Bersama Credit is a value added service to members of Bersama Cooperative. Developed in line with the objectives, rules and regulations guiding the operation of Cooperative Societies, it is aimed at advancing financial inclusion, business growth, economic empowerment and wealth creation for members of the Coop.
AIM
• Grow membership
• Increase monthly savings
• Increase share capital as new members join for investible funds
• Brand positioning
Loan Requirements
Member must have completed all this payments and confirmed as a full member - Application can only be processed for members that have being in the cooperative for not less than 6 months - Members can only borrow twice of what they have Compulsory Savings - Members can convert their special savings into Compulsory savings in order to access the loan. - Members will require at most 2 guarantors to cover the loan amount - Compulsory credit insurance to cover principal amount at a minimum of 1% of the principal, which will be borne by the borrower from the principal requested - Loan fees payable include; • Loan Application Fee= 1% of Loan Amount subject to a minimum of N5000.00 • Credit insurance=1% of loan amount
Benefits to Members
- Easy access to capital/funds to meet financial obligations
- 24/7 online portal - Improve savings culture
- More earnings as loan book of the cooperative grows to impact positively on annual dividend payments
- Speedy TAT credit administration
- Low interest rates in comparison with Deposit Money Banks
- No Collateral - No need for domiciled salary, bank statements, proof of funds etc.
- Dedicated advisory and support team - Automated system
