Frasus Cooperative Multipurpose Society is our own society. Members save a little every working day — collected where they trade — build a stake in the society, and borrow against what they have saved.
A business executive is assigned to your market or street. They come to you.
Apply online or through an executive. The office approves your membership and gives you a number.
Set a daily target. Your executive records what you actually hand over, however much that is.
You get a receipt on the spot and a message on your phone. Your passbook is in the app, entry by entry.
After a few months of steady saving, apply for a members' loan. Your savings stay yours.
Every product below is approved by the society before it is offered.
Our business executives visit you on your route and record what you save, every working day. You get a receipt at the point of payment and an alert on your phone, and you can see every entry in your account.
Choose what you are saving for, how much you need and when you need it. We show you whether you are on track, and the money stays yours throughout.
Share capital is what makes you an owner of the society rather than a customer of it. It is not a savings account: it is returned when you leave, and it is the basis on which any dividend is shared.
The regular contribution set out in the by-laws. Your record of payment is visible to you at all times.
Put an amount aside for an agreed number of days. The rate and the maturity date are fixed in writing when you open it.
Daily savings only works if every naira is traceable. Your balance is credited the moment you hand the money over — not when it reaches the bank — and what the executive is holding is tracked against their name until they bank it.
Membership is open to traders, artisans, salary earners and business owners. You accept the by-laws, build your share capital, and keep your monthly dues up to date.
Apply to joinSet by the society and subject to its by-laws. Members are told in advance of any change.
What you can borrow follows from what you have saved and how long you have been saving. The exact figure is shown in your account, with the arithmetic behind it.
The pledged part of your savings is held while the loan runs. The rest stays available to you, and your balance is never hidden from you.
Members' applications go through the same affordability assessment as any other loan, and a person makes the decision. You can ask why.
Settle at any time and interest is charged only for the period you had the money.
Frasus Cooperative Multipurpose Society is a cooperative society run by Frasus Contracts Int'l Concept (RC 9574980). Its registration details will be published here. A cooperative society is owned by its members and governed by its by-laws; it is not a bank, and savings held with it are not bank deposits.
Questions about membership: support@frasus.com.ng · 08055592582 · 08125705387
Join the society, and an executive will be assigned to your route.