ipNX STAFF COOPERATIVE MULTIPURPOSE SOCIETY LIMITED FAQs WHAT IS A COOPERATIVE SOCIETY? Cooperative societies are mutual organizations owned and controlled by their members for the purpose of helping them realize their common objectives. Work place cooperatives typically generate funds through regular contributions of their members for the purpose of collective investments and meeting their personal financial intervention needs. Even though the cooperative operates within the sponsoring organization, is a statutorily registered and separate legal entity with its own rights and responsibilities and is totally separate from its sponsoring organization. In this case therefore, the cooperative is distinct from ipNX Nigeria Ltd. and will be managed by its members. BENEFITS TO EMPLOYEES?      Encourages employees to save and acts as a convenient platform for investment. Provides access to loans at low interest rates compared to commercial loans. Provides a platform for bargain negotiation on behalf of employees. Assists employees in the acquisition of critical personal assets e.g., houses, cars, home appliances, etc. Promotes staff bonding. WHO CAN JOIN? The membership of the Society shall be open to any permanent, contract or outsourced staff of ipNX Nigeria who applies and is admitted in accordance with the society’s Bye-Laws. ©IPNX COOPERATIVE MULTIPURPOSE SOCIETY LIMITED 2015 IS THERE AN ENTRY FEE? Membership shall be made by obtaining a Membership/Entrance form which costs N2,500 (two thousand five hundred naira) only for contract & outsourced staff and N5,000 for permanent staff with the provision of 3 guarantors respectively who must be full time Staff of the company. WHAT IS THE MINIMUM CONTRIBUTION? Every member shall make regular thrift savings, minimum of which shall not be below N5,000 (five thousand naira) per month. CAN I EXIT THE COOPERATIVE WHEN I WANT TO? Yes. Withdrawal of membership shall be by one month’s notice conveyed in writing to the Management Committee provided that the withdrawing member is neither indebted to the Society nor stands surety for an unpaid debt. WHEN CAN I TAKE A LOAN? Members are eligible for loans after 6 months of membership. WHAT IS THE INTEREST RATE ON LOAN TO MEMBERS? Interest on any loan to members shall be charged at a rate determined by the Management Committee but shall at all times be equal to or less than the benchmark interest rate set by the Central Bank of Nigeria (CBN). WHERE CAN I GET THE MEMBERSHIP FORMS? Form template will be uploaded to the HR portal by 7th of April 2015. I HAVE MORE QUESTIONS… More details will be made available in the society’s bye-laws to be uploaded soon. ©IPNX COOPERATIVE MULTIPURPOSE SOCIETY LIMITED 2015