...

Frequently Asked Questions!

Make Impact Helping Hand Foundation Multipurpose Cooperative Society Limited. The Society aims to promote the economic interests and welfare of its members in accordance with cooperative principles. Its objectives include thrift and savings, credit, investments, collective activities, education and training, community/welfare projects, and providing goods and services at cheaper rates.
Membership is open to individuals who are at least 18 years old, complete the application process, pay the required non-refundable registration fee, purchase the minimum block of shares, are of good character, and agree to abide by the Bye-Laws. Membership is voluntary and non-discriminatory.
Before admission, members are required to pay a non-refundable ₦5,000 application fee and ₦5,000 admission fee. The Bye-Laws also state a ₦10,000 non-refundable registration fee and a minimum ₦10,000 block of shares as part of the membership qualifications.
Members are required to make mandatory monthly thrift/savings contributions to sustain the Society's operations and build funds. The document gives an example minimum of ₦5,000 per month, subject to being set or reviewed by the Executive or General Meeting. Additional voluntary savings are also permitted. Three consecutive defaults may result in suspension of privileges.
Loans are intended for productive, provident, or welfare purposes and are available to active members. Eligibility requires at least six months of active membership, no arrears, and two guarantors who are active members in good standing. The loan amount may be based on a multiple of the member's savings, such as three times the savings, and applications are screened by the Credit and Risk Management Committee.
Yes, monthly thrift savings are mandatory to sustain operations and build funds. Defaulting on payments for 3 consecutive months results in the suspension of membership privileges.
Standard loan applications are processed within a maximum of 7 working days. Fully guaranteed loans can be disbursed within 3 working days post-verification.
Members must provide a 3-month written notice and settle all outstanding debts. Paid-up share capital is refunded (less any liabilities), but application and admission fees remain non-refundable.