Question 1

How do I become a member?

Accepted Answer

You become a lifetime member of the Cooperative by paying the membership registration fee of ₦1,000.

Question 2

Are there any other requirements for being a member of the Cooperative?

Accepted Answer

Yes. All members must maintain a good relationship with other members of the Cooperative and ensure mutual respect at all times. Our WhatsApp platform is restricted to content concerning the cooperative, and no member is allowed to make random posts. Every year, all members also pay compulsory welfare dues of ₦1,000, which enable the cooperative to cater for the social welfare of members during times of celebration or distress — for example a visit during or after childbirth, wedding ceremonies, and the loss of a loved one.

Question 3

Now that I have become a member, how do I save?

Accepted Answer

Once you become a member and have been inducted onto the WhatsApp group, you are eligible to start saving. The savings are very flexible, with a minimum amount of ₦2,000 and no maximum. Savings are not restricted to any particular date — you can save any day — but all members must save with the cooperative at least once every month.

Question 4

How do I know my savings are safe?

Accepted Answer

Your savings are 100% safe. All our savings are banked with reliable commercial banks and our financial transactions are highly regulated by the government. Prudent Women Cooperative was established in February 2020 and has since operated faithfully, providing members with loans and interest on their savings. We are founded on the godly principles of divine insight, truth, integrity and accountability, and we have well-experienced individuals managing the cooperative's funds.

Question 5

How do I receive or access my savings?

Accepted Answer

Savings disbursements are done within the first and second week of December every year. During disbursement, members receive their savings plus the interest accrued on them.

Question 6

How much interest accrues on my savings at the end of the year?

Accepted Answer

The interest accrued on each member's savings depends on two factors: the time and duration of the savings, and the amount saved. Members with higher savings automatically receive higher interest. The cooperative's main source of income is the interest it charges on loans given to members, and this interest is shared among members who have savings with the cooperative.

Question 7

How do I obtain a loan from the Cooperative?

Accepted Answer

The Prudent Women loan facility has been deliberately made easy so that all members have access to finance for their business and personal interests. An applicant must have been a member for a minimum of 6 months, must have saved up to 30% of the amount they intend to access as a loan, and must complete an application form and provide a guarantor. The loan application fee is ₦1,500.

Question 8

What is the interest rate on Prudent Women loans?

Accepted Answer

All Prudent Women loans are given at 10% interest only.

Question 9

What are the durations of Prudent Women loans?

Accepted Answer

There are three categories. The Emergency Loan (₦10,000 – ₦100,000) runs 1 to 3 months; the Prudent Women Special Loan (₦100,000 – ₦1,000,000) runs 3 to 6 months; and the Prudent Women Maxi Loan (₦1,000,000 and above) runs 9 to 12 months.

Question 10

What are the consequences of defaulting on a loan?

Accepted Answer

Members are advised to ensure prompt payment as and when due. Defaulters face blacklisting from future loans and transactions, legal recovery of the loan, debt recovery from the guarantor, disciplinary action and expulsion from the cooperative, and any other legal action needed to recover the loan in full.

Question 11

Are there any benefits for bringing other women into the Cooperative?

Accepted Answer

Certainly. There are incentives given to committed members who invite others to join.

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