1. What is SUBA?

SUBA stands for StartUp Business Africa.

2. How long has it been operating?

SUBA was founded in July 2014. However, the cooperative got its license in July 2017 and has been operating since then.

3. How does one become a member?

You can become a member by simply filling a registration form, pay the registration fee and making your first deposit. 

4. Is SUBA recognised by the government and how can we know if its legit?

Yes! We are incorporated by trustees with the government via CAC and licensed a cooperative society by the Federal Ministry of Commerce. 

5. What does one stand to gain as a member?

Access to capital loans at just 2%, business trainings, 20% return annually on investments made, up to 20% interest annually on your total capital savings deposited, ability to buy assets and pay at your own pace.

6. How safe is my money and what are the risks involved with my money with SUBA Inc.?

Your money is very safe.

There’s almost no risk on your part as a member because your money in the bank is protected by NDIC as long as its in our bank account, your money given out as loan credit is protected by minimum 2 guarantors and AXA Mansard when given out as loans and protected by our share deposit and reserve funds when invested.

So there’s almost no risk for you. We (SUBA) bear all the risk on your behalf.

7. Can the information about SUBA be vouched for? 

Yes! We have all necessary information on our website and literature. Feel free to visit any of our regional centers to speak with our representatives.

8. Where is its office? – the head office and other offices if available.

Our head office is located at;
No. 17, KM 3, Benin – Lagos Express Way, Ugbowo Benin City and we also have regional contact offices in Lagos, Abuja, Port Harcourt, and Onitsha.

9. How much is the startup amount?

Minimum monthly deposit is N5000 only.

10. How does one get a loan?

Sending/filling out a loan application or by just clicking the “Request Loan” button on your dashboard or get a hard copy loan bond from your team leader.

11. What if after investing for a month I need a loan, will I get one?

Yes you can. Simply click “Request Loan” on your dashboard. Your fund would be in your account same day you meet the loan requirements.

12. How do I get my investment back when if I choose to liquidate my investment?

By default, our programs run for 12 months. However, if you do choose to liquidate your investment deposit, simply give us a 30 days written notice by email.

13. Is the 20% interest on savings and investment on a monthly basis?

No! Interest is paid annually on the total deposit for the year.

14. How many months does this run?

Our programs run for 12 months (January – December) every year.

15. Why do I need to pay a subscription?

Yes! To be a member of the organisation, it’s required by regulation that you pay a membership fee. Our membership fee is currently N3000 annually. Its part of the criteria of being a member of the cooperative system we operate as recommended by the regulatory body for cooperatives in Nigeria.

16. Do we get a personal account where we can monitor our investments?

Yes! Once signed up, you would have a personal dashboard to monitor your deposit, interest growth and last 5 transactions.

17. Will I incur any service charges if I decide to pull out before a year, at what rate is the charges?

Yes you would because you’re breaking the initial agreement by liquidating. Service Charge for liquidation is 15% of the amount being liquidated.

18. What if you begin to earn more money and you decide to increase the amount you save each month?

Yes you can increase your monthly deposit.

19. What if something happens and you can’t keep up with your monthly saving amount, and then you decide to save lesser amounts. Could you?

Yes you could upgrade and downgrade your deposits. However, interest is paid on the total we see at the end of the 12 month period.

20. After the 12 months could you withdraw your original deposits and the 20% profit and decide not to invest again?

Yes of course! By default, all deposited funds plus 20% interest are paid out at the end of the 12 month period. You can decide to continue or not. The money is yours, the choice is yours.

21. Is it a must that you have to continue investing, or will a certain percentage of your deposit be held back to ensure you continue?

For the SUBA Capital Investment package, you have to do a minimum N50,000 deposit in the 12 month period or risk loosing a better part of the projected interest. Because we only pay interest in what we see.

22. How do you get interest to share to depositors as profit?

We get income from interest on loans and investments we make on behalf of the organisation and her members. The profit from the loan interest and investments is what is shared as interest to her members at the end of the financial year.

23. What if it happens that nobody requests for loans and everyone is just investing?

Our Capital Loan solution isn’t the only way we generate income on behalf of our members, we also invest in agriculture, transport, real estate, small business ventures amongst other things… So, if no one request loans (which is almost impossible), we would still have surplus to share as interest to our members from all the investments mentioned above.

24. Let’s say the number of loans are very few compared to the number of capital savings investments deposited what happens?

We supplement with other investments mentioned in the answer to question 23.

25. Are there are bonuses for referring people?

Yes! Once your refer up to 50 persons, you automatically become a team leader and you earn 10% bonus on your teams membership fees annually.

26. How does your “Plan B” (other income streams outside interest from loans) work?

We understand that individually most of our members can’t make huge investment capital because such investments are capital intensive – real estate for example. So we (SUBA) invest on behalf of our members as a group and share the proceeds of the investments as interest to our members at the end of every year to our members.

27. What’s the added advantage besides loans?

As a member, you have access to our business trainings, business and income growth strategies and ability to buy assets like cars, houses and businesses and pay small small – at your own pace.

28. Is there any penalty when I miss a month or can’t continue?

When you miss a month, you only just miss the interest for that month and if it happens that you can’t continue, you can either liquidate or wait to receive your capital deposited plus the interest payable at the end of the financial year.

29. What charges apply on loans – like service charge and interest on loans?

We charge 10% service charge on loan amount for members over 90 days and 15% service charge for non members and fresh members less than 90 days.

Interest on loans is 2% monthly and 1.5% for loan credit insurance.

30. Can I keep rolling over my interest and capital?

Yes you can. All you have to do is notify us in writing by email before December 20th each time you want to do so.