[A] The Bosom Multipurpose Cooperative Society Limited (“we” or “us”) takes your privacy seriously. This privacy policy explains why we collect data, what data we collect, how we store and transfer that data as well as who we may share the data with. You specifically authorize us to collect and process data in accordance with this privacy policy.
[B] Why we collect data. We collect certain data to be able to provide the Service to you. We also collect data for use in verifying your identity and creating credit scoring models to determine what Loans can be offered to you. We also use this data for purposes of collections and credit reporting.
[C] The data we collect. When you register to become a member, we will collect your telephone number and may also collect your name, age, email address or other contact information. With this information, we may cross-check your identity with third parties including the person you have provided as your emergency contact. By registering for the Service, you authorize the collection and processing of the foregoing data.
[D] Who we share data with. We may share your data with third parties in certain circumstances. We may, for example, share data with: I. Your emergency contact; II. Your Next of Kin; III. Your guarantors, in seeking Loans IV. Government bodies and law enforcement agencies, to comply with the law; professional advisers, to enforce or defend our legal rights; or to the Registrar.
✔ We are not liable for any damages you may incur. IN NO EVENT WILL WE OR OUR MEMBERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA, OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICE, OR FOR ANY LOAN OBTAINED THROUGH THE SERVICE, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, EVEN IF WEBSITE OR ANY OF ITS SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
✔ This contract is subject to, and shall be governed by, and construed in accordance with the Cooperative Societies Laws Cap.35 of the laws of Oyo State of Nigeria 2000, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of this Agreement not solved by mutual agreement between the Parties shall be submitted to arbitration in the English language before a Registrar to take place in Ibadan, Nigeria as the seat of the arbitration. The arbitration shall be conducted pursuant to the Rules of Arbitration of the Cooperative Societies of Oyo State, Nigeria. Nothing in this Agreement will be deemed as preventing The Bosom Multipurpose Cooperative Society Limited from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect The Bosom Multipurpose Cooperative Society’s name, proprietary information, trade secrets, know-how, or any other intellectual property rights.
✓ A person becomes a member of The Bosom Multipurpose Cooperative Society by registering online and making the initial nonrefundable entrance fee of N5,000 and must be 18 years or above.
✓ A desired level of compulsory monthly savings ranging from N10,000 or above by payment of transfer of any kind either manually or electronically into the bank account of the cooperative.
✓ Minimum Share Capital of N60,000 that can be paid within six months by payment of transfer of any kind either manually or electronically into the bank account of the cooperative.
✔ PURPOSE OF LOAN:
Loan may be granted to members only for necessary or
productive purposes.
MAXIMUM CREDIT LIMIT: The Maximum Credit Limit of each applicant for a
loan shall be fixed by the Executives bearing in mind the availability of funds, the
principle of making credit available to as many members as are qualified and the
securities offered.
QUICK LOAN: A quick loan of N50, 000.00 or more shall be granted to members
who are not yet eligible for regular loan and nonmembers.
✔ CONDITIONS FOR A LOAN.
✓ Only members who have spent 6months in the society and has fully paid his/her
share capital and have not missed any of his savings entitled to a regular loan
with 6% interest rate.
✓ The maximum regular loan repayment is 6months for first time
applicant and 12 months for second time applicant.
✓ Any member who has not been consistent in savings is not entitled to regular
loan however he or she can take a quick loan with 5-10% interest rate.
✓ The consistency in savings and the capacity to pay back in the stipulated period
of time will determine the loan amount that will be approved. ✓ Each team or individual member has the right to introduce none members to take
a quick loan provided the team or individual introducing nonmember will be the
guarantor.
✓ Interest on quick loan for nonmembers shall be 10% for one month, 15% for
three Months.
✓ Interest on loan shall be deducted from the loan and the balance shall be sent to
the applicant.
✓ Loan application shall be between on the 6 th – 25 th of every month and
loan disbursement shall be within five working days.
✔ OVERDUE LOANS:
When a loan is not paid on the date due, the loan account
shall at once be closed and the borrower informed of the principal and interest
outstanding against him/her. On the total amount so found due, the borrower
shall be charged penal interest from the date of closing the loan account to the
date of recovery and steps shall be taken promptly, first by deducting part of it
from any sum due to the member in respect of the safe of his share capital,
savings or farm produce or manufactured products and thereafter in any lawful
manner that the management of the society may deem suitable.
✔ WITHDRAWAL OF SHARES:
No member may withdraw the shares in the
Society within two years after first taking them. A member may withdraw his
shares after that period provided that:
✓ He/she has given six months’ notice of withdrawal;
✓ The total amount of share capital permitted to be withdrawn in any one year
does not exceed 10% of the aggregate paid up share capital of the society as it
was on the last day of September preceding; and
✓ There is no money or goods due from him to the Society.
✓ A member who withdraws his share capital under these terms and policy shall be
paid back the amount of share capital actually paid by him.
✓ Every member shall nominate in writing a person to whom in the event of
member’s death or permanent insanity the Society shall pay a representing the
deceased member’s share and other sums due to him at the time of the death.
✓ Every appointment of nominee shall be entered in the membership and
attendance register and any alteration shall be signed by the member.
✓ The member may at any time change his nominee.
✓ If not admitted to membership, the nominee shall in case of the death of
permanent insanity of the member be paid the value of the share or interest less
of any sum due to the Society.
✓ In the event to no nominee having been appointed by a deceased member the
union shall pay the afore-mentioned sums to the person who after due
examination appears to be the legal personal representative of the deceased.
✔ TERMINATION OF MEMBERSHIP:
Membership shall be terminated by:
✓ Death;
✓ Permanent insanity;
✓ Ceasing to hold one full share;
✓ Withdrawal after 6 months’ notice conveyed in writing to the Society provided
that the member withdrawing is neither in debt to the Society nor surety for an
unpaid debt; and
✓ Expulsion
Should a member for any cause to be qualifies for membership or withdraw from
membership, his/her name shall be removed from the membership and
Attendance Register and he shall be paid back within six months the amount of
Share Capital actually paid by him/her together with any other amount due to him
from the union, after deducting from them any amount due from the member to
the Society.
No member may withdraw unless he/she has been a member for at least two
years and has given sis months’ notice of withdrawal.
INCENTIVE: BONUS TO MEMBERS FOR INVITING NEW MEMBERS TO THE
SOCIETY
The bonuses are in three stages as follows:
✓ At this stage cooperator will earn 8% (N400) of entrance fee for any new member he or she invited to the society. This stage will be completed upon inviting five new members to the society N400X5=N2,000. Additional Bonus of 10% (N 500) of entrance fee will be added called level bonus this will round it up to N2,500.
✓ At this stage cooperators earn 10% (N500) of entrance fee from the 6 th to 10 th new members he or she invited to the society N500X5=N2, 500. Additional Bonus of 30% (N1,500) of entrance fee will be added called level bonus this will round it up to N4,000.
✓
At this stage members earn 20% (N1,000) of
entrance fee from the 11 th ……. to as many new members that he or she
invited to the society.
✓ ADDITIONAL BONUS
✓ In addition to the bonus above, cooperators will earn 10%(N500) of entrance
fee on every new member who joins the society through the member he or
she invited to the society.
✓ All incomes shown on the bonus plan are subject to active participation of members in the cooperative as it is a way to reward those who contribute to the growth of the society as well as to give room for all to earn dividend base on what individual can invest.
✓ Your Network Is Your Net Worth.
RESPONSIBILITY OF THE MANAGEMENT TEAM (EXECUTIVES):
✓ The cooperative management team will from time to time with proper
consultations with professionals in the membership engage in ventures that are
deemed profitable to the overall cooperative members.
✓ The Cooperative Management Team in their conduct of the affairs of the
Society, shall exercise the prudence and diligence of ordinary men of business
and ensure that no loss sustained through acts or omissions contrary to this
terms and conditions.
✓ The Cooperative has the right and power to change, alter, amend or modify in
whole or in parts, the income structure or incentive plan including all the attached
opportunities thereto without notice to or permission of its members.
✓ Members are not obliged to participate in the referral aspect of the cooperative.
✓ The cooperative does not guarantee or promise any earning by its members.
✓ All incomes shown on the incentive plan are subject to active participation of
members in the cooperative.
NOTE: These terms may be modified from time to time. Have any questions? Contact Us
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