SUBA stands for StartUp Business Africa.
SUBA has been operating since 2014. First, as a training program and community for business owners, then registered as a cooperative in July 2017, as an NGO in 2019 and a private equity & business solutions company in 2020.
You can become a member by simply filling a registration form, paying your membership fee and making your first contribution deposit.
This is because it is Central Bank of Nigeria (CBN) regulation for all financial institution (like us), big or small to collect proper and valid means of verification of identity of whoever we are dealing with.
Yes! We are licensed by the Federal Directorate of Cooperatives, incorporated by trustees and limited by shares with the Corporate Affairs Commission (CAC) and the Federal Ministry of Commerce. We are also members of the Association of Non-Bank Microfinance Institutions (ANMFI) affiliated to the Central Bank of Nigeria (CBN).
Yes, you can. On your member dashboard, simply click on “LOAN”, Select “TYPES” and click “APPLY” under “CAPITAL LOAN”. Your fund would be in your account the same day you meet the loan requirements.
Our programs run for 12 months. However, if you do choose to liquidate tour investment deposit, simply give us a 90 days notice by email.
No! Interest is paid annually on the total deposit for the year.
Our programs run for 12 months.
To be a member of the organization, it's required by regulation that you pay a membership fee. Our membership fee annually. It's part of the criteria of being a member of the cooperative system we operate as recommended by the regulatory body for cooperatives in Nigeria.
Yes! Once signed up, you would have a personal dashboard to monitor your deposit, interest growth, and last 5 transactions.
Yes, you would because you're breaking the initial agreement by liquidating. Service Charge for liquidation is 10% of the amount being liquidated.
Yes, you can increase your monthly contribution by choosing the appropriate contribution plan.
Yes, you could upgrade and downgrade your contributions depending on the contribution plan you are on. However, you must complete the 12 months tenor because interest is paid for to total we see at the end of the 12 month period.
Yes of course! By default, all contributed funds plus interest are paid out at the end of the 12 month period. You can decide to continue or not. The money is yours, the choice is yours.
The contribution runs for 12 months. This means you must complete the 12 months before you can initiate a withdrawal
We get income from interest on loans and returns on investments we make on behalf of the organization and her members. The profit from the loan interest and investments is what is shared as an interest to her members at the end of the financial year.
Our Capital Loan solution isn't the only way we generate income on behalf of our members, we also invest in agriculture, transport, real estate, small business ventures amongst other things... So, if no one requests loans (which is almost impossible), we would still have a surplus to share as an interest to our members from all the investments mentioned above.
We supplement with other investments mentioned in the answer to question 23 above.
Yes! Once sign up as an agent with us, you automatically become a team leader and you earn commissions on new sign-ups, collecting of contributions and from admin charges on the approved loans.
We understand that individually most of our members can't make huge investment because it's capital intensive - real estate for example. So we (SUBA Capital) invests on behalf of the members as a group and share the proceeds of the investments as interest at the end of every year to our members.
As a member, you have access to our business training, business, and income growth strategies and the ability to buy assets like cars, houses, and businesses and pay small small.
There's exactly no penalty. When you miss a month, you miss the interest for the month and of it happens you can't continue, you can either liquidate or complete your contributions to receive your capital contributed plus the interest payable.
We charge a 10% administrative charge on the loan amount, 2% monthly as interest on the loan amount and an additional 2% monthly charge for default
Yes, you can. All you have to do is notify us in writing by email before December 20th each time you want to do so.