Harmony Multipurpose Cooperative Society
HAMCOS Harmony Multipurpose Cooperative Society Motto: Together as One Member Login Membership Information ABOUT US About Harmony Cooperative The cooperative was formed more than 16 years ago (2011). It is registered with the relevant authority and has a bank account with Sterling Bank. Sterling Bank Account 0502283645 The organization is run centrally by the State recognized executive members and each branch is managed by a team of dedicated executive members in conjunction with the executive committee. Presently, the cooperative has an app which has the record of all members, categorized into branches. Members can login into the app to view their financial record and perform other functions. Visit Harmony Cooperative App → OUR BRANCHES Our Places of Meeting Harmony Cooperative operates through different branches and meeting locations. 01 Aboru Branch Idowu Rafiu Street, Oju-Odo, Iyana-Ipaja, Lagos State. Co-Ordinator Contact 02 Ejigbo Branch Later, Lagos State. Co-Ordinator Contact 03 Igbehin Branch 58, Kekere-Owo Street, Ilasamaja (Mushin side), Ilasa Bus Stop, Lagos State. Co-Ordinator Contact 04 Ilasamaja Branch Ilasamaja (Isolo side), Lagos State. Co-Ordinator Contact 05 Ile-Epo Branch Later, Lagos State. Co-Ordinator Contact 06 Ibeju Branch Later, Lagos State. Co-Ordinator Contact FINANCIAL SERVICES Our Products & Services Savings, financing and cooperative support designed around members' financial and business needs. LOAN 200% Interest-Free Personal Loan Members are entitled to x2 (200%) loan of the amount of savings they have in the cooperative. Main Conditions Must have one or two member guarantor(s) that have 100% of the amount of loan needed. FINANCING Asset / Stock / LPO Financing Members are entitled to financing of their business with a little mark-up on Musharakah basis, based on agreement with the financing committee. SAVINGS Savings Categories 1. Personal Savings This entitles members to up to 200% interest-free loan. 2. Target Savings Members keep separate savings towards a target or programme. For example, buying land or going to Mecca. It can be withdrawn anytime when needed. INVESTMENT Earnings Categories 1. Mudarabah Investment Members pay into this account. The fund is used to finance our Musharakah businesses (financings). The accrued profit is shared between the organization and the fund owners. Presently, it is shared every three months. Minimum investment at a time: N50,000 2. Special Mudarabah Investment Scheme (S-MUDIS) This is created to cater for special and financing projects, such as buying shares, properties and other assets which can be resold to make earnings. Earnings can then be shared between the cooperative and investors. This fund takes longer usage time but could have better yield. More explanations later. LOANS & FINANCING About Loans and Financing Criteria Loan Category and Repayment Periods Category A N50,000 - N500,000 Repayment Period: 24 Weeks Loan Form: N2,000 Category B N551,000 - N2,000,000 Repayment Period: 32 Weeks Loan Form: N3,000 Category C N2,010,000 and more Repayment Period: 48 Weeks Loan Form: N5,000 N5,000 form for 1,000,001 and above as well as for non-member asset financing. Loan Repayment and Defaulters Penalties If you are on loan or Asset Financing, be sure to make your repayment: At most 12 hours before meeting time and send the teller to the appropriate place instantly. Be sure to pay into Harmony Account only. Paying into any other account or to any other person is at your own risk. Failure to pay as directed or failure to send proof of payment early may attract the stated penalties. Default Penalties 10% penalty on the amount repayable. Red flag on the member's profile towards another loan and his/her qualification to act as a guarantor. Harmony shall inform the guarantor where a member fails to return the loan. Legal or other administrative steps may be taken to recover the amount together with the penalty. Returns must be made even when there is no meeting for one reason or the other. JOIN HARMONY Membership Criteria Adult: Intending Nigerians that want to join have to be at least 18 years of age. Must be financially and morally responsible to play his/her role effectively. Need to make membership enrolment fee (presently N12,000) and annual subscription and development fee (presently totalled N7,000). Should make regular savings and attend meetings regularly as well. Participate financially and otherwise in the programmes of the cooperative. Each member must have shares of at least N20,000 or N50,000 depending on the amount of savings. New members admission and Subscription: New members subscription and dev levy in first year of admission, Jan-March (N5,000+N2,000), April to June (N4,000+N2,000), July to September (N3,000 + N2,000), October to December (N2,000 + N2,000) LEADERSHIP Helm of the Affairs SA OTUNBA S.A Amir (President) AN ABIOLA N.O Secretary Harmony Multipurpose Cooperative Society Together as One Access Member Portal