How Does It Work
The program has been structured in such a way that members are trained on how to develop their savings ability. This step becomes necessary because it has been observed that the reason most co-operators depend solely on external loan is the inability of the co-operative managers to train its members on steps to apply in order to enhance their urge to save money. Therefore, the proposal is; money to be loan to members shall be contributed by the beneficiaries themselves.
That is, every members that enrolled for the loan saving program (that wants to borrow money), shall be expected to develop a financial base of up to N5, 000= in sequence. In the case of someone who wants to borrow not more that N20, 000= (Twenty thousand naira only). As any member that Attain to this base already qualifies for maximum loan sum of N20, 000= (Twenty thousand naira only). The loan sum is expected to be repaid by the end of the 40th weeks on the installment of N500= weekly.
After the complete repayment of the total sum of N20, 000= in the anticipated 40 weeks, the sum of N2, 500= will be returned back to the beneficiary/borrower, from the N5, 000= earlier saved with the Association. Along with the weekly N100= personal savings in the case of someone who does not want to borrow anymore.
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