FAQ’s

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1. Credit Unions have lower interest rates compared with commercial banks.
2. As a member of the Credit Union, you earn interest on your savings which are part of what you have borrowed lowering your borrowing costs further.
3. While repaying a Credit Union loan, a member is expected to still maintain the same level of monthly savings as they did before. This builds a saving discipline and helps one accumulate a substantial savings base

Yes. As long as there is no conflict of interest with Zito Financial Cooperative Credit Union.

Our Cooperative Investment arm primarily invests in Real Estate including land and housing properties. Short term investments include Stores and bonds.

Yes. With the approval of the Committee, a member may at any time transfer shares to another member but not to any other person. Such transfers must be in writing and at nominal value. All transfers of shares shall be registered with the cooperative and no transfer shall be valid unless so registered. A fee of 5,000 XAF shall be payable by the transferee.

A sum of money paid regularly (typically annually) by the Cooperative to its shareholders out of its profits.

Shares earn dividends annually based on the profits accrued from Cooperative investments. Dividends are allocated based on the number of capital shares owned by each member.

Interest is computed based on the weighted average method. The interest payable to the member is dependent on the income the cooperative makes at the end of every financial year.

Share capital is the permanent member contribution toward the Credit Union’s capital and forms part of Cooperatives equity. Shares cannot be withdrawn even on exit from the Cooperative but can be transferred to another willing member.

It is expected that members will buy a minimum of 50 shares within 6 months of joining. Members can also regularly buy as many Preference shares as they can as long as it’s not more than 20% of the cooperative’s shares.

No, shares do not count towards the loan but any shares above the minimum share capital of 50,000 can be used as security.

We take great care in how we handle members’ money:

1. Credible Banks: Currently, ZFC Credit Union banks with UBA Cameroon bank and Afriland bank are both governed by the banking laws under MINFI and COBAC.
2. Three Account Signatories: ZFC Credit Union is member-owned. Members deposit their funds directly into Coop Bank. No money gets in the hands of the board members or any other person. The Sacco has 3 signatories to the bank accounts: The Chairman, the Treasurer and the Secretary ALL three MUST sign every transaction. One of our core values is INTEGRITY which we uphold steadfastly.
3. Transparency in business deals: ZFC Credit Union is member-driven meaning that members decide on when, where and how to invest. The Management Committee and various subcommittees are there to support the operations of the Cooperative by conducting due diligence. We are guided by core values of Integrity, professionalism and transparency.
4. Loans management: The Savings and Credit subcommittee is composed entirely of non-executive members to ensure equitable awarding of loans. Any loans taken by members must be secured by either shares or other collateral subject to approval by the credit committee. In the unlikely event that the Cooperative goes bankrupt, the society shall be dissolved in accordance with the procedures set forth in the Act and Rules.

In the unlikely event that the Cooperative goes bankrupt, the society shall be dissolved in accordance with the procedures set forth in the Act and Rules.