FAQS
Frequently Asked Question
Enrolment requirements include:
- - Copy of National Identity Card, Voter's Card, Driver's License, or International Passport
- - 2 passport-size photographs
- - Admission fee: ₦2,500 (one-time, non-refundable)
- - Compulsory monthly savings (minimum amount determined by Management Committee)
- - Target or special savings (flexible amount, at member's discretion)
- - Management fee: ₦550 (payable monthly)
- - A member who pays compulsory savings monthly for six consecutive months qualifies to apply
- - Loan entitlement: up to two times the amount of accumulated savings balance
- - Loans up to savings balance require no guarantor (savings serve as security)
- - Loans exceeding savings balance require a guarantor whose savings balance equals or exceeds the cooperative's risk exposure
- - Target savings and special savings: Yes, part or all may be withdrawn without surcharges
- - Compulsory monthly savings: No — these are not operated as a current account. They represent investment in the Cooperative and earn dividends when declared.
Yes, but on terms. Closure of account attracts an account closing charge. Members covered by the insurance protection plan (due to permanent disability, temporary disability, or dreaded disease) are entitled to a claim payable by the Cooperative's insurers.
Yes. Transactions can be effected online through:
- Zenith Bank A/C: 1014267663
- UBA Account: 1019059191
Yes. Members can log onto www.bridecooperative.com and effect transactions seamlessly in real-time through the internet.
Yes. High-net-worth individuals are enjoined to buy shares. Current value: ₦15 per share. Minimum subscription: ₦65,000 for 5,000 shares. Additions in multiples of ₦7,500 for 500 shares.
Yes, Under Section 19 of the Cooperative Law, registered societies may receive deposits from or for the benefit of minors and pay interest due on such deposits
- - All persons who were members at the time of registration
- - Anyone who applies and is admitted in accordance with the bye-laws
The minimum regular thrift savings shall not be below N2,000 per month, as determined by the Management Committee from time to time.
No loan shall be made to a member earlier than six months after becoming a member, except in the case of transfer of an existing loan from a past member
Twice the total savings of the applicant at the time of application, subject to approval by the General Meeting and availability of funds.
Approved by the General Meeting, not exceeding 15% per annum nor below 5% per annum. Penal interest for default is charged at twice the normal rate.
Net surplus is appropriated as follows:
- - At least 25% to Reserve Fund
- - 2.5% to Education Fund
- - Not more than 5% as honoraria to Management Committee
- - Not less than 50% as dividend on members' savings, bonus on patronage, and share capital interest
- - Annual General Meeting expenses
- - Building up General Reserve
