Author: jacculadminkem

Voluntary and Open Membership—Cooperatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political, or religious discrimination. Democratic Member Control—Cooperatives are democratic organizations controlled by their members, who actively participate in setting policies and making decisions. The elected representatives are accountable to the membership. In primary cooperatives, members have equal voting rights (one member, one vote) and cooperatives at other levels are organized in a democratic manner. Members’ Economic Participation—Members contribute equitably to, and democratically control, the capital of their cooperative. At least part of that capital is usually the common property of the cooperative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any…

 Guaranteed security of member’s financial resources. Acquisition of loans at relatively low interest rates. Interest paid on members savings yearly. Deposits and withdrawals at will. Shareholding in a reputable financial co-operative. Free financial counselling. Insurance paid on savings & loans at no extra cost to members. Opportunity to attend meetings and participate in decision making. Reliable and guaranteed solution to members financial problems. Transactions through bank standing orders. Withdrawals through third parties using “special withdrawal slips” (SWS). - Risk management scheme.