LOVECITY CHARITY CO-OP INVESTMENT AND CREDIT SOCIETY LTD

About Lovecity Cooperatives

Lovecity Cooperatives Investment & Credit Society Ltd is a room in Lovecity Family House that was formed primarily for members of Lovecity Foundation in other to promote the economic interest of House members through the creation of funds for the productive use of participating members.

Coop Registration

Lovecity Cooperatives Investment and Credit Society Limited is registered in 2018 under section 7(1) of the Co-operative Societies law Cap 35 of the Oyo State of Nigeria laws 2000 with the registration number 23734. The office is in Ibadan, Oyo State Nigeria.

Membership

Once you register as Lovecity Family House member, you are an automatic member of Lovecity Corporative Society. However, a member may choose not to be an active Cooperator thereby forfeiting all corporators benefits except for the Network Commissions derived from registration other members into the Family house.

Membership Benefits

Access To Loans: Members can get 3 times there savings as loans with little interest rates and flexible repayment plans

Access To Savings: Members have access to their savings when they are not on loan.

Promotion Of Mutual Help : We provide measures that promote amongst our members the spirit and practice of thrift, mutual-help and self-help.

Access To Shares: We acquire shares in the cooperatives to do business in viable and going concerns

Purchase of Stocks: We buy Developmental stocks and Treasury bills and Securities guaranteed by the Government.

Joint Business: We set up viable projects such as industries, catering services, consumers shop, Housing, Farming Projects etc

Access to Referral Commissions: We have a sustainable network model that generates commissions to Cooperators who engage in active membership building.

Access To Gifts and Awards: We provide various gifts and awards to outstanding members in our network model

Sources Of Funds

Free-Will Donation: These include direct support from individuals and Government support for the cooperative. We source for funds from philanthropist within and outside the Society.

40% From Family House Membership Registration: Lovecity House membership registration fee is N5,000.00 only. From this fee, 40% is transferred into Lovecity Cooperative Joint Account.

40% VIP Commission: Lovecity House membership registration fee is N5,000.00 only. From this fee, 40% is transferred into Lovecity Cooperative Joint Account.

VIP2 Upgrade Fee: VIP members can also upgrade to VIP2 to secure a House; however, this commission is shared based on the number of Share Capital each member has.

Monthly Savings: Each Cooperator has a minimum savings of N1000 per month.

Share Capital: Each Cooperator can buy shares as a capital base for the Cooperative.

Investments: Profit realized from investment undertaking by the Cooperative on behalf of the members.

Interest On Loans: Interest realized on loans that are secured from the Cooperative’s account by the members.

External Loans: Loans sourced from external bodies to support the Cooperative Society.

COOPERATIVE ELEMENTS

1. Members of Lovecity Cooperatives are members of Lovecity Foundation
2. Members are advised to be in one committee to be functional
3. Savings is not compulsory, but members must save to secure loan
4. Lovecity Loans are flexible and attractive
5. Members are advised to own a minimum of 100 units of shares at N50 per share to benefit from monthly dividends
6. Members must pay N2,000 monthly dues in other to benefit from monthly dues commission

AVAILABLE COMMITTEES

1. Awareness creation committee for awareness and logistics
2. Programs committee for programs and events
3. AGM committee for Annual General Meeting
4. Investment committee for investment decisions
5. Loan committee for loans and interest rates
6. Advisory committee for advisory role

HOW TO JOIN A COMMITTEE

1. Login and select a preferred committee
2. You can only join 1 committee at a time
3. You can change your committee after 1 year
4. All meetings are held at Lovecity head office
5. For any important meeting, two delegates are selected and sponsored by Lovecity from any area where Lovecity Liaison Office has been established.