Members of this society run low-fee private schools. They save together each month, borrow from their own pooled funds on terms the membership sets, and share what the society earns at the end of the year. No outside shareholder takes a cut.
We are a multipurpose cooperative society registered in Rivers State and regulated by the State Director of Cooperatives. Every naira lent belongs to a member. Every member has a vote.
Proprietors of low-fee private schools, who rarely obtain working capital from a commercial lender on terms a school term can carry.
An elected Board, officers in every chapter, and an Annual General Meeting that decides how each year's surplus is applied.
Members' savings, partner funds and the society's own administrative money are held in separate accounts and separate books. One can never be spent on another.
The society takes no deposits from the public, offers nothing to non-members, and sells no goods.
A regular monthly saving that builds a member's balance and sets what they may borrow.
A member's stake in the society, held apart from savings and earning a share of the year's surplus rather than interest.
Credit from the members' own pooled savings — classrooms, textbooks, bridging teachers' salaries.
Larger facilities funded by a development partner, for school infrastructure and expansion, approved against that partner's requirements.
| Term | Interest | On ₦100,000 | Repayment |
|---|---|---|---|
| Three months | 5% | ₦105,000 | Monthly |
| Ten months | 10% | ₦110,000 | Monthly |
Interest is fixed when a loan is approved. Repaying early does not reduce it.
A share of each year's surplus is set aside for programmes that benefit the membership rather than being paid out as cash. Group insurance for qualifying members is provided from this fund.
Move the sliders. The figures follow the society's own rules — a member may borrow twice their thrift savings, at 5% over three months or 10% over ten.
An illustration, not an offer. Every application is considered on its merits, and a member must be up to date on dues and have two guarantors in good standing.
Money paid into it reaches that member's own savings record, and a receipt is produced for every payment — including cash handed over at a chapter office.
Bank and payment-processing charges are borne by the member and itemised on every receipt, so a member always sees the amount they sent, what was deducted, and what reached their savings. The society adds no margin of its own to any processing charge.
| Charge | When it applies |
|---|---|
| Registration fee | Once, on joining |
| Development fee | Monthly |
| Loan application fee | On each loan application |
| Payment processing | On each payment received, itemised |
Amounts are set by the Board, given to every member in writing at registration, and shown on screen before any payment is made.
Every member can see their own savings, what they have borrowed and what is left to pay, at any hour, without asking anyone at the office.
Stamped, numbered, and checkable by anyone you give it to — including a bank manager, who can verify it without seeing your name.
What you sent, what was deducted, what reached your savings. On every single payment.
Raise a loan application from the phone. Your guarantors are asked by email and answer for themselves.
Two officers must approve before any money leaves the society — and you can see where your request has reached.
Open to proprietors and operators of private schools within the society's area of operation. Applications are made at a chapter office.
Members' savings, partner funds and the society's own administrative money are held in separate accounts and separate books, so one can never be spent on another. Two officers must sign before any money moves, and every entry in the books is written in a form that cannot be altered afterwards. A member may obtain a statement at any time.
Because they are lent to other members — that is what a cooperative is. A member who wants their savings out withdraws from membership and gives six months' notice, which gives the society time to recover what has been lent.
Up to twice your thrift savings on a cooperative loan. Share capital does not count toward that limit. Partner-funded loans are considered separately, on the partner's requirements, and are not subject to that multiple.
A loan that passes its term attracts a penalty on the outstanding balance, set by the Board, and is recorded as in default. Your guarantors are contacted. The society would far rather agree a way forward than enforce — members in difficulty should speak to their chapter officers early.
A cooperative that handles members' money is treated in Nigerian law as a financial services business, and our payment provider cannot issue an account number to a member whose identity has not been verified. Your BVN is used for that and stored in a form that cannot be read back. The privacy notice below explains how.
Every member names a next of kin on joining. On the death of a member, what they owe is first set off against their own savings and share capital, and the balance is paid to the person they nominated, as the cooperative societies law provides.
Suite 25, NMA Shopping Mall
9 Old Aba Road
Port Harcourt, Rivers State, Nigeria
These terms apply to every member of Rumuogba AFED Multipurpose Cooperative Society Ltd and to every payment made to the society.
Given in accordance with the Nigeria Data Protection Act.
Issued by the Board of Rumuogba AFED Multipurpose Cooperative Society Ltd.