Policy

RIGHTS AND LIABILITIES OF MEMBERS

Membership

Rights and Liabilities of Members

• The members should consist of:

Any full time member of Kaduna State Civil Service, Federal Civil Service of Nigeria or registered and well recognised organisation who applies for membership

Qualification

• Any full time member of staff of Kaduna State, Federal Republic of Nigeria or registered and well recognised organisation whose salary is paid through any commercial bank or Kaduna State BATMIS or IPPIS

• Any store owner, trader, pharmacy owner, farmer, poultry owner and any other business men and women who has like mind and has interest in Solid Core Investment & Digital Services

• All application is online via compatible devices and shall be by the completion of all the necessary prescribed online form(s)

• All new applicants shall pay a non-refundable fee of ₦5,000,00 only as membership registration fee and shall be deducted at first deposit subject to changes from time to time

• All new applicants serve a 3-months’ probation period after which the applicant becomes a full pledged member of no issue came up

• Any member who fails to make three (3) consecutive contributions the management would be eligible for expulsion

• Membership is open to all who share same view as stated in the Vision, Mission and Values as well as the Aims and Objectives of Solid Core Investment & Digital Services

• Applications for membership are done online via a web or mobile app of any compatible device

• After a successful registration an activation code with login details will be sent to an active mobile number/email address

Provided every application for membership shall be approved or refused by Solid Core management, which shall in the case of refusal, state its reasons in writing, Such applicants may appeal by meeting up required document

Liability

• The liability of members for debts of Solid Core shall not exceed the value of his/her shares/savings (where applicable)

• A past member shall be liable for the debts due by Solid Core as they existed on the date when he ceases to be a member; provided that he/she is notified of such liability before the date he/she ceases to be a member

• The estate of a deceased member shall be liable for the debts due by Solid Core as they existed at the date his/her membership is terminated

Next of Kin

• Every member shall confidentially give at least a name of person related to him/her by blood or by marriage who qualifies as his/her nominee in accordance with Extant laws, to take over his/her asset/liability with Solid Core

Payment of Zakah

• Any Muslim member whose accrued saving equals or is greater than nisaab, and has reached one year 2,5% of its total saving shall be prompted with a reminder and will be asked whether to disbursed to him/her the equivalent amount of the percentage to the available balance for onward giving out to needy

Declaration of Obligation

• Every member shall agree to all Solid Core’s terms and condition before final submission

Discipline

Members must be of good conduct, Misconduct such as the followings may lead to disciplinary measures

▪Consistent default in facility repayment

▪Flagrant disobedience of legitimate order

▪Failure to make three (3) consecutive contribution (account goes dormant)

▪Proven dishonesty or fraudulent practices

Membership Withdrawal/Termination

Membership shall be withdrawn/terminated by:

• Death

• Permanent insanity

• Completely withdrawing ordinary savings and/or share capital

• Voluntary withdrawal of membership by a member in writing

• Members are at liberty to withdraw from Solid Core whenever they feel like doing so, Such members must give 3-months’ notice

• Only what is in the savings account can be accessed immediately, whatever is in the investment account can only be received after declaration of dividend at the end of the year cycle

• Contribution in investment account and its proceeds are subject to surplus or loss recorded

• Disengagement from the service

• On termination of his/her membership, a member shall be paid back in a period not more than three months the amount of his/her savings, shares and any other money due to him/her from Solid Core

No loan shall be granted:

• To any individual other than members of Solid Core

• To a new member who has not contributed for at least a period of six consecutive months

• For a period exceeding fifteen calendar months subject to amendment from time to time by the general meeting

• If it would bring a member’s total indebtedness at the time of the loan to an amount exceeding the maximum credit limit

• The maximum credit limit of members shall be triple of his savings

  
  Granting Loan

• Regular loan of triple of savings shall be granted to members who have spent not less than six months with Solid Core subject to amendment by the general meeting from time to time

• Members shall be eligible for emergency loan of a maximum of fifty thousand Naira (₦50,000,00) payable in one month (eligibility conditions attached)

• Members shall be eligible for short-term loan of a maximum of one hundred thousand Naira (₦100,000,00) payable in three months from the month of collection provided if he/she is not owing from the emergency loan (eligibility conditions attached)

Repayment of Loan

• There shall be no interest on loans received by members

• Emergency loan shall be repaid within one month

• Short-term loan shall be repaid in three months

• Regular loan shall be repaid within fifteen months (this is subject to further review)

• In case of default in more than two instalment payment of loan, the loan committee shall have power to recover the outstanding balance immediately

• If as a result of a member’s default in repayment of his/her loan society incurs any expenses, the defaulting member(s) shall be made to payback the extra cost incurred to Solid Core

• The executive committee may use its discretion to recover loan from debtor(s), in case of default

  Sureties

• In the process of loan application at least two (2) sureties are required via the mobile app (input sureties Solid Core ID Number) The system/Loan Committee may use its discretion in accepting a member to stand surety for loans and the system will send a request and a notification of request for surety to (accept or decline)

• Every surety must have total thrift saving enough to cover 50% of the borrower’s loan requirement

• However, a surety cannot stand surety for more than two (2) borrowers at a time

Duties of Sureties

• A surety must be a reputable member of Solid Core and shall personally guarantee repayment of the loan if the borrower defaults
  Recall of Loan

• All loans shall be issued subject to Solid Core’s right to call for immediate repayments if:

• Any misapplication is proven

• · The borrower gives an indication of resignation

• The borrower persistently defaults for a period of over three months