1. A person becomes a member of Richvision® Cooperative Multipurpose Society by registering online and making the initial non refundable registration fee of N2,500/$5 and any desired level of contribution (N5,000 /$10, N10,000/ $20, N25,000/ $50 or N50,000/ $100 ) by payment of cash or transfer manually or electronically into the bank account or digital account of the cooperative.
2. Members participating in the referral program, upon meeting the conditions, can get loans valued 300% - 600% more of their total savings.
3. Loan repayment by members will be done by a deduction of 70% of the total monthly bonus payable to the member in addition to any direct off set if necessary by the member.
4. Members will not be entitled to new loans until the previous has been completely liquidated.
5. A member is deemed to be active upon making his/her monthly contribution and may not be entitled to full benefits if in default.
6. The Cooperative management upon due consideration with team leaders has the right and power to change, alter, amend or modify in whole or in parts, the income structure or compensation plan including all the attached opportunities.
7. A member is automatically upgraded to the next level of contribution once his/her monthly contribution income is 3 times the monthly contribution.
Richvision Cooperative Multipurpose Society (IKJ) is set up and officially registered in Nigeria by the Lagos State Ministry of Commerce Industry and Cooperative.
8. Members are not obliged to participate in the referral aspect of the cooperative.
9. Members not participating in the referral aspect are eligible to loans after 6 months of continuous membership. This loan shall be limited to 2 times their savings as at the time of the request. Such loans will be granted upon provision of two guarantors who must be at least active Silver members of the cooperative.
10. Where a member decides to withdraw from the cooperative:
a. A member shall be entitled to 80% of total contribution as at the date.
b. At the point of withdrawing from the cooperative, the member enjoys the minimum 10% interest on the wallet balance as at the time provided he/she has been active for at least 12 months prior to request to withdraw.
c. Members will be entitled to 10% interest on their savings wallet balance annually provided the membership exceeds 12 months and the member is active for at least 9 months of the the12 months in the anniversary period.
d. A member who withdraws his/her wallet balance will be considered to have forfeited the position in the cooperative structure and will have to reapply afresh if he/she decides to continue in the future.
11. Cooperative loan request can be made at any time upon qualification, which is electronically confirmed through the membership page on the site/application but paid out on the first Friday of the next month.
12. Commission /bonus payment to members is done on the 1st Friday of every month to qualifying members.
13. Payout shall be by direct payment to individual members’ accounts or any other means considered safe and convenient by the cooperative.
14. The cooperative leadership will from time to time with due consultations with professionals in the membership engage in ventures that are deemed profitable to the overall members of the cooperative.
15. Participants of Richvision® Cooperative Multipurpose Society should be 18 years and above. Where a person below the age of 18 is registered he or she will not be able to exercise any right of members in the cooperative.
16. The cooperative does not guarantee or promise any earning by its members. Therefore all incomes shown on the compensation plan are subject to active participation in the cooperative.
17. The base currency for all computations of benefits and loans in the cooperative shall be the Nigeria Naira.
