Terms & Conditions

Membership of the Society is open to individuals who:

• Are at least 18 years of age.
• Are of good character and are willing to abide by the rules and bye-laws of the Society.
• Complete the membership registration process and pay the applicable registration fee.
• Are recommended or accepted by the Board of Directors or designated membership committee.

The Society reserves the right to accept or decline any application for membership without obligation to state reasons.

As a member of the Society, you agree to:

• Pay all dues, levies, and contributions as prescribed by the Society on time.
• Attend general meetings and participate in the democratic governance of the Society.
• Abide by the Society's bye-laws, resolutions, and decisions of general meetings.
• Provide accurate and truthful information at the time of registration and update us promptly of any changes.
• Not engage in any conduct that is detrimental to the interests of the Society or its members.

Members are required to make regular monthly contributions as stipulated by the Society. Failure to contribute for three (3) or more consecutive months without an approved excuse may result in:

• Suspension of loan eligibility.
• Reclassification of membership status to inactive.
• Possible forfeiture of benefits at the discretion of the Board.

Savings and contributions are held by the Society on behalf of the member and are subject to the Society's financial regulations.

Loans are available to eligible members subject to the following conditions:

• The member must have been in good standing for the minimum qualifying period as determined by the Society.
• Loan amounts are subject to the member's savings balance, guarantor availability, and the Society's lending policy.
• All loans attract interest as approved at the Annual General Meeting (AGM).
• Members are responsible for repaying loans on the agreed schedule. Defaults may attract penalties and affect future loan eligibility.
• Guarantors accept co-liability for loans they guarantee and must also be members in good standing.

The Society may impose development levies, building fees, investment fees, and other charges as approved by the general membership. All levies are binding on members and must be paid by the due date. Failure to pay levies may result in penalties or suspension of benefits.

A member may withdraw from the Society by giving written notice to the Board of Directors. Upon withdrawal:

• All outstanding loans, levies, and obligations must be settled in full before refund of savings.
• The Society may retain an administrative fee as prescribed in the bye-laws.
• Refund of savings will be processed within the period stipulated in the Society's bye-laws.

The Society may suspend, expel, or impose penalties on any member who:

• Violates the Society's bye-laws or these terms and conditions.
• Engages in fraudulent, dishonest, or disruptive behaviour.
• Consistently defaults on financial obligations to the Society.

Disciplinary proceedings will follow the procedures set out in the Society's bye-laws, and affected members will have an opportunity to be heard.

The Society shall not be liable for any indirect, incidental, or consequential loss arising from membership or use of our services, except where such liability cannot be excluded by applicable Nigerian law. The Society's total liability to any member shall not exceed the total contributions held on that member's behalf.

These Terms and Conditions are governed by the laws of the Federal Republic of Nigeria, including the Co-operative Societies Law of Oyo State. Any dispute arising shall be resolved through the Society's internal dispute resolution process, and if unresolved, through the appropriate cooperative tribunal or court of competent jurisdiction in Oyo State.

The Society reserves the right to amend these Terms and Conditions at any time. Changes will be communicated to members through official channels (notice board, meetings, or the mobile application). Continued membership after notice of changes constitutes acceptance of the updated terms.

For questions about these terms, please contact us:

• Address: Ifedapo Road D, 11 Sola Adediran Close, Behind Jeje Petrol Station Alakia, Old Ife Road, Ibadan.
• Email: info@ifekoredecicu.com
• Phone: 08033239882, 08035389073