PRODUCTS AND SERVICES

---

REGULAR SAVINGS ACCOUNT (THRIFT)

Saving is a compulsory cooperative practice. We encourage our members to save today in order to meet tomorrow's rising needs. Our cooperative consultants and advisors would meet with our members to work out and agree a convenient saving amount and pattern such that it does not affect everyday living adversely. Saving is for both business and personal objectives through opening of an account with the society. It's an account with N10, 000.00 as minimum opening balance and multiples of N5,000 regular saving on which you earn monthly interest income. You can withdraw from you savings account but this is not advisable for a sustainable thrift objective.

PERSONAL AND BUSINESS LOAN (CREDIT)

Every member of the society is entitled to one type of loan or another per time It is a fundamental cooperative practice to allow members to borrow an amount not exceeding twice their cumulative savings but we have designed a very unique model that allows our members borrow any amount that is about enough for their need even if the amount exceeds twice their savings. They only have one or two extra requirements to meet if they can meet and convince us of the viability of the need for which the loan is being required. We are fair, considerate and supportive in our loan processes and management.

EQUIPMENT & LEASING

Members can also access loans to buy home or office equipment or automobile of their choice with only 20% initial down payment. Repayment spread up to 2 years. Comprehensive insurance shall be shared by both the co-operative and the borrower. To access this loan one must have being a member of the cooperative for at least three month and one must have paid up his share capital contribution and at least one month savings.

EDUCATION FINANCE

This loan is to assist members take care of their education expenses; school fees of their children and dependants, tuition for their personal studies, training and development. Subject to availability of fund, a non-member may take loan but the loan must be guaranteed by a member of the cooperative. This loan shall be paid directly to the intended school/institution's Bank Account and repayment shall be by regular deduction. Tenor and conditions of academic loans vary on individual basis.

RENT FINANCE

We really want to make sure our members feel the impact of the society by having proofs to show for belonging. There is rent finance opportunities for our members who can demonstrate that they have sure means of paying back within a very short time. We help our members to pay their home or office rent when their means are limited about the time their rents fall due. Repayment period is usually shorter than the length of rent.

PAYDAY LOAN/SALARY ADVANCE

Members who have financial commitments and want money before payday can avail themselves of this opportunity. Money is made available for pressing needs at a percentage and members pay back at the end of the month. A non-member may take the payday loan but must be guaranteed by a member of the cooperative society.

CONTRACT, SUPPLY & LPO FINANCE

Businesses need funds to grow and succeed. We would like to associate with the prospect of our members when they need urgent funds to execute contract. We finance Local Purchase Orders and Supply on behalf of our members at a fair rate subject to a maximum tenor of three (3) months.

BULK PURCHASE

At Cowries, we recognise every day living expenses as a factor affecting financial freedom and the success of entrepreneurship. We are therefore committed to being a part of our members' daily life. Our society operates a 'members only' warehouse for the supply of daily needs for children and adults. We acquire a variety of food items and daily need products for direct supply to members at very large discounts. As a cooperative we enjoy the benefit of bargain purchases with several manufacturers who will deliver their products at reduced rates. This bulk-buying system will ensure 90% of our products have discounts available only to members at prices unavailable elsewhere, which will as a result free up funds for members savings. We shall also take advantage of manufacturers financing i.e buy now and pay later schemes especially for house hold items or equipment of significant values.

QUICKPAY

The Quick Pay facility can save members queuing time. It can be used for making savings or loan repayments or deposits to their savings account by standing order from the bank, deduction from salaries (where employers agree) or by posting cheque to the co-operative. It enables members pay bills and transfers quickly. We operate a standard POS machine that enables our members withdraw from or save into their bank accounts. You don't have to go to the bank at anytime, you can do all of your transactions from the cooperative office.

QUARTERLY TRAINING ADND DEVELOPMENT

Professional Development through trainings and workshops for members; depending on field of specialization and/or entrepreneurial dreams, members will be empowered through trainings at different times of the year towards actualization of personal and professional development.

FINANCIAL ADVISORY

We render expert personal and business financial advisory to our members free of charge. We help members organize their finances, investments and business plans to take advantage of their current and future opportunities. We encourage members to keep up to date records of business transactions and maintain important books of accounts. We help them set up or restructure their internal processes and procedure.

INSURANCE BROKERAGE

We teach our members the opportunities available in buying insurance policies of various categories. We broker insurance deals for our members in order for them to have the best deals and ensure that their claims are granted when the need arises. We are involved in many viable and relevant business areas all for the interest and welfare of our member and that of their business.

BANKING & MONEY TRANSFER

We have the financial interest of our members at heart. We give tips on available opportunities in the banking industry and how best to take advantage of them without being ripped off by their bankers. We facilitate local and international payments by providing electronic money transfer instructions or buy bank drafts on behalf of our members. We keep our members informed about current financial trends and their implications.

UNSECURED LOAN

Members borrow "clean", meaning without pledging any collateral but usually up to a pre-determined limit based on some lending criteria such as length of employment, membership standing, credit record, income ratio and amount required.