Our policy

SHARES POLICY OVERVIEW

• Every members of the society shall be required to acquire the minimum share which shall be determined by the Annual General Meeting {AGM} or by the BOD of the credit union from time to time.

• The value of each share capital of the union is Twenty Ghana cedis only (GHc 20.00) only.

• The minimum share shall be Two Hundred Ghana cedis (GHc 200.00)

• Payment for initial share capital may be made by installment and spread over a maximum period of six months.

• The total share of a member of the credit union at a particular moment shall not exceed 20% of the assets of the society or such standard ceiling as prevailing in the industry.

SAVINGS POLICY OVERVIEW

• Savings with the Credit Union shall be limited to registered members of the society 

• The main type of savings product is the monthly, weekly, or daily savings.

• The BOD may pass a resolution to introduce any other type of savings deemed beneficial at any time.

• Members of the Credit Union can open accounts for their children in the name of the child from birth to Eighteen 18 y ears of age.

• It is the responsibility of members to ensure that they present their pass books for entries of all payments made.

• The total accumulated savings balance of members shall not exceed twenty percent {20%} of total savings of the Credit Union at any particular time.

• Savings shall be made on regular basis without interruption.

• Interruptions in savings shall be recovered within a period of not less than one {1} calendar month.

• All transactions on savings of a member shall be recorded in the pass book and other appropriate records of the union.

LOANS POLICY OVERVIEW

• Loans shall be granted to only members of the society

• A member should have saved regularly with the society for a period not less than six {6} months

• Any loan request presented before this period shall be considered on merit and at the discretion of the BOD within the total savings of the applicant

• A member should have participated in the membership entrance education and acquire at least the minimum shared capital of the society to qualify to apply for a loan

• A loan applicant has not pledge his/her savings as a guarantee for another members loan outside the permissibly limits.

• A member may be considered for another loan if a present loan balance is less than half his/her accumulated savings in which case the top up loan shall also be secured adequately.

• Any contribution made purposely to secure a loan would be considered if such contribution remained in the society for at least six (6) months. A member who leaves the common bond of the society but retained his/her membership shall be granted a loan not exceeding his/her total savings in the society.

• Minors (members less than eighteen {18} years of age shall not qualify for a loan in the Credit Union)

• Members saving on table will require a guarantor or collateral before loans are granted.

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