FREQUENTLY ASKED QUESTIONS AND ANSWERS ON FSS-CTLS MATTERS
1. What is Co-Op?
A Co-op is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs through a jointly owned and democratically controlled enterprise. Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity, and solidarity. In the tradition of their founders, co-operative members believe in the ethical values of honesty, openness social responsibility and caring for others.
2. What does members stand to benefit as contributors to the scheme?
Each member shall enjoy and be eligible to advantages, patronages, funds, loans, interest, distribution of surpluses and other service ventures or benefits provided by the society based on;
- - His financial contribution
- - The number of shares owned by the individual
3. Is Suleja cooperative membership open to non-FRSC staff?
No, only FRSC Staff are accepted as members
4. What is the minimum amount a member can contribute monthly?
Any reasonable and realistic amount member wish to contribute monthly
5. Can members review their monthly contributions?
Yes, members can review their monthly contribution at anytime
6. How can members review their monthly contributions??
Login into your account, click on the online applications menu at the right hand side of the page and fill the form, then submit
7. How can members apply for loan online?
Login into your account, click on the online application menu, loan application and fill all the necessary fields, then submit.
8. Can members apply for part withdrawal from their monthly contributions?
Yes, only if the member is not servicing any loan.
9. What is the interest rate of loan?
5% for emergency loan, 10% for Normal special loans under 12 months of repayment, 15% for Normal special loans under 24 months of repayment.
10. Can a member change Next of Kin?
Yes, members are at liberty to update their information at anytime.