The Bosom Terms & Policy

In the Bosom Multipurpose Cooperative Society each member invites a well-known person to become a member so as to form a team of two or more, this is to know through whom one became a member as each member in a team guarantees the other in accessing a loan. This will enable anyone that want to guarantee a member to know whom he or she wants to guarantee.

Member or nonmember collecting loan must be guaranteed by another member. However, any member who joined the society without existing member can invite a well-known person to join the society to form a team of two or more as each member in a team guarantees the other in accessing a loan. Nevertheless, if such a member cannot invite anyone, there is no problem, he can collect loan on self-recognition but he cannot collect a loan more than his total savings.

A guarantor cannot access a regular loan until full repayment of the member he or she has guaranteed. However, a guarantor can access a quick loan. The above measures are necessary for smooth online operations of the Bosom Multipurpose Cooperative Society Limited, easy loans to its members and nonmembers as well as to ensure prompt repayment of loans by members and nonmembers.

Registration Fee

✓ Non-refundable Entrance fee of Five Thousand Naira (N5,000) must be paid before an individual becomes a member.

Monthly Savings

✓ Minimum compulsory savings of Ten thousand naira (10,000) monthly. Must be paid on or before month ends

Share Capital

✓ Minimum share capital of 300 units @N200.00 per share that can be paid in installments within six months.

NOTE: These terms may be modified from time to time. Have any questions? Contact Us

FAQ

  • [Q] What is the difference between savings and share capital?
  • [A] Savings is to help members cultivate habit of savings as well as to have easy access to loan for productive purposes while share capital is a member contribution towards the society investment and at the end of every year members will receive dividend on the society surplus on investment as well as surplus on loans.
  • [Q] Can I GET back my REGISTRATION fee whenever I terminate my Membership?
  • [A] Registration fee, also known as entrance fee is a NON-REFUNDABLE payment made by every individual who joins THE BOSOM.
  • [Q] What is the different between regular loans and quick loans?
  • [A] Regular loan is a loan member can access after six month of membership and the maximum repayment period is 12 months for now. While quick loan is a loan a member and nonmembers can access anytime and the maximum repayment is 3months.
  • [Q] Can I GET back my REGISTRATION fee whenever I terminate my Membership?
  • [A] Registration fee, also known as entrance fee is a NON-REFUNDABLE payment made by every individual who joins THE BOSOM.

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