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FAQs

How do I become a co-operator?

Click on Register where you fill in the appropriate details and upload your picture.

What happens when I register?

When you register, an account is created and an activation link is sent to your e-mail. You are required to pay a one off non-refundable entrance fee of N2,000 and a due of N3,000 renewable annually to have access to our society privileges

You are also required to subscribe to a minimum of 50,000 units of shares of the cooperative valued at N2.00 per share. This amount is to be fully paid up within 12 months of becoming a co-operator.

You are also required to make a minimum savings deposit of N5,000 and key into any of the other available schemes.

Which Account do I make payment to?

Bank: Zenith,
Account No: 1015373916,
Account name: Olive Cooperative Multipurpose Society Limited

What do I benefit as a co-operator?

You shall have access to loan amount of up to twice your consistent savings upon meeting the set terms and conditions for loans.

You shall have access to participate in home ownership schemes and other schemes initiated by the cooperative.

As a shareholder, you share in the surplus made by the cooperative annually.

You can also log in to monitor your payments for the various schemes and other activities.

Can I introduce other people to join the cooperative?

Yes you can and you get a direct commission of 50% of the entrance fee payable in cash or convertible to shares

Is there a limit to the number of people i can invite

No

Can I invite someone that is not technology compliant?

No as they will need to register online and monitor their activities online. They will also need to have e-mails where minutes of meetings and other resolutions can be sent to.

What happens if I change/increase the savings deposit after some months? How will it impact the loan amount i can access?

You can only access two times the amount you have paid consistently for at least 6 months. To access loan based on the new savings amount, you will have to save that amount consistently for 6 months.

As a co-operator, can your interest in the cooperative be transferred?

Yes, to your next of kin registered with the cooperative.

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