the Society, namely: (a) Thrift Savings, (b) Special savings and (c) Shares, as explained here below:

THRIFT SAVINGS ACCOUNT

Both old and new members are not only expected to open Thrift Savings Account with the Society, they must at least also make monthly deposits into such accounts by Cash within the official working hours of 8:00 am to 4:00 pm, except on weekends and Public Holidays. However, Bank transfers into the Society’s Account could be carried out at any time of the day. Similarly, members are at liberty to withdraw from their Thrift Savings Account during the days and official working hours so specified above. However, withdrawals under the Thrift Savings Accounts are regulated if a member is on loan.

SPECIAL SAVINGS ACCOUNT

A member may, on the other hand, operate a Special Savings Account for specific purposes - be they for projects or any other personal needs. Special Savings Accounts could also be fully drawn down whenever the need arises.

The allowable minimum shareholding for a member in the Society is pegged at N30,000 at N1.00 each and this is payable en-bloc on the day of admission, subject to an upward review from time to time. For purpose of clarity, a member could subscribe above the authorized minimum shareholding of N30,000 but is not permitted to withdraw from the amount held in Shares. Withdrawals from Shares are only permitted when membership is being withdrawn from the Society. As a guide towards determining the loan eligibility for first loan beneficiaries (called Trial or Experimental Loans), their Maximum Credit Limit (MCL) is computed by multiplying the combined balances of their Shares and Thrift Savings Accounts by two (2).

DIVIDENDS ON SHARES

AND INTEREST ON THRIFT SAVINGS

After the Society’s Annual Accounts had been approved by its Supervising Ministry, dividends are paid annually to members (shareholders) based on the money set aside as Appropriation from the net surplus declared for the year under reference.

Similarly, the Society pays interests on Thrift Savings Accounts to members at a rate not below 2.5% of the Appropriated Net Surplus.

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