Savings Plans
Flexible and rewarding savings plans designed to help you achieve your financial goals.
Choose Your Savings Plan
Select from our range of savings plans tailored to meet your financial goals and preferred contribution frequency.
Bronze
Starter PlanSilver
Basic PlanGold
Premium PlanPlatinum
Advanced PlanDiamond
Elite PlanRegistration Fee
A one-time membership registration fee of ₦₦20,000 is required before enrolling in any Urban Multipurpose Cooperative Society Limited Savings Plan. This fee is paid once during registration and grants you access to all available savings plans.
Plan Comparison
| Plan | Contribution | Duration | Return on Savings | Registration Fee |
|---|---|---|---|---|
| Bronze | Daily | 30 Days | 2% | ₦20,000 |
| Silver | Weekly | 8 Weeks | 3% | ₦20,000 |
| Gold | Monthly | 3 Months | 5% | ₦20,000 |
| Platinum | Monthly | 6 Months | 8% | ₦20,000 |
| Diamond | Monthly | 12 Months | 15% | ₦20,000 |
Contribution Guidelines
Contribution Frequency
Members may contribute to their chosen savings plan on a daily, weekly, or monthly basis. The contribution frequency is determined by the selected savings plan.
Minimum Contribution
The minimum contribution amount for each savings plan shall be determined by the Board of Directors and communicated to members from time to time.
Contribution Methods
Contributions can be made through bank transfers, direct deposits, mobile money, or cash payments at the Cooperative's designated collection points.
Contribution Records
All contributions are recorded in the member's individual savings account. Members receive regular statements of account showing their savings balance and accrued returns.
Savings Returns
Returns on savings are calculated based on the specific savings plan selected by the member. Each savings plan offers a predetermined return rate that is applied to the total savings contributed over the plan's duration. Returns are credited to the member's account at the maturity of the savings plan.
The Cooperative ensures that returns are competitive, transparent, and paid promptly in accordance with the terms of each savings plan. Members are advised to review the return structure of each plan before selecting a savings programme that aligns with their financial goals.
Returns are calculated on the total savings contributed during the plan cycle, and no hidden charges or deductions are applied. The Cooperative is committed to ensuring that members receive the full benefit of their savings and the agreed returns.
Maturity Options
Upon the maturity of a savings plan, members have the following options:
Full Withdrawal
Withdraw the total savings plus accrued returns in full upon plan maturity. This option allows members to access their funds immediately at the end of the savings cycle.
Rollover
Reinvest the total savings and returns into a new savings plan cycle to continue growing your wealth and earning additional returns.
Partial Withdrawal
Withdraw a portion of the savings and returns while rolling over the remaining balance into a new savings plan cycle.
Early Withdrawal
Members may request early withdrawal of their savings before the maturity date of their chosen plan. However, early withdrawals are subject to the following conditions:
- A written notice of intent to withdraw early must be submitted to the Cooperative.
- Early withdrawal may attract a penalty fee as determined by the Board of Directors.
- Returns accrued up to the point of withdrawal may be forfeited or adjusted depending on the terms of the savings plan.
- Members are encouraged to complete the full savings cycle to maximise their returns and avoid penalties.
The Cooperative advises members to carefully consider their financial commitments before selecting a savings plan duration to avoid the need for early withdrawal.
Protection of Members' Funds
Urban Multipurpose Cooperative Society Limited takes the security of members' funds very seriously. The Cooperative implements the following measures to protect members' savings:
- All members' funds are held in designated bank accounts separate from the Cooperative's operational accounts.
- Internal controls and segregation of duties are enforced to prevent unauthorised access to members' funds.
- Regular internal and external audits are conducted to ensure accurate record-keeping and financial integrity.
- The Cooperative maintains a reserve fund as required by cooperative regulations to provide additional financial stability.
- Access to members' accounts is restricted and requires proper authentication and authorisation.
Members can be confident that their hard-earned savings are managed with the highest level of care, professionalism, and fiduciary responsibility.
Confidentiality
Urban Multipurpose Cooperative Society Limited is committed to protecting the privacy and confidentiality of its members' personal and financial information. The Cooperative adheres to strict data protection policies and ensures that:
- Member information is collected only for legitimate business purposes and with the member's consent.
- Personal and financial data is stored securely and accessed only by authorised personnel on a need-to-know basis.
- Member information is not disclosed to third parties without the member's express consent, except as required by law or regulatory authorities.
- The Cooperative implements appropriate technical and organisational measures to prevent data breaches, unauthorised access, or misuse of member information.
Members' trust is paramount, and the Cooperative is dedicated to maintaining the highest standards of confidentiality and data protection.