How Boluwaji APCS Works
A step-by-step guide to joining, saving, borrowing, and growing with the cooperative.
Register with Your Member ID
You'll be assigned a Member ID by the executives before signing up. Register with your Full Name, Phone, Email, BVN, NIN, and Passport Photograph.
Your account enters a pending state until an admin approves it.
Make Monthly Contributions
Contribute a minimum of ₦5,000 each month. The deadline is the 5th of the following month. Payments can be made online or confirmed manually.
Missing 3 consecutive months without an approved executive waiver may result in expulsion.
Apply for an Interest-Free Loan
After 6 active months you can borrow up to 50% of your balance; after 12 months, up to 100%. Provide two guarantors — one APCS member (Cat A) and one close relative (Cat B).
A 0.5% admin charge is deducted at source. A 30-day moratorium period applies.
Receive Funds & Repay
Upon approval, funds are disbursed. Repay on schedule to maintain good standing and qualify for future loans.
Default penalty: ₦2,000 (month 1), ₦5,000 every subsequent month.
Key Rules to Know
- Loan cannot exceed 100% of your savings balance at time of request
- Lump-sum deposits made solely to qualify for a loan are disallowed
- Guarantor A must have savings worth at least 20% of the loan value
- A member servicing a loan must repay 75% before acting as guarantor
- Wait 6 months after full repayment before applying again
- 30-day moratorium period applies to every fresh loan
- Partial savings withdrawal requires 3 months notice
- Voluntary withdrawal requires 6 months notice
Rules are subject to review by executives. Always confirm current terms before decisions.