Individuals aged 18 or more and other registered societies as defined in its by-laws. A member of a registered society will not exercise the rights of a member until that person has made membership payment to the society or acquired such interest in the society as may be prescribed by the regulations made under this Law or its bye-laws.
N2,500≈$5 flat & charged only once. It does not form part of your savings .
There are 4 levels of savings in the Cooperative
1 - Alpha – N5,000 ≈ $10
2 - Bravo – N10,000≈ $20
3 - Delta – N25,000 ≈ $50
4 - Roger – N50,000 ≈ $100
You can upgrade from lower level to higher level at your convenience and can also downgrade too. You cannot upgrade/downgrade a past savings.
You can make payment using the following methods;
i. Debit Card
ii. Bank Transfer
iii. USSD
iv. Paga
v. Direct Bank Deposit / Voucher
vi. Cryptocurrency - USCD
vii. Skrill
Yes, you can participate from any part in the world.
REGISTRATION PACKAGE (Registration Fee + 1st Month Contribution)
ALPHA - $15
BRAVO - $25
DELTA - $55
ROGER - $105
MONTHLY CONTRIBUTIONS Only
ALPHA - $10
BRAVO - $20
DELTA - $50
ROGER - $100.
You will receive email and SMS confirmation of registration and receipt of payment.
You can move from one level of savings to another at anytime before payment for that month is made. But you must have saved at the new level for at least two months to qualify for the benefits at that level. You will also be automatically moved to the next level if your earnings are at least 300% of your current level.
Yes. Interest is paid on savings balances of more than 12 months @ 10%p.a depending on the performance of the cooperative for the year.
Richvision Coop is licensed and supervised by the Ministry of Commerce, Industry and Cooperative, Lagos State.Richvision Coop operates an excellent fund management and investment policy, prepared and executed by top finance practitioners.
All funds of the Cooperative will be in insured money deposit institutions. The loans to member will also be covered under Credit Insurance Scheme while investments will be subject to maximum due diligence as encapsulated in our Investment Policy. In addition, the Lagos State Ministry of Commerce, Industry and Cooperative act s overall supervisory agency to the Cooperative.
All registered members of Richvision Cooperative (IKJ) have personal log in details that gives them direct access to their back office where their savings, withdrawals and commissions history details can be viewed. All transactions are done real-time online. In addition, email and SMS confirmation of transactions are automated on the accounts.
The savings is yours and you can have access to it upon request. But we do not encourage withdrawal from savings except it is unavoidable! All payments are done on the first Friday of the month.
The decision to join and leave the Cooperative is with the individual. You can choose to leave at anytime. The Cooperative will compute your savings and all interest less any loans or payments for benefits outstanding.
NO! However, you can make payments in multiples of your monthly savings. For example, you can decide to make 5 months savings at once. In this case the system will keep the excess funds into a suspense account and then credit your wallet on monthly basis at the prevailing package on your back office until the funds are exhausted. You must be at the new level for 2months before accessing loan at that level.
3 months among other criteria.
To qualify for a loan, you must have met some requirements;
i. Must have registered for at least 3 months
ii. Must have paid contribution in the last two consecutive months
iii. Must have registered minimum of 5 -10 members personally
iv. Must have minimum of 50 members within the last two months preceding the month of loan request.
The details is enshrined in the membership hand book
The loan is repaid from your monthly earnings from the cooperative. Minimum of 70% of your monthly earning will be used to service the loan. No additional cash will be paid from you for your loan repayment.
NO! You can only have one loan facility at a point in time.
All loan facilities must be paid within 11months of disbursement.
Yes! The decision to save or not to save is entirely that of the cooperator. You can choose to put a pause. However, you will forfeit the benefits of the months you did not contribute
You start to earn when you register your first member to the cooperative. You will subsequently earn from all members registered directly by you or from auto spillover through the activities of your uplines and downlines. Until you become a platinum member, you only earn registration commission. Platinum members and above, earn both registration and contribution commissions.
There is no limit to the number of people you can register. However, the system is a 10 by 4 forced matrix which implied that you can only have 10 slots directly under you. All other registrations will go to fill empty slots under your downlines. You will enjoy all possible earning from every registration you have irrespective of where they fall under your genealogy.
Yes. Your downlines can choose whatever package they wish to start with. The impact is this; the higher the levels of their contributions, the higher your earnings potential and loan potentials too.
There is no need to have multiple accounts as it will unduly spread your reach and reduce your earning capacity. Instead, concentrate your energy on one account and grow your network to maximize your earnings.
The payment goes into a Leverage Pool and from where all monthly earnings are paid.
The Leverage Pool is where 20% of our monthly contribution goes to facilitate the payments of member's earnings for their referral activities. It is also where all the benefits to members are financed e.g. Health Insurance Scheme, Group Life Assurance, Car and House benefits.
The Cooperative is a non-profit making organization. However, in the course of our operations, we have surpluses from our activities. The main sources of income to the cooperative are fees from registration by new members, income from investments and any trading activities carried by the Cooperative. These surpluses are shared as dividends to members at the end of the year.
The Cooperative is owned by all members but there will be some people who are statutorily empowered to run the affairs of the association like the Executive Members and other Committee Members.
Everyone becomes inactive at the beginning of a new month until that month's contribution is made.
You will be deemed to have failed to make contribution in that month and you will forfeit your benefit for that month.
All earnings are paid on the first Friday of every month for qualifying members in the preceding month.
The repayments for loans to members are deducted from earnings from their activities in the Cooperative. The most important qualifying criterion is the monthly earning of the member while repayment is from source. Moreover, the loans are also backed with Credit Insurance to protect the Cooperative
You also stand to enjoy the following;
i. 10%p.a. interest on your savings at the end of the year
ii. Dividend from the surplus generated by the cooperative activities
iii. Group Health Insurance Scheme for all members and their spouses including maximum of 4 children
iv. Group Life Assurance for qualifying members
v. Home and Land Acquisition Plan
vi. Car, Home Appliances etc. Acquisition program
vii. Food bulk purchases for members
viii. Entrepreneurship Trainings for all members
You must have a strong reason WHY you want to join the cooperative. Then seek to understand how the cooperative works. Get 10 people who will also get 10 people. Begin by inviting close friend and relations
Each member of a registered society will have one vote only, as a member, in the affair of the society
The accounts of a registered society will be audited at the end of the financial year to which the accounts relate by an external auditor approved by the Executive members from a list of not more than three (3) names submitted by the society.
The committee will exercise all the powers of the society except those reserved for the general meeting, and subject to any instructions or restrictions duly laid down by the society in a general meeting or in the by-laws.