At Redeemer Co-operative Credit Union Limited, our membership shares policy is designed to empower members and ensure the sustainability of our financial cooperative. Below are the key details of our membership shares policy:
Membership Shares Requirements
- Minimum Shares Holding: GH¢600
This amount must be maintained as the minimum shareholding to qualify as a member and access credit union services. - Maximum Shares Holding: GH¢10,000
Members are encouraged to invest more but cannot exceed this threshold.
Benefits of Becoming a Member or Shareholder
By becoming a shareholder, you gain access to:
- Ownership Rights: Every member is part-owner of the credit union, with voting rights to influence decisions and elect the Board of Directors.
- Financial Benefits: Receive competitive dividends on your shares based on the credit union’s annual performance.
- Access to Services: Benefit from low-interest loans, high-interest savings products, and digital payment solutions.
- Community Support: Contribute to empowering the local community through financial literacy, business support, and loans to underserved individuals.
- Personalized Attention: Enjoy excellent customer service with a focus on your financial goals.
Redeemer Co-operative Credit Union Limited is committed to promoting financial growth and security for our members through tailored savings solutions. Our savings policy ensures flexibility, accessibility, and benefits that reward members for their commitment to saving. Below are the details of our savings plans and policies:
Types of Savings Accounts
Monthly Savings:
- Designed for regular savers, particularly Government of Ghana workers.
- Deductions are made directly through the Controller and Accountant General’s Department (CAGD) for teachers and through Bank Direct Deductions for other Government workers.
Daily/Susu Savings:
- Aimed at members who prefer smaller, more frequent deposits.
- Savings are collected by our Mobile Bankers or can be deposited through our Mobile Money portals for added convenience.
Fixed Deposits:
- Provides members with a secure, high-interest savings option for a fixed term.
- Attractive interest rates are offered, depending on the duration and amount of the deposit.
Interest Rate Benefits
- Members’ total savings balance with the credit union determines the interest rate charged on their loans.
- Higher savings balances qualify for lower interest rates on loans, encouraging financial discipline and growth.
Savings Collection and Accessibility
- Monthly Savings: Automatically deducted for convenience and ease.
- Daily/Susu Savings: Collected at members’ locations by our Mobile Bankers or through Mobile Money platforms, ensuring hassle-free deposits.
- Fixed Deposits: Deposits can be made at any of our branches, with competitive returns guaranteed.
Why Save with Redeemer Co-operative Credit Union?
- Flexible savings options tailored to your needs.
- Attractive interest rates on deposits and benefits on loans.
- Convenient collection methods for both monthly and daily savings.
- Commitment to empowering members financially.
Our loan policy is designed to provide flexible and accessible financial solutions tailored to meet the diverse needs of our members. With competitive interest rates starting at 19.5% per annum (negotiable based on risk assessment and guarantees provided), we ensure our members can achieve their financial goals effectively.
Loan Types
Long-Term Loans
- Duration: Up to 3 years.
- Eligibility: Primarily offered to Government of Ghana workers who provide sufficient guarantees. Deductions are typically facilitated through the Controller and Accountant General’s Department (CAGD) or direct bank deductions.
- Risk Assessment: Considered low-risk due to stable guarantees and regular income streams.
- Additional Eligibility: Non-government workers may qualify if they can provide adequate collateral to secure the loan.
Short-Term Loans
- Duration: Up to 6 months.
- Eligibility: Designed for self-employed workers, business owners, and individuals needing liquidity for stock purchases, emergency payments, or operational support.
- Risk Assessment: Higher risk compared to long-term loans due to varying income sources, but accessible to a wider range of members.
Key Features
- Interest rates are among the most competitive in Ghana’s financial sector, tailored to each applicant’s risk profile.
- Collateral and guarantees influence loan eligibility and interest rates.
- Loans are structured to empower our members with financial flexibility while minimizing risks.
This policy reflects Redeemer Co-operative Credit Union’s commitment to supporting the financial growth and stability of our members.
AFENYO WELFARE SCHEME: Providing Financial Support in Times of Loss
The Afenyo Welfare Scheme is a group funeral policy offered by Redeemer Co-operative Credit Union in partnership with a reputable insurance company. Designed to cushion the beneficiaries of members during difficult times, this scheme ensures that loved ones receive financial support in the unfortunate event of a member’s passing. Secure your peace of mind and protect your family’s future with this reliable welfare solution.
Buy Now Pay Later
This Buy Now, Pay Later (BNPL) policy outlines the terms and conditions for purchasing home appliances from Victor Electronics through Redeemer Co-operative Credit Union Limited (RCCUL). This product is designed to provide members and non-members with a flexible and convenient payment plan.
. Eligibility
– Members: Must have an active account with RCCUL and meet the creditworthiness criteria.
– Non-Members: Must deposit 25% of the product price with RCCUL and comply with the payment terms specified in this policy.
This BNPL service is exclusively applicable to home appliances available at Victor Electronics as part of this partnership
General Insurance Solutions with Redeemer Co-operative Credit Union Ltd & Donewell Insurance Ltd
Redeemer Co-operative Credit Union Ltd, in partnership with Donewell Insurance Ltd, proudly operates as an agency to provide reliable and affordable insurance solutions for our valued members. Our primary focus is on motor insurance, ensuring members receive the best protection for their vehicles with flexible and competitive coverage options.
In addition to motor insurance, we also offer the full range of Donewell Insurance Ltd’s products, including FIRE & ALLIED PERILS, PERSONAL ACCIDENT, BONDS, HOME PROTECTION, and MARINE INSURANCE POLICY. Through this partnership, we bring convenient and trusted insurance services closer to our members, ensuring peace of mind and financial security for all.
To know more about Donewell Insurance Ltd, click on the button bellow.
📢 24-Hour Live-Chat Service
Our 24-Hour Live-Chat Platform, designed to keep you connected with our Manager whenever the need arises ensures quick assistance and support for specific services right at your fingertips.
Available Services on the Live-Chat Platform:
- Membership Applications
- Requests for Statements of Account
- Loan and Withdrawal Requests
- Assistance with Certain Emergency Services
Please note that only the above services are offered via this platform. For other inquiries or detailed processes, feel free to visit our office during working hours.
We are here to serve you better—anytime, anywhere!
For more information, reach out through the live-chat today!