Co-operative Account

This account is designed to encourage group savings and to meet needs of members who may require short term credits to pay annual rent advance, children’s school fees, acquire property , etc without being asked to provide additional collateral.

Account Criteria

• 3 recent passport photographs for each signatory to the account.
• Certificate of registration of the Co-operative
• An opening deposit of N10,000 or more
• Two referees from any bank for each of the signatories
• Recent utility bill receipts of signatories/meeting point of co-operative
• Letter of resolution by Co-operative members to open account with First Royal Microfinance Bank Ltd
• Bye-Laws of the Co-operative
• A valid means of identification e.g. National Identity Card, Permanent Voter’s Card, Driver’s License or International Passport of the individual signatories
• Mandate Card stating authorized signatories and account operating instructions.
• Update form to be filled by each signatory for detailed information.