Membership is open to all confirmed academic and administrative staff of Karl Kumm University, Vom. Registration requires a verified University File Number found in the verified staff roster.
The minimum compulsory monthly thrift contribution is ₦10,000, which is deducted directly at source from the member's monthly university salary. Members can voluntarily scale up their contribution amount anytime from their member portal settings.
Members are eligible to borrow up to two times (2x) the total value of their active approved savings balance (subject to the specific loan type bounds). All loans require two active verified co-members to endorse as guarantors online.
A guarantor guarantees the repayment of the loan in accordance with cooperative bye-laws. In the event of default or abandonment by the primary debtor, the outstanding indebtedness becomes enforceable against the guarantor's accumulated thrift funds.
All loan categories maintain a flat rate of 5.0% per annum. There are no hidden management charges, and early repayments are welcomed without penalty.
At the Annual General Meeting (AGM), audited net surplus income from lending operations and investments is reviewed. Approved dividends are shared pro-rata among members based on each cooperator's approved Share Capital units.
Still Have Questions or Inquiries?
Our cooperative executive board and secretariat are readily accessible to assist with your account needs.