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Cooperative Lending

A group that stands together borrows cheaper.

Registered cooperatives and market associations borrow from 3% a month — because the group guarantees each member.

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3%a month, the cheapest rate we lend at

3%
a month, from
10+
members
₦50m
to the group
No
individual collateral

Work it out

See exactly what it will cost

Every charge included, and the total you repay is the big number — not the monthly one.

Millions

Five million naira

Over how long?

Total repayable

₦6,920,000

over 12 months, at 3.2% a month

Amount you receive
₦4,950,000
Monthly repayment
₦576,666
Interest
₦1,920,000
Management fee, once
₦50,000
Total cost of borrowing
₦1,970,000

Flat monthly interest on the facility to the group, plus a one-off 1% management fee. The group allocates it among its members, and repaying early cancels the remaining interest.

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Borrowing ₦5,000,000 from Cooperative Lending over 12 months costs ₦1,970,000 in total, repaid at ₦576,666 a month, ₦6,920,000 repayable altogether.

How it works

How Cooperative Lending works

Four steps at the most, and none of them involves a branch.

  1. 1

    The group applies, not the individual

    A registered cooperative or market association with at least ten members and its own constitution.

  2. 2

    We set a facility for the group

    The executives allocate it among members according to the group’s own rules. We do not overrule them.

  3. 3

    The group stands behind every member

    Which is what removes the need for individual collateral, and why the rate is the lowest we lend at.

  4. 4

    Everybody sees the position

    Every member can see the facility, who has drawn what, and what is outstanding. Nothing depends on one person’s notebook.

In the app

This is Cooperative Lending, as you will actually see it

Not a screenshot. Everything in this phone is the same code the app is built from, drawn live in your browser.

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Oshodi Traders

Chidi Eze collects this month
Everybody pays₦40,000
Pot this round₦240,000
Paid in5 of 6
Your turnMarch, round 6
Interest on the pot10% a year

What you need

  • A registered cooperative society or market association.
  • At least ten members.
  • The group’s constitution and the last two years of accounts.
  • A resolution from the executives authorising the application.
  • A group savings balance of at least 10% of the facility.

Every deposit with us is insured by the NDIC. You do not apply for that cover and you are not charged for it.

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Rates and limits

6 month term
Flat, on the facility
3.0% a month
12 month term
Flat, on the facility
3.2% a month
18 month term
Flat, on the facility
3.5% a month
24 month term
Flat, on the facility
3.7% a month
Maximum facility
₦50,000,000
Group savings required
10% of the facility

What it costs

Management fee
Of the facility, once
1%
Application and assessment
Free
Repaying early
Remaining interest is cancelled
Free
Late repayment
On the overdue amount only
1% a month

Questions

The things people ask before they start

If yours is not here, call us on the number at the bottom of this page and a person will answer.

The group covers it, which is what the guarantee means — and it is worth being plain about that before anybody signs. In practice the group knows its members far better than we could, and this is our lowest-arrears product by a wide margin. We work with the executives before anything is called in.

Register with your state’s cooperative directorate first — it usually takes a few weeks and we will help you through it at no cost. Until then, the members can borrow individually, or run an Ajo group with us.

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Keep your trading money separate and earn on the balance.

12%a year, and you can still reach it

Learn more about Business Savings

Licensed by the CBN · Deposits insured by NDIC

Find out what you can borrow in four minutes.

Your BVN, a photo of your ID and a selfie. No branch, no forms, no minimum deposit.

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