Become A Member

DOWNLOAD JOINING FORMS - MEMBERSHIP JOINING FORMS

SERVICES AND PRODUCTS OFFERED

Ordinary Savings
Educational / School Savings
Long Term Loan
Short Term Loan
Emergency Loan
Educational / School Loan
SAFRICAN Credit Insurance And Funeral Cover

JOINING REQUIREMENTS

New members must produce current pay slip with banking details and confirmation of tenure at work.
A copy of certified ID.
Proof of residence (ELECTRICITY BILL/WATER BILL/LEASE AGREEMENT)
A once-off joining fee of E200.00, annual subscription of E100.00 and minimum monthly savings of E100.00.
Share capital of E1500.00 payable over three months, or five months or pay at once in cash.

BENEFICIARY/NOMINATION FORM

Every new member is expected to fill a nomination form which is normally attached at the back of the joining form.

If a member decides to nominate kids he/she is requested to attach certified birth certificates with passport photos except when they have ID’s to use instead.
If nominees are more than one a member is requested to elaborate on percentage of entitlement for each nominee.
If a member decides to nominate a fiancée or a parent is expected to attach a certified copy of ID and any document that may confirm their relationship.
If a member decide to nominate a spouse she/he must attach a certified copy of marriage certificate and a certified copy of ID.

ORDINARY LOAN

Loan application offered at two times the member’s savings.
Repayment period is up to 48 months, depending on the amount being borrowed, using a stop order facility.
Interest on loan shall be 1.36% per repayment period, reducing balance method.
Members are expected to be saving a minimum of E100 whilst repaying the loan.
A member’s loan shall be secured against his/her savings in the event the member absconds from the organization. In case of death credit insurance(SAFRICAN) clears all outstanding loans for the deceased

SHORT LOAN

The loan application shall be for an amount from E-0.00 not exceeding E20000.00
Maximum repayment will be 12 months, with an interest of 12% per loan amount.

EMERGENCY LOAN

The loan application shall be for an amount not exceeding E6000.00.
Interest shall be 10% per amount granted and maximum repayment period shall not exceed 3 months.
Interest shall be 10% per amount granted and maximum repayment period shall not exceed 3 months.
Applications are available throughout the month.

SAFRICAN Credit Insurance and Funeral Cover .These service is compulsory to every member of the organization. It covers the principal members. Family, spouse and biological children under 21 Years old and for pupil who are still at school should be not more than 25 years of age. Optionally you can cover your extended family which includes parents, parents in law, uncles, aunts, brothers, sisters, niece, nephews, grandchildren and children of the principal member over age of 21 years NOTE All issued forms to aspiring members should be filled in full with all required attachments and information be truthful before submission.