Membership is voluntary and you should be 18 years and above. All contributors shall pay an annual membership management fee of N3000. Any contributor who doesn’t pay the membership management fee won’t have his/her loan or withdrawal request approved. Every registered contributor is mandated to choose a daily, weekly, or monthly thrift savings or investment plan. The contributor shall reach the minimum balance before withdraw can be made and approved. Capital thrift savings and investment withdrawal shall commence at the end date of the chosen plan. Any withdrawal request before the end date of the chosen plan shall be considered capital liquidation. Approval of withdrawal shall be in batches on a first come, first serve basis. Only registered contributors shall be eligible to apply for loans. Anyone that’s not registered as a contributor and have not contributed at least three (3) times shall not be eligible for a loan. Time frame for eligibility shall be between 21 to 90days and the borrower shall be eligible to at least 100% of his/her contributions. Guarantors shall be only registered contributors of SUBA Thrift & Credit Cooperative Society Limited (aka SUBA Capital). If a contributor chooses to use a non-contributor as a guarantor, the said guarantor shall register as a contributor, and subscribe to a thrift savings or investment plan before the said loan application can be approved. There shall be a 10% administrative charge on approved loans and 2% monthly interest rate charge straight on the approved capital loan. A default in loan repayment shall further attract a 2% charge after 3 days grace period. Loan tenor shall be a minimum of 3 - 6 months for Capital loans below N300,000, and 9 - 12 months for capital loans between ₦300, 000 - ₦500,000. To guarantee the payout of contributed capital thrift savings and investments, at the end of the plan and/or financial year, the payout of capital savings and investment contributed shall be the priority after which interest shall determined paid to contributors. Interest returns shall be determined and paid to contributors based on the net surplus realised at the end of the financial year. We have promised up to 20% per annum. However, this would largely depend on how much net surplus we make for that financial year after expenses have been deducted and capital contributions have been paid out. There shall be no midway capital liquidation for any chosen plan. A contributor shall either complete his/her selected plan or at least meet with the minimum balance of that plan before withdrawal can be made and approved. Liquidation withdrawal before the end date of the chosen plan shall lead to membership termination of the said contributor. A contributor shall terminate contribution membership by sending a written notice of membership termination and capital contribution liquidation by certified mail (email inclusive) to; “The Secretary, SUBA Cooperative Limited” 90 days before the termination date. All supposed termination and capital liquidation must be done 90 days before close of accounts (December 20). Termination of contributing membership and capital deposit liquidation shall be subject approval. When approved, there shall be a 10% administrative charge on the capital being liquidated. Registered contributing members can buy ownership shares into SUBA Thrift & Credit Cooperative Limited. To be a shareholder, a contributing member shall hold a minimum of 2000 units of shares sold at the current price at the time of purchase. Shareholders shall be eligible to be nominated to executive management team and the board of directors. Mobile banking agents shall be entitled to commissions and members of the executive management team and the board of directors shall be entitles to annual bonuses where applicable which shall be considered expenses and shall receive annual share dividends declared from the net surplus. The above terms, conditions, the organisations’ article of association and all regulatory laws shall be subject to review and update by the board of SUBA Thrift & Credit Cooperative Society Limited, Association of Non-Bank Microfinance Institution (ANMFI) and Federal Directorate of Cooperatives without directly seeking permission from the registered contributors. However, all reviews and updates shall be duly communicated to all registered contributing members of SUBA Thrift & Credit Cooperative Society Limited before review and update takes effect. Upon application and approval of membership request, a person who signs up to be a contributing member, and investor with SUBA Thrift & Credit Cooperative Society Limited by filling the forms, and paying the membership management fee, AGREES to ALL the above stated terms, conditions and the organizations’ articles of association, bye laws and all regulatory by laws of the Federal Republic of Nigeria guiding the operations of SUBA Thrift & Credit Cooperative Society Limited as a Microfinance institution.