Amani Women Cooperative Society [AWCS] is the financial empowerment mechanism under Amani Muslim Women Empowerment Initiative [AMWEG] which seeks to systematically provide opportunities for wealth creation and management to members. Members enjoy the privileges of saving funds with a trusted organization and also gain access to credit facilities, when the need arises.
How do I become a member?
You become a member by indicating interest in joining the organization, paying the registration fee of 2,000 Naira and registering online via our portal amaniwomen.org/portal/register
Is the Cooperative registered?
Yes. AWCS was created as a Structured Empowerment Mechanism under Amani Muslim
Women Empowerment Initiative to build social and economic strength for our members and
prospects. Both organizations are registered.
Types of membership?
Individual membership – minimum cooperative savings at 3,000 Naira monthly and Corporate Membership (for corporate bodies) – minimum cooperative savings at 10,000 Naira monthly.
What is the frequency of payments of contributions and how much is the minimum contribution per member?
Monthly: N3,000.00/N10,000.00, Individual/Corporate member respectively.
Is there any other payment obligation I have?
Yes. All members are to pay N500.00/N6,000.00 monthly/yearly administrative fee.
Are there other types of savings?
Yes, we have target savings, dependant savings, one-off savings and Hajj savings which helps members save towards their respective goals. They can be withdrawn when the stipulated period of saving set by the member has been completed.
What are the credit facilities available?
Cash Loans ; Emergency loan ( 100% of your monthly cooperative savings ) & Ordinary loan( 200% of your monthly cooperative savings, capped at N500,000.00 ), Asset Finance and Contract Finance.
When can a member access a loan?
Members will be eligible for Emergency loan after 6 months of uninterrupted cooperative savings. Members will be eligible for Ordinary loan after 1 year of uninterrupted cooperative savings. Products Finance is available to members and non- members with applicable mark-up rates from registration date upon satisfaction of relative terms.
How can I prepare myself to access credit facilities?
Ensure you are consistent with your monthly remittances of your cooperative savings and
administrative fee. Ensure your Business Transactions are routed through bank account to establish your
capability to repay. Demonstrate you are someone of good character and have the interest of the society at
heart.
Can I withdraw my cooperative savings and still remain a member?
No, you can’t withdraw your savings from the Cooperative’s pool of fund, doing so is equal to terminating your membership except in cases of partial withdrawal which the Cooperative will soon introduce.
What does the society do with the money saved by members?
The funds are used primarily to provide financial supports to members through credit
facilities and other financing options at reasonable rates. Some portion of the funds are also set
aside for viable business investments to generate revenue for the society/members.
Can I terminate my membership and how do I recoup my savings and/or entitlements?
Yes, you can. There is a provision for Membership Termination on the portal with a deduction of an admin fee of 2,000 Naira from the withdrawn savings.
Can I exit the Cooperative when I have a running loan or unfinished financial dealings?
No, you can’t. All financial encumbrance by members shall be fully settled before approval of exit.
I might need additional help, how can I go about this?
Please call: 0703 0043 994 | 0808 8689 402
WhatsApp Chat Line: 0901 4558 116
Visit our Office: Plot 190, Aminu Kano Crescent,
Wuse 2, Abuja.
Send e-mail: admin@amaniwomen.org | amaniwomennigeria@gmail.com
We enjoin all eligible women to join and grow this system and earn reward on impacts we will
make In’sha Allah.