Find answers to common questions about our cooperative services
The registration fee is ₦30,000, out of which ₦20,000 is credited as your share capital while ₦10,000 is a non-refundable registration fee.
Members are required to save a minimum of ₦5,000 monthly as thrift savings, which can be withdrawn whenever needed, subject to cooperative policies.
Yes. Every member is required to pay an annual welfare contribution of ₦8,000 effective January 2026.
Members must provide two active cooperative members as guarantors. Guarantors should have reasonable savings and shares within the cooperative.
Generally, no. However, if a non-member must serve as a guarantor, acceptable collateral such as land with survey documents and a certificate of deposit may be required.
The maximum repayment period for loans is 20 months.
Loans attract 1% interest per month for members with qualified guarantors. Where guarantors are not sufficiently creditworthy, loans may attract 2% interest per month and require collateral.
Eligible members can access up to three times the value of their savings, subject to meeting all loan requirements.
Yes. Members must have at least one-third (or more, as applicable) of the desired loan amount in savings and/or shares before applying.
Loan processing typically takes between 1 and 3 weeks, depending on the amount requested and documentation provided.
Yes. An approved loan attracts a one-time administrative charge of 2.5%.
No. Members must have maintained membership for at least six months before they can apply for or guarantee a loan.
Not all loans require collateral, but collateral may be requested depending on the loan amount and the strength of the guarantors.
Applicants must provide: Two recent passport photographs. A valid means of identification such as a National ID Card, Driver's License, Voter's Card, or International Passport.
No. Top-up loans were discontinued effective 1st December 2025.
You may withdraw your savings, but shares cannot be withdrawn unless you are terminating your membership. Membership termination requires six months' written notice.
Withdrawal requests are processed within 5 to 21 days, depending on the amount involved.
Yes. Dividends are paid annually based on the cooperative's profit and members' savings and share contributions.
Members who fail to attend monthly meetings may be charged a fine of ₦200 per month. Except those who have obtained permission because of the nature of their work or business.
A fine of ₦200 per month may be imposed on members who fail to make their required thrift savings contributions.
Late loan repayments attract a penalty equivalent to double the normal monthly interest rate.
Yes. Members may be restricted from accessing loans if a borrower they guaranteed fails to repay consistently.
No. Members who are currently guarantors for active loans cannot terminate their membership until those obligations are settled.
Members must have at least 50% of the vehicle's total cost in their savings. The loan attracts an interest rate of 1% per month.
Only members with a strong credit score and excellent standing within the cooperative may qualify for loans exceeding ₦5 million.
Membership may be withdrawn if a member remains inactive for a period of six months.
Yes. Goodlife (Uyo) MPCS regularly organizes financial literacy and financial management training programs for members.
Fixed deposits attract 20% per annum or 10% for a six-month tenure.
All payments should be made directly into the cooperative's designated bank account, and members are encouraged to notify the cooperative after making payments.
You can contact the cooperative via: Email: support@goodlifeuyompcs.com.ng Phone/WhatsApp: 07058125993 or 09040241022.