THE POWER OF COLLABORATION

A Cooperative Society is a member-owned organization where individuals unite voluntarily to achieve shared economic, social, or cultural goals. Members contribute resources, share in the benefits, and have equal decision-making power, promoting mutual support and community well-being.

Akilaah is a member-owned digital cooperative that uses technology-driven solutions to empower members, fostering a movement for collective growth and supporting sustainability in managing investments and achieving long-term success.

The objectives of the Akilaah Cooperative Society Nigeria Ltd may include: 1. Financial Empowerment: To provide members with access to affordable loans and savings options, enhancing their financial stability and independence. 2. Investment Opportunities: To facilitate collective investments in real estate, agriculture, and other sectors, allowing members to benefit from shared resources and expertise. 3. Support for Members: To offer guidance and support to members in managing their finances, investments, and business ventures. 4. Community Development: To promote social and economic development within the community by fostering cooperation and mutual assistance among members. 5. Access to Services: To partner with relevant organizations and institutions to provide members with access to essential services such as health insurance, mortgage options, and educational loans.

As a member of Akilaah Cooperative Society, your main responsibilities are focused on upholding the cooperative’s principles and contributing to its growth and mutual benefits. Here are the key responsibilities you would typically have: 1. Active Participation: Attend general meetings, events, and discussions to stay informed and actively participate in decision-making processes that impact the cooperative. 2. Financial Contribution: Make regular contributions as agreed upon in the cooperative’s policy. These contributions enable access to loans, services, and other financial benefits provided by Akilaah. 3. Compliance with Policies: Follow the rules and guidelines established in Akilaah’s policy document. This includes understanding any conditions related to services, penalties, and overall code of conduct. 4. Timely Loan Repayment: If you take out a loan, ensure prompt repayment according to the agreed schedule to maintain the cooperative’s financial health. 5. Supporting Transparency: Embrace Akilaah’s digital solutions, which enhance transparency and keep records of all activities. This helps maintain accountability and trust within the cooperative.

Yes, there is an application fee for membership in Akilaah Cooperative Society: Ordinary Members: ₦5,000, Associate Members: ₦100,000, Corporate Members: ₦100,000

Dividend means a share of the profits of a registered society divided among its members in proportion to share capital held by them.

Yes, a member can withdraw their membership by providing a three-month notice to the secretary, provided they have no outstanding debts to the society and are not serving as a guarantor for another member's unpaid loan

If a member chooses to leave the cooperative, they can submit a written notice to the cooperative secretary expressing their intent to withdraw membership. Upon approval, they may then withdraw their contributions as per the cooperative’s policy. 2. Failure to Meet Contribution Requirements. Membership may be terminated if a member consistently fails to meet their financial obligations, such as regular contributions or loan repayments, after receiving appropriate warnings. 3. Violation of Cooperative Policies. Any actions that breach the cooperative’s rules, guidelines, or ethical standards can result in membership termination, particularly if these actions jeopardize the cooperative’s reputation or financial stability. 4. Inactivity. Members who do not participate in cooperative meetings, decision-making processes, or other key cooperative activities for an extended period may lose membership, especially if they have not maintained contact or met contribution requirements. 5. Dishonesty or Fraud. Engaging in fraudulent activities or misrepresentations within the cooperative may lead to immediate loss of membership to protect other members and the cooperative’s integrity. 6. Death or Incapacity. In cases where a member passes away or becomes incapacitated to the extent that they can no longer fulfill membership responsibilities, membership may be discontinued, with contributions handled according to the cooperative’s policies.

Yes, provided a reasonable interval of not less than 12 calendar months from date of withdrawal of membership is given.

Regular Reports: The cooperative provides periodic performance reports, including financial statements and key performance indicators (KPIs). Meetings: Attend regular meetings and annual general meetings (AGMs) where performance metrics, achievements, and future plans are discussed. Notifications about these meetings are shared through email, whatsapp and our member portal. Direct Communication: Engage with the cooperative’s leadership or management for insights and updates on strategic goals and operational performance. Feedback and Suggestions: Participate in feedback sessions or surveys, which help the cooperative understand members’ perspectives and improve transparency regarding performance.

Contributions cannot be withdrawn partially while you are still a member; they remain within the cooperative to support collective benefits. However, if you decide to leave the cooperative, you may withdraw the full amount of your contributions according to the cooperative’s policy. To initiate this process, you’ll need to send notice to the cooperative secretary, informing them of your intention to withdraw your contributions and leave the cooperative. This ensures that your request is processed in an orderly and timely manner.

Yes, you can request an account statement at any time to view your total contributions. Akilaah is a digital cooperative that uses an innovative digital solution, allowing every member secure login access to see a 360-degree view of their financial transactions. This means you can log into your account to check your contributions, loan status, savings, and other financial activities directly, without needing to request a statement.

The maximum loan limit you can request from Akilaah Cooperative is three times the total of your contributions and savings: Loan Limit = 3 * (Contribution + Savings)

The maximum repayment period, or tenor, for loans from Akilaah Cooperative is 12 months. If you require a repayment period longer than 12 months, you must discuss it directly with the cooperative executive committee for special consideration and approval

New members are eligible to apply for a loan after contributing for a minimum of three consecutive months. This initial contribution period demonstrates a commitment to the cooperative, allowing us to support members responsibly and sustainably

The Management Committee is a group of elected members responsible for overseeing the operations and decision-making of a cooperative, implementing policies, and ensuring the cooperative's objectives are met

Interest on the loan and handling charges are paid alongside each loan repayment, following the frequency of the payment schedule.

You are expected to participate in the general meeting annually, or as often as scheduled by the cooperative, to stay informed and engaged in key decisions affecting the organization

I should have attained the age of 18, be of good character, capable of paying my dues

The minimum share capital is 10 shares, with each share valued at ₦1,000, making the total minimum share capital requirement ₦10,000.