Terms

Membership Terms

  • Membership: To activate membership, fill and submit a membership form online or hard copy. Once active, membership continues until the termination of membership by the member or by SUBA.
  • Capital Savings & Investment Deposit: Members are mandated to make a minimum capital contributory deposit of N5000 (Five Thousand Naira Only) monthly or N60,000 (Sixty Thousand Naira Only) lump sum investment deposit either by direct bank deposit or online payment.
  • Interest: Capital Savings & Investments would generate 20% interest on total capital saved/invested annually. A member would loose this interest if he/she defaults in making Capital Deposit for that month.
  • Loans: Our loan application are approved based on a first come, first served basis.
  • Close of Accounts: Our financial year at SUBA ends on the 20th of December every year.
  • Termination of Membership: A SUBA member can terminate membership by sending a notice a 90 days written notice to; “The Secretary, SUBA Cooperative Limited” 90 days before the termination date.
  • Membership Fees: Annual membership fee is currently¬†N3000 (Three Thousand Naira Only). Membership renewal for returning members would be charged at the close of accounts.
  • Loan Charges: Approved loans would attract a 10% administrative charge and 2% insurance charge. The approved loan would attract a 2% interest monthly and an additional 2% for every default payment.
  • Bank, VAT & Other Charges: Members/Investors are to bear the cost of reminder SMS (if any), bank, transfer, and VAT charges.
  • Declaration: Once a person signs up to become and member/investor with SUBA by filling the forms, and paying the membership fee, the person AGREES to ALL the above stated terms, conditions and the organisations’ regulatory by laws.