Collecting from your savings, explained.
The general rule is that members collect their savings when they end their membership. If you face a real challenge and want to stay a member, a partial collection may be possible.
Savings collection while keeping your membership.
We don't always encourage this. However, a member can collect from his or her savings.
The general rule is for a member to collect his or her savings at the point of ending membership. But there are times when someone faces a challenge and still wants to stay a member.
This should be for personal matters, such as losing a job, that won't let the member continue saving or take a loan, because they may not be able to pay back a long or short-term loan.
Minimum capital baseWhen collecting from your savings, at least ₦30,000 must remain in your membership account.
No member can collect from their savings while they are already on a loan.
What to know before you collect.
No member can collect from their savings while they are already on another loan.
Anyone who wants to collect part of their savings must get and fill a special request form from the cooperative.
Anyone who has collected part of their savings has to start saving afresh. During this time they can't access any loan, soft or regular.
Members cannot go below the capital base, which is ₦30,000 for now. When collecting, you must keep at least ₦30,000 in your membership account.
For members who collected from their savings instead of taking a loan and paying back, dividends are calculated on the remaining amount only.
After collecting, a member must save continuously for the next three probationary months without applying for any loan.
After the three months, a regular loan can only be up to two times the new savings.
Ask for the special request form.
Tell us a little about your situation and our team will send you the savings collection request form.
