VICTORY EMPOWERMENT

 VICTORY EMPOWERING SCHEME                     (subsidiary of abundant victory global concepts )              RC N0   2433732

The primary objective of Victory empowering scheme is to cultivate a savings culture in individual member’s life. It is an age long established fact that nobody can escape poverty without a savings habit. Anybody that spends everything on consumption is just a step away from poverty and its various consequences, no matter how rich the person is today. The story of the prodigal son is instructive in this regard. No matter how much a man or woman earns, a  certain percentage of it need to be set aside as savings.

VICTORY EMPOWERING SCHEME has given her members ample opportunity to build their saving either by daily, weekly or monthly contribution ranging from #1000 - 100000 depending on  your financial capacity . Apart from securing their funds, it equally qualify them for annual savings bonus payable after every Annual General Meeting.

VICTORY EMPOWERING SCHEME CREDIT FACILITIES

The society avail her member credit facilities for personal and project needs at a very moderate rate. The rates are subject to review every financial year.

LOANS

Loans may be granted to Members, subject to AVAILABILITY of funds and shall be for purposes, which in the opinion of the CO are productive or necessary, and in the best interest of the borrower.

Categories of Loans

The MANAGER may grant such categories of loans as may be approved from time to time which may comprise, but not limited, to the following:

1.    Normal Loans

2.    Special Loans

3.     Short –Term Loans

4.    Investment Loans

5.    Consumer Loans

6.    project financing Loans

7.    Asset Acquisition Financing

Conditions for the Grant of Loans

No-loan shall be granted to:

Any person other than a Member of the Society;

Any member whose indebtedness at the time of the loan exceeds his maximum credit limit;

 Any member whose proof of ability to repay is not available or inadequate;

Any Member without an eligible guarantor as may be specified for the category of loan being applied for.

Notwithstanding anything stated in this Bye-law the Society shall not grant Loan to an unconfirmed staff.

Applications for Loans

All applications for loans shall be made to the MANAGER. HE shall put in place necessary procedures for the processing, review and approval of loans. Appropriate channels have been established for the control and disbursement of loans within a reasonable time-frame.

Loans to Members

No loan shall be granted to a Member earlier than 10 months of becoming a financial member of the Society. except for our empowering members which their loan is within 3 - 4 weeks

Amount applied for shall be considered with due recourse to take home pay for repayment purposes.

Maximum Credit Limit

The MANAGER shall from time to time determine maximum credit limit of each applicant for a loan

The credit limit shall be subject to availability of funds, the principle of making credit available to as many Members as are qualified and the securities offered.

Security for Loans

Self-guarantee shall be required of Members who are taking equal to or less than his/her net saving balance.

The savings account balance constitute the first collateral and basis for determining for loan to be taken by members

Guarantor(s) may be required from borrowers as the need arises to collateralize loans that may be granted to eligible Members.

Post-dated cheques duly authorized to the society and Standing Payment Instruction from banks may be required from members whose repayment from source cannot be ascertained

Insurance cover may be required for loan granted to certain categories of members where direct re-payment from source cannot be ascertained

Duties of Guarantor

A guarantor must be an active member of the Society and shall personally be responsible for:

Repayment of the loan if the borrower defaults.

Authentication of the particulars and details provided by the borrower(s).

Authorization of the society to off-set the loan guaranteed from the amount in his credit and from other monies due to him from other sources.

Administrative Charges on Loan

In case of default in repayment, a penalty interest not less than an equivalent of the applicable Special Loan interest rate may be charged in addition to the original interest rate.

Applicable Administrative fee shall be charged for loan processing

 Repayment of Loans

All Normal and Special loans shall be repaid within 12 calendar months except for our empowering members which the duration of their return is 9 months. However, loans may be repaid or recalled before the expiration of 12 months.

Loan repaid before the end of the agreed tenor shall be entitled to refund of the unexpired interest already received by the Society. The amount to be repaid and applicable administrative charges shall be determined by the MC from time to time

Sources of Funds

The sources of funds for the Society shall be made up of:

(i) Membership registration fees

(ii) Members contributions

(iii) Interest on loans from Members and non-members

(iv) Earning from other businesses of the Society.

(v) Shares subscription by members of the Society

(vi) Brokerage fees on loans, Commodity sales, projects

(vii) Funds raised or grants obtained from external sources;Government Institutions, Development Agencies, including the capital market, and  

(viii) Other sources approved by the statutes/Bye-laws of the Society.

Savings

Ordinary Savings

weekly orMonthly Contributions from income. Every member shall contributing certain amount of money periodically.

Special Savings

Members may make special savings with the Society and such shall not be used in the calculation of interest/loan until three (3) months after

Special Withdrawal from Savings

50% withdrawal from members savings balance provided he/she has no outstanding loan. It is interest free and accessible four (4) times a year where necessary. Eligible to members who are up to 6months in COOP you

•      Plan for targeted expenses, reduce or eliminate unnecessary expenses.

•      Plan for future goals- education, training etc

•      Plan for emergencies

•      Investment Planning

•      Retirement Planning

•      Wealth Management = Moderate to high yield returns

Non-payment of Savings

    i.    A Member who refuses to make savings for a consecutive period of 12 months shall have his accounts dormant and technically suspended.

  ii.    Where Membership is suspended for reason of refusal to make monthly saving, such Member shall not exercise his/her membership rights as enshrined in the Byelaws unless the account is reactivated.

 iii.    A Member whose membership is suspended for reason of refusal to make savings can have his account reactivated and rights restored upon payment of savings for at least six (6) consecutive months.

Withdrawal of Savings

i.        No member can withdraw the whole of his regular savings except upon withdrawal of membership after giving a minimum of three (3) months’ notice to the Society.

ii.        Savings withdrawal shall be allowed at maximum of 50% of savings balance, provided the member have no loan running at the time of application and have saved continuously for minimum of six (6) calendar months

iii.        Withdrawal from regular savings shall be allowed at most once in an interval of 90 days.

OUR SERVICES

Credit & Thrift

VICTORY EMPOWERING SCHEME Home Ownership and Asset Acquisition Scheme

Financial Advisory and Wealth Management

Consumer Operations

we are also into

< Estate development and management

< Agriculture (plant and animal)

<finance and empowering scheme

Head office address ; 

No 15, lawal building, inside oja oba market, ilorin, kwara state.

Branch office ;

suite 22, block A, ephzibah plaza, bolajoko juntion, oke aro, akure, ondo state.

Branch office; 

No 4, lane 5, Chinese estate, lusada, agbara road, ogun state.

Branch office;

shop no 8, adepoju complex, opposite ayegoro cement Depot, oke alafia street, cooperative bus stop, along idi osan road, oluyole LG, ibadan, Oyo state.

Telephone number;

08087153437