SAVINGS MADE EASY
How Prudent Women
savings account works
As a registered member, you are expected to commence your savings immediately. Savings is done daily, weekly, or monthly into our official bank account. You can choose to make a direct bank transfer from the website to the Prudent Women account, or you can transfer directly from your bank to the Prudent Women bank account. You are to save at least once a month. The more you save, the more opportunities are available to you even in an event where you wish to obtain a loan. What qualifies you as an active member is the record of your savings with the cooperative. A savings culture is highly encouraged, so once you start saving, you can only access your savings at the end of the year, which is in December of every year. You can save in thousands, tens and hundreds of thousands, millions, or billions, depending on the funds available to you for saving, as there is no maximum amount to be saved.
Savings
- 1-YEAR SAVINGS ACCOUNT
This is the main savings of the cooperative, and all members are required to save regularly to stay up-to-date. The minimum amount is *N2,000*, and there is no maximum limit—members can save any amount, from thousands to millions, depending on their targets. Once you become a member, you are required to start saving immediately in order to be active.
This savings account is very flexible, allowing members to save anytime, any day. Disbursement is done every 1st-2nd week of December.
Account Number: 2146094163
Account Name: Prudent Women Multi-purpose Cooperative Society Limited
Bank: United Bank for Africa (UBA)
- INVESTMENT SAVINGS ACCOUNT
This is a special targeted 2-year savings program for major projects. People who usually engage in this savings plan typically have plans to save for two consecutive years to achieve things like purchasing land, houses, or relocating abroad (immigration).
The minimum savings here is *N30,000* monthly. Members can save more depending on their target project and its cost. Members have the opportunity to split payments within a month. For example, N10,000 saved three different times in a month to meet up.
Account Number: 1100018152
Account Name: Prudent Women Multi-purpose Cooperative Society Limited
Bank: Benysta Micro Finance Bank
- PRUDENT WOMEN CHILDREN SAVINGS ACCOUNT*
This is a special account for mothers to save for their children’s future, such as school fees, investments, or other projects. The minimum savings is *N1,000*, with no maximum limit. This account is very flexible, allowing savings any day, anytime. The duration is a period of 6 months or more, depending on each mother’s target.
Account Number: 1100020225
Bank: Benysta Micro Finance Bank
- LOAN:
Our loan facility is the most flexible. Various beneficiaries have testified to the ease of accessing our loans and the convenient payment plans provided to them. To access our loan facility, members *MUST* demonstrate their dedication and consistency in saving, which shows their capacity to repay.
A member *MUST* have saved 30% of the amount she needs as a loan before she is qualified to apply. *ONLY 10%* of the overall loan amount is deducted as interest. Payment plans can range from six (6) months to one (1) year or more, depending on the amount granted. There are also emergency loans for smaller amounts, with a repayment period of between 1 to 3 months, or even one (1) month only. The interest rates for these loans vary between *5 – 10%* depending on the time of the year when they are accessed.
- PRUDENT WOMEN FOOD BANK (FOOD CONTRIBUTION)
Food is essential and unavoidable—it’s a lifeline. Unavailability of food causes distractions and reinforces the feeling of poverty and scarcity. As a forward-thinking women’s organization, we’ve established the Prudent Women Food Bank to not only meet the food needs of women in society but also to provide a platform for saving for the future, especially as food prices continue to rise.
Every year, we encourage our members to save to have enough food for the festive season in December 2024. Food sharing usually takes place during the first week of December. Contributions and payments are made from January to December, giving new members the room to join and catch up by paying retroactively. Flexibility is key—members can choose to pay in one or two installments or as they see fit. It is not too late to start today.
FOOD CONTRIBUTION DETAILS:
For a contribution of *N200,000*, you will receive:
- 50kg Quality Nigerian Rice
- 5 liters G/N Oil
- 5 liters Red Oil
- 1 carton of Indomie
- 1 carton of spaghetti
- 5 packs of Knorr Maggi
- 10kg of Semovita
- 1 pack of 400g Milo
- 400g Milk
- 1 pack of cornflakes
- 1 pack of Golden Morn
- 1 big pack of sugar
- 1 pack of soft drinks
COW CONTRIBUTION:
Amount Per Cow: *N600,000*
Two Categories:
- Four persons per cow = *N150,000 per person*
- Six persons per cow = *N100,000 per person*
Members can merge with others to split the price and share the portion of meat.
*ACCOUNT DETAILS:*
Account Number: 1100020218
Account Name:* Prudent Women Food Bank
*Bank:* Benysta Micro Finance Bank
(Please indicate what you are paying for when making payments.)
- LAND/HOUSING
Prudent Women Cooperative has provided housing and land opportunities. Many women now own their houses and lands. We also have an estate at Karshi.
