Introduction
One of the best things about being part of a cooperative society is simple—but powerful: access to funding when you need it.
It’s easy to take this for granted until you’re faced with an emergency, a business opportunity, or even the need to pay school fees—and the bank turns you away, or offers you a loan with interest so high it feels like punishment for dreaming.
But then there’s the cooperative model. You save—and based on what you’ve saved—you can access two or even three times that amount in credit. In some societies, repayment plans stretch up to 12 to 18 months. That alone should make you ask: Why isn’t everyone doing this?
Better Than a Bank
I’ve said it before, and I’ll say it again: credit unions and cooperative societies are doing what banks should be doing. And in many cases, they’re doing it better.
Even when interest is charged on loans, it’s significantly lower—and the beautiful part is this: that interest comes back to you in the form of dividends. You’re not enriching strangers. You’re growing a pot that belongs to you and people like you.
So I keep asking myself: why would anyone not want to be part of a cooperative?
The Power of No-Interest Loans
Some cooperatives—especially those founded on values and shared faith—offer interest-free loans. Yes, you read that right.
You get the money you need.
You pay it back over time.
No extra charges. No financial anxiety. Just trust, structure, and accountability.
This is especially helpful for members who already have a plan or remedy for repayment but are simply stuck waiting for liquidity. When handled well, it creates a cycle of dignity and responsibility. Everyone wins.
But Let’s Talk Honestly About Risk
With what has happened in some African countries—take Ghana, for example, where dozens of microfinance banks and cooperatives collapsed—some people are right to be cautious. Trust was broken.
That’s why we believe in conversation and clarity. Transparency must be a pillar in any cooperative you join or build. Members should know how funds are managed, and terms should be openly agreed upon. Integrity and visibility must be non-negotiables.
So if interest must be charged, keep it ethical. Keep it sustainable. Let the interest be modest enough that people can benefit without being buried in debt—and let the dividends be real.
A Model That’s Breaking Tradition
Let me share what we’ve done at God’s Treasury Cooperative Society (GTCS)—something I haven’t seen anywhere else:
- Members can access loans on the same day they join. No long waiting period. No red tape.
- You can access up to ₦500,000, with a grace period of four months and an interest rate as low as 3%.
- Once you’ve built savings—let’s say at least ₦30,000 over six months—you become eligible to borrow up to double that amount at just 8% annual interest.
(That’s less than 1% per month—compare that to commercial banks!)
And we’ve had members take loans in the tens of millions—and pay them back successfully. That’s the kind of track record that makes you believe again in people and in systems.
Strive Masiyiwa’s Story
When the Zimbabwean billionaire Strive Masiyiwa—founder of Econet—shared that his business started with a loan from a cooperative he co-founded with friends, it struck a deep chord in me.
This is what we’ve been saying: wealth is not just possible—it’s collaborative.
So What’s Your Choice?
Do you want a no-interest loan?
Do you want access to ethical, sustainable funding?
Do you want to build wealth in a system where you are both the borrower and the beneficiary?
Then look no further. A cooperative is still your best bet.
Let’s be honest—there is no perfect system. But the cooperative model is a treasure too many people still don’t see clearly. It is scalable. It is accessible. And it’s waiting to be maximized.
Collaboration is a Bridge to Wealth
More people need to know this. More people need to experience it.
So share this truth with your friends, your family, your community. Tell them they don’t need to face life’s battles alone. There’s a better way—and it starts with a commitment to build together.
We’re building that bridge at GTCS. And we welcome you to walk across it with us.
