The cooperative is engaged in cooperative activities as in provision of cash, loans, household equipment (inverter, furniture) and investment opportunities
To be an associate member of the cooperative, your sponsor must be a member of the cooperative in good standing for at least two years without any violation of contributions or delinquent loan.
As an associate member you have to fill the membership form, with a passport photo attached and make a payment of N5,000.00 membership fee to the cooperative account no: 0017442306 Name: Sterling cooperative. Bank: Sterling Bank
Associate members who exit and wish to re-join the cooperative should make a payment of N20,000.00 and attach the slip on the form.
The minimum savings is Ten Thousand and increments are multiples of Ten (10). You can withdraw your membership by sending a mail to the cooperative with a month notification required.
To access a loan, Associate Members must have spent six (6) months in the cooperative and your Guarantor must be a member of the cooperative
You can borrow up to 150% of your contribution as loan but, not exceeding N5 Million Naira (Regardless of if 150% of contribution exceeds 5Million).
Repayment Tenor is from 1 month – 12 months.
However, Loan must be 100% cash collateralized by the sponsors contribution.
Partial withdrawal from contribution is permitted, you can only withdraw 25% of your total contribution with the cooperative and it is done twice in a year.
Pre-term withdrawal attracts a penalty fee of 20% on interest accrued.
