The objective of the associate membership status is to enable ex-staff who may wish to continue to be members of the Cooperative to do so. It also allows current members to sponsor relatives, friends and associates as members of the Cooperative.
Must be introduced by a sponsor who must be a member of the Cooperative in good standing
Must have a steady income stream to sustain monthly contributions
Will not be eligible to vote or be voted for
Will be a non-borrowing member (however, loans may be granted on a case-by-case basis at the discretion of EXCo guided by the following)
Loan must be guaranteed by the sponsor
Sponsor must have credit capacity to be eligible to guarantee an associate member’s borrowing
Can borrow up to 1.5x of contribution or contribution of sponsor but not exceeding N5Million
Loan must be 100% cash collaterized by the sponsors contribution.
Rate is at 2% lower than prevailing commercial/Retail loan interest rate
