ABOUT US
Freedompop Cooperatve is a business oriented, non-profit sharing,
non-political and non-religious cooperative which seeks to promote sustainable
livelihood for the less privileged in the society.
Freedompop Cooperative is dedicated primarily to economic empowerment
of the under privileged, capacity building and improvement of the
socio-economic condition of the poor. Freedompop Cooperative is a committed
organization to the promotion of small
and medium-sized enterprises, SME in Nigeria. Fredompop Cooperative is powered
by Freedompop Travels & Communications.
Mission
To promote sustainable, economic empowerment and social services for
the less privileged
Vision
To provide accessible services which are flexible to meet the needs of
the economically active poor people in order to alleviate poverty
OUR CORE VALUE
SELF-RELIANCE: at the heart of our operations, the provision of
credit and the encouragement of personal savings for self-reliance.
EMPATHY: this entails understanding the needs and conditions of
members, clients and fellow staff figuring out the best way to assist and give
the hope, while placing premium on customer service.
ADVANCEMENT: it is in our mind always to consciously work for the
growth of our members, organization and staff. It connotes resilience and
tenacity in the face of challenges.
POVERTY ALLEVIATION: overall, Freedompop Cooperative is poised to
be the foremost institution harnessing both human and material resources
towards alleviating extreme poverty and hunger in the world in line with the
MDG’s.
OUR CULTURE: God first and other things follow.
OUR ETHICS: Modesty and professionalism.
OUR MOTTO: Development with vision
Our Objectives
- Promotion of rural and sub-urban grass root development through the Provision of quality, efficient and diversified financial services on a commercially viable basis thereby contributing to rural transformation.
- Enhancing rapid development vision
- Provision of Ecommerce website and mobile applications for every member to promote and sell their products and services.
- Promoting productive activities of micro and small scale enterprises and improving their economic status by making financial services available.
- Provision of micro-banking services to groups and organizations at grass root level.
- Provision of point of sale, POS machine to every member to promote the cashless policy of the Federal Republic of Nigeria.
- Encouraging savings and investments among artisans and petty traders who are currently engaged in “Esusu” daily contribution schemes through regular savings, targets and festival savings.
- Make financial services accessible to a large segment of Nigeria's productive populace who otherwise has little or no access to financial services.
- To enlighten and empower the disadvantaged member of the society through credit assistance for income generating activities
- To facilitate capacity building training programme through seminar, workshop and business advisory services and financial policy.
- To assist in the purchase of equipment's that can enhance the growth of individual members businesses.
- To source funds for small and medium entrepreneurs for the purpose of expanding their businesses so as to create employment for the youth.
- To train non literate members in functional literacy and business management strategies.
- To facilitate business linkage among members
- To facilitate integrated rural development
- To discourage rural-urban migration
- To promote basic hygiene and sanitation through Health Education Monthly
PRODUCTS AND SERVICES
MSP Loan
This is a loan disbursed to individual members of a group with
repayment tenure of 40 weeks. Interest rate 15% with one week moratorium.
Members of a particular group are expected to meet one day in a week.
One external guarantor and 6 guarantors within the group must be provided
before a clients can access this loan. The required savings deposit for first
loan is 10% while the first amount is between 10,000 to 50,000.
Education Loan
Freedompop Cooperative will help its members to pay their children
school fess and savings deposit before accessing the loan is between 25% &
30% for amount above N200,000.
Interest on loan is 10%, repayment period is 16 weeks (4months) and
loan applicant must have 2 guarantors – (one of whom must be a civil servant of
not less than level 12.
Agricultural Loan
Freedompop Cooperative will give loan to farmers that are into poultry
or fishing or piggery, savings deposit is 25% and 30% for any amount above
N300,000 while interest rate is 15%.
The moratorium (grace period) for this product is 2 months while
repayment mode can be either weekly or monthly depending on the nature of
agriculture business. Repayment period is 10 months (40 weeks) and lLoan
applicant must have started the poultry, fishery, or piggery business becaust
feasibility study will be conducted. To access this loan, 2 guarantors are
expected one and must be a civil servant minimum of level 12 grade.
Transportation Loan
Registration is required just as the other loan product with 40%
savings deposit. Loan applicant must belong to Road Transport Union or National
Road Transport Union because there must be a letter from the unon that is he is
a good member. Also from the loan applicant, MSP branch should also send a
letter to show that he is a good client.
Interest rate on this product 18% per year, one(1) month moratorium and
repayment length is 11 months. If it is 2 years loan period], the interest rate
is 36% and repayment period is 23 months. two(2) guarantors are required.
Comprehensive Insurance of the vehicle will be made, also Freedompop
Cooperative will be inscribed on it.
Mortgage Loan
Freedompop Cooperative also
helps to make the dream of becoming a house ownner a reality and supporting
other kind of building projects like schools. Each of the guarantors must have
their own house, there must be C of O/R of O of the land. The organization
lawyer will help to write a letter, which the applicant will sign that he/she
has transferred the ownership to Freedompop Cooperative, pending the time
he/she is through with the repayments. Savings deposit is 30%, moratorium is 2
months while interest rate is 15% per year and repayment period is 10 months(40
weeks).
Production Loan
This loan is designed to assist those who are into productions of
materials, savings deposit for this loan type varies in accordance to the
amount of loan required as detailed.
50,000 and above: savings deposit is 25%.
100,000 to 199,000: savings deposit is 30%.
200,000 and above: savings deposit is 40%.
The interest rate for weekly repayment is 10% with 24 weeks repayment
period while interest rate for monthly repayment is 18% with repayment period
of five(5) months. To access this loan, two(2) guarantors are needed, one civil
servant, minimum level 12, all the necessary documents must be checked.
Equipment Loan
This loan product is obtainable under the investment scheme and the
requirements are the same as in the Transportation loan above.
Widows Loan
This special loan product is designed for widows so as to afford them
to lay their hands a business that can sustain them and their children.
Interested widows are expected to form themselves into a group having a minimum
of 10 persons. Registration is also required and the savings deposit is just
like MSP Weekly. Interest is 10% with repayment length of 40 weeks meanwhile
death certificate/court affidavit of the husband is a very important document to
tender to qualify anyone for this loan product.
SME Weekly
This is another loan product kind that is designed to suit targeted
business type. The savings deposit also varies corresponding to the amount of
loan on focus. Interest rate is 10% and repayment pwriod is 24 weeks. Two(2)
guarantors are also required for which one of them must be a civil servant with
minimum of level 12 in service.
SME Monthly
The structure of this loan product is similar to the SME Weekly above
except that its repayment mode is monthly which is to meet the business trend
of those whose businesses cannot fit into the weekly repayment mode. Repayment
period is five(5) months with one month moratorium, interest rate is 20%.
Interest rate -20%, two(2) guarantors are also required for which one of them
must be a civil servant with minimum of level 12 in service.
Group Investment
THis is a group loan product as the MSP Weekly except that its
repayment mode is structured to 24 weeks with 10% interest. two(2) guarantors
are also required for which one of them must be a civil servant with minimum of
level 12 in service. MSP clients who want to access investment loan must sign
the investment loan agreement form from his/her MSP Branch and other due
deligence had to be carried out.
Monthly Loan
THis is a special loan designed in such a way that existing members who
are currently having active loans can still apply for this loan loan product
but with a condition that they must have reached the 35 repayment length of
their running loan and their will not be any need to raise additional savings
deposit in as much as their current savings is up to 10% of the MSP Monthly
loan that they are applying for.
Non members can also apply for this loan but such will have to get
registered under any of our branches and savings deposit for this category of
persons is 15% of the loan amount applied for which minimum is 100,000 naira.
Group Formation Criteria
- To form a Group, There must be at least 5 – 10 members for a start and must not exceed 20 members in the Group.
- They must elect Four Executive officers
- Chairperson
- Secretary
- Treasurer
- Chief Whip
- All members must have received their ID card before the group inauguration day.
Duties of Groups
Each Group must ensure that they have up to 20 -30 members in future
and that they must form another new Group after one (1) year of operation.
Eligibility Criteria for Group and Individual Membership
- HE/She must be within the age bracket of 18 – 65years of age
- HE/She must have a specific trade that is viable economically
- HE/She must be credit worthy and trustworthy
- HE/She must accommodating and friendly
- HE/She must always seek peace with other members
- HE/She must be a person who has vision for progress
- HE/She must be hardworking