We will 2X your financial capability
Fomas Cooperative aims to revolutionize the existing system by instilling saving habits through the development of accessible and equitable saving plans tailored to benefit our customers. Our mission goes beyond simplifying saving; we're committed to making the process of borrowing loans remarkably effortless, exceeding your expectations.
1.
Sign Up an Account
Sign up with your details with a sum of NGN 5,000 and complete your profile after sign up.
2.
Start Saving
Log into your account, click on the "Contribution button" and start your saving journey.
3.
Get a loan
To qualify for a loan, you must have contributed 50% of the requested loan before.
Safeguarding your funds is our primary concern.
Our commitment lies in securing your funds and safeguarding your account, earning your trust through these protective measures.
Top-tier Security
Our payment processors are dully certified and adhere to PCI-DSS compliance standards, ensuring the electronic security of your data.
Government Certified
We hold a license and operate under the regulation of the Lagos State Government in accordance with the Cooperative Societies Act (2013), as amended.
What we offer
Contribution
Elevate your financial future with our cooperative contributions. Together, we build a stronger tomorrow through shared prosperity and community support.
Loan
Empower your dreams without the worry of collateral or long forms, it's easy-peasy! Our no-collateral loans provide the financial freedom you deserve, hassle-free.
Savings
Secure your future with our savings solutions, simply login to your account and set-up daily, weekly or montly automated savings and withdraw at will.
Profit Share
Participate in prosperity! Our cooperative's profit-sharing program ensures members enjoy the fruits of collective success. Join us in reaping the rewards together.
Frequent Asked Questions
What are the conditions for membership?
- Must not below 18 years
- Person of good character and sound mind.
Am I to pay application fee to be a member?
Yes! Every application for membership shall be accompanied with a non refundable entrance fee =N=5,000.00
What is the minimum savings on monthly basis?
Minimum monthly savings for members is =N=10,000.00
At what point can I apply for a loan?
Savings for at least six months or more before loan application with guarantor.
What is the interest rate?
The loan interest is 1% per month
Can I withdraw from my savings at any point in time?
Part withdrawal from savings is not allowed.
Can I request for my Total Savings/ Contribution at any point in time?
Absolutely! Withdrawal charges for members is 2% and a minimum of NGN 10,000 balance on your account for continuity of your membership.
How do I benefit from the profit sharing?
Profit sharing/dividend is only for members who are not on loan or whose minimum balance is with the coffers of the Cooperative during that period. This comes up every December