Gods Treasury Cooperative Society

+234 7011871220

Call

Who We Are

The God's Treasury Cooperative Thrift & Credit Society. 

The liaison office is at 11, Ogunmefun Street, Gbagada/ Pedro, Lagos 

We are guided by godly principles and believe in coming together as a community to solve socio-economic problems through mutual support and income-generating activities. We are a self-help organisation.

Our primary goal is to improve access to credit for entrepreneurship and investment, as well as providing financial assistance for emergency expenses. We aim to help members save, invest, and grow their wealth with an emphasis on saving.

​

God's Treasury Cooperative Society

Vision

We aspire to build a respected financial institution, driven by our core values of mutual respect, trust, cooperation, entrepreneurship, and excellence.

Mission

Empowering our members and the communities, our mission is to provide accessible financial services and education –

  • Responsibly
  • Trustworthily
  • And cooperatively

We’re dedicated to enhancing the financial well-being of individuals, families, and businesses through fair and equitable practices.

Core Values

Integrity

The God's Treasury Cooperative Society (GTCS) values integrity as a cornerstone principle. This means always conducting business in a truthful, ethical and transparent manner, with the utmost concern for the best interests of members

Accountability & Responsibility

These are key components, as is adhering to bylaws and regulations and maintaining member confidentiality.

Trusted & Reliable

As a financial partner, GTCS strives to be trusted and reliable, fostering strong relationships built on mutual respect and trust.

Committed

Members are expected to be committed and save promptly on a monthly basis, while also being truthful and cautious when signing any documents related to their cooperative membership. It is important to avoid recklessness and carefully read and understand all documents before signing.

God's Treasury Cooperative Society

Our Goals

  • Promote Financial Literacy : Educate members on financial management principles to empower them in making informed decisions and achieving financial freedom.
  • Expand Loan Accessibility : Enhance access to various loan products tailored to different financial needs, ensuring all members can easily obtain financial assistance when necessary.
  • Simplify Financial Processes : Continuously streamline and improve financial processes, including loan applications and fund disbursements, to make financial transactions seamless and hassle-free for members..
  • Empower Debt Management : Provide comprehensive resources and support for members to effectively manage and reduce their debt burden, leading to improved financial stability and peace of mind.
  • Foster Business Growth : Facilitate access to capital and resources for entrepreneurs within the cooperative, enabling them to grow their businesses, create employment opportunities, and contribute to economic development.
  • Encourage Responsible Investing : Offer investment opportunities aligned with ethical and sustainable principles, allowing members to grow their wealth while promoting positive social and environmental impacts.
  • Cultivate a Supportive Community : Foster a supportive community within the cooperative, where members can exchange knowledge, share experiences, and provide mutual assistance in achieving their financial goals.

 

  • Advance Social Justice : Advocate for fair and equitable financial practices and policies that promote social justice and economic equality within the community and beyond.
  • Enhance Financial Security : Provide members with tools and resources to build emergency funds and savings, ensuring they are better prepared to weather financial challenges and unexpected expenses.
  • Encourage Entrepreneurship : Support members in exploring and pursuing entrepreneurial ventures, providing them with the necessary resources, mentorship, and guidance to succeed in their business endeavors.
  • Financial Inclusion : Providing financial services to communities overlooked by conventional financial institutions.
  • Championing Fairness : Challenging unjust systems and striving to create a fair economy.

Membership Eligibility

God's Treasury Cooperative Society

Individuals globally are eligible to apply for membership. Having a referral from a current

being a member is advantageous. Minors are not eligible for membership unless they

have an adult managing their accounts. Minors’ accounts are limited to savings and

earned interest, with no loan withdrawals allowed.

To become a member of the cooperative, the following steps must be taken :

  • Pay a non-refundable registration fee of ₦10,000, which is subject to periodic review. 
  • Complete an application form and provide the required documentation.
  • Read and understand the bylaws of the cooperative, and agree to the terms and conditions.
  • Commit to a minimum monthly savings deposit of ₦5,000. This amount can be increased or decreased at any time with the submission of a Savings Change form.
  • Indicate the monthly savings commitment on the application form.

Note : The minimum monthly savings deposit is ₦5,000 and it is up to the individual to determine the amount they want to save monthly.

The Loan Acquisition Process

  • To apply for a loan, members must complete a loan application form and secure the signature of two guarantors.
  • The guarantors assume responsibility for repaying the loan in the event that the borrower defaults.

  • To serve as a guarantor, one must be a cooperative member for a minimum of three months and must not have a history of defaulting on loan repayments.

Loan Repayment Schedule

  • Loan Repayment Schedule Loan repayments are made in instalments and are structured as post-dated cheques at the time of loan disbursement.
  • Soft Loans are refunded in equal instalments over a period not exceeding four months
  • Regular loans are repaid in equal instalments over a period not exceeding twelve months, as determined by the borrower.
  • Additionally, an administrative fee of N1,000 is added to the first instalment to cover the cost of the loan application and transfer fees.
  • Loan repayments for loans disbursed between the 1st and 25th of the month are due at the end of that same month.
God's Treasury Cooperative Society

Penalties & Banning

  • Late payments come with significant consequences that extend beyond just the immediate financial impact. When payments are made after the due date, members will incur late fees, in addition to interest on the total loan amount, which is paid separately. Furthermore, defaulting on a loan can result in an increase in the interest rate, ultimately raising the overall cost of the loan. It’s important to note that interest compounds, which means the longer a payment is missed, the higher the accrued interest becomes.
  • Additionally, defaulting on a loan can have lasting effects on an individual’s credit score. The God’s Treasury Cooperative Society (GTCS) is in partnership with CRC Credit Bureau LTD, and data is shared between the two entities. This means that defaulting on a loan can negatively impact a person’s credit score, making it more challenging to obtain credit in the future.
  • In the event of default, GTCS reserves the right to pursue legal action to recover the outstanding debt. This may include taking action to repossess or foreclose on collateral securing the loan, potentially resulting in the loss of property or assets purchased from or through GTCS.
Read More
  • Moreover, defaulting on loan payments can have repercussions on a member’s access to financial services within The God’s Treasury Cooperative Society (GTCS). A member who defaults on payment loses the right to obtain loans until three months after clearing the defaulted loan. Repeat defaults will result in loan denial. Additionally, a member who defaults on more than one refund cannot access their savings upon terminating membership until six months after termination.
  • The God’s Treasury Cooperative Society (GTCS upholds high standards of financial responsibility and integrity. Lack of financial responsibility, evidenced by bounced checks or repeated missed payments (defined as loan default), will not be tolerated. Membership may be terminated for such behavior after a formal warning and receipt of a termination letter.
  • In summary, the consequences of late payments and loan default are multifaceted and far-reaching. It is essential for members to understand the implications of defaulting on loans and to prioritize timely payments to avoid these negative outcomes. By maintaining financial responsibility, members can protect their credit scores, preserve their access to financial services, and uphold their membership with GTCS.

Our team

Our team of professionals includes HR consultants, executive coaches, business professionals, and more.