Our Policies
POLICIES
Savings / Susu Policies
- 1. The savings balance of any one member shall not exceed 20% of the total savings of the Union or as determined by the Executive Board from time to time
- 2. As a measure of building discipline savings among members, members are encourage to make withdrawal ones in a month
- 3. Cash withdrawal from the Credit Union can be done at any time within the working period and days
- 4. Savings cannot be withdrawn if they are frozen to guarantee a loan.
- 5. In times of withdrawal exceeding certain threshold as may be determine by the Executive Board, a member must give prior notice at an interval determine by the Executive Board
- 6. Interest on savings shall be determined by the Executive Board from time to time
- 7. An account service fee shall be debited to each member on the last day of each month
Loan Policies
- 1. The Credit Union shall make loans to members for productive and provident purposes.
- 2. Loans shall be granted in accordance with the loan product conditions and procedures of the Credit Union.
- 3. A member is required to save continuously for a period exceeding 3 months before loan would be granted for such member.
- 4. Members shall repay loans with interest at the rate determined by the Executive Board.
- 5. The Credit Union’s loan committee shall review and approve loan applications and in some peculiar circumstances the Executive Board would approve the loan.
- 6. All loan repayment shall be within the period of 3 months to 12 months and in some peculiar circumstances the Executive Board would determine the loan duration
Share Policies
- 1. The Credit Union shall raise capital by floating shares to it members to subscribe
- 2. Members are required to subscribe to a minimum of 20 shares at Gh¢5.00 per share to be in good standing
- 3. A Shareholder is required to open and run a saving account
- 4. Shareholders shall be issued with a Share Certificate and Shareholder Agreement which would spell out terms and conditions of the share
- 5. A member wishing to withdraw his/her Shares shall give 90 days’ notice to the Credit Union and the procedure shall conform with the Shareholder Agreement
- 6.Shareholder enjoys dividend from the cooperative at the end of year if the cooperative declares surplus
- 7. All Shareholding Members Have Equal Voting Right.
Why Save with Nkabom Cooperative Credit Union
1. Opportunity to join a happy family
5. Highest dividend paid on shares in the country
2. Good interest on savings
6. Strong growth potential
3. Prompt loan delivery
4. Lowest interest rate on loans in the Country
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We boast of over 1000 memberships within a three month space of operation and the growth rate keeps counting.