Frequently Asked Questions

City of Refuge Cooperative Multipurpose Society Limited (COR CMS) is a member focused cooperative established to promote disciplined savings, responsible access to credit and collective economic empowerment. COR CMS operates through a technology enabled cooperative management platform that allows members to manage and monitor their accounts digitally.

COR CMS is a members only cooperative. Its savings, loan and other member benefits are available to registered members in accordance with the Cooperative's rules and approved policies.

COR CMS believes in "Save Before You Borrow." Consistent savings helps establish financial discipline and provides an indication of a member's ability to maintain regular financial commitments. Loan eligibility therefore considers both the amount saved and the member's savings behaviour.

Shares represent your ownership participation in the Cooperative and contribute to the capital base of COR CMS.

The compulsory share contribution is ₦1,000 per month.

No. Share capital is not withdrawable while you remain a member. It becomes payable when you formally exit the Cooperative, subject to the applicable procedures and Bye Laws.

Yes. Members may participate in dividends based on the shares they hold, subject to the financial performance of COR CMS, available distributable surplus, regulatory requirements and the required approval.

A member bonus may be determined from available surplus after approved dividends have been distributed. A bonus is not guaranteed and depends on the financial performance, approved policy and governance process of the Cooperative.

COR Legacy Savings is the principal long term savings account of COR CMS. It is designed to help members build financial capacity and qualify for access to Cooperative loans.

You can establish a savings pattern based on your circumstances: Daily, Weekly, Monthly or Quarterly. The consistency of your selected savings pattern is important for loan eligibility.

No. COR Legacy Savings is not withdrawable during active membership. It becomes payable when you formally exit the Cooperative, subject to applicable procedures and the Bye Laws.

Yes. COR Legacy Savings is the principal savings account used to determine your normal loan capacity.

You generally need six months of consistent savings according to your established savings pattern before becoming eligible for a normal loan. The purpose is to establish evidence of savings and repayment discipline.

You may qualify for up to 200% of your eligible COR Legacy Savings balance, subject to the applicable guarantor, approval and repayment requirements.

If your eligible Legacy Savings is ₦500,000, your maximum normal loan capacity may be ₦1,000,000, subject to the applicable requirements.

A significant change in your established savings pattern will normally require the new pattern to be demonstrated for another six months before it can be relied upon for increased borrowing capacity. This protects both the member and the Cooperative by ensuring that borrowing capacity reflects sustainable financial behaviour rather than a temporary increase in savings.

COR CMS may consider a cash backed or securitised facility where the applicable security provides 150% coverage of the loan requested, subject to approval. For example: ₦100,000 loan → ₦150,000 cash backed security.

COR TargetSave allows you to save towards a specific financial goal. You determine: Target + Amount + Duration + Contribution Frequency.

Examples include: School fees, Rent, Christmas, Wedding, Business capital, Asset purchase, Emergency reserve and Personal projects.

Yes. TargetSave is withdrawable during membership, subject to the applicable product conditions.

No. TargetSave does not form part of the 200% Legacy Savings borrowing calculation.

Yes. When your TargetSave is committed as a guarantee, the committed amount cannot be withdrawn while the guarantee remains active.

COR SureSave is a structured savings product for members who want to commit funds for a defined period.

There are four options: COR SureSave Type 1 — 3 months; COR SureSave Type 2 — 6 months; COR SureSave Type 3 — 9 months; COR SureSave Type 4 — 12 months.

Yes. SureSave is withdrawable.

Early liquidation attracts a 1% charge.

No. SureSave does not form part of your own loan capacity.

Yes. Where your SureSave is committed as a guarantee, the committed amount remains restricted until the guaranteed obligation has been discharged or the guarantee released.

COR QuickFund is the short term loan facility of COR CMS. It has a maximum term of six months. It is designed for approved short term needs, including urgent personal needs, small business requirements and short term cash flow needs.

A member must generally have: at least six months of consistent savings; eligible COR Legacy Savings; the required guarantor arrangements; satisfactory member standing; and approval through the authorised loan process.

Up to 200% of your eligible COR Legacy Savings, subject to the applicable requirements.

The interest is 5% for the six month facility.

Your first loan is free of administrative fees. Subsequent QuickFund loans attract a 1% administrative fee. The fee is deducted upfront or paid during loan processing into the member's account.

No. COR QuickFund is a six month facility and does not have a rollover structure.

COR GrowthFund is the medium term loan facility, with a maximum term of 12 months. It is designed for business expansion, equipment, productive activities and larger personal projects.

The approved facility is structured for up to 12 months, but repayment performance is reviewed after six months.

Your repayment performance, payment consistency, account behaviour, outstanding obligations, guarantor position and relevant changes in repayment capacity may be reviewed. Satisfactory performance allows the facility to continue. Poor repayment performance may result in recall of the facility.

No. There is no rollover fee at the six month performance review.

The policy provides for 10% cumulative interest for loans above six months and less than 12 months.

The administrative fee is 2% for the approved facility term and is not charged again at the six month review.

COR EmpowerFund is the long term loan facility, with a maximum term of 18 months. It is intended for substantial business needs, asset acquisition, approved productive investments and major empowerment requirements.

The facility is structured for up to 18 months but is subject to six monthly performance reviews. Satisfactory repayment allows continuation. Poor repayment performance may result in recall of the facility.

No. There is no rollover fee at the six month performance reviews.

The policy provides for 15% cumulative interest for loans above 12 months and less than 18 months.

The administrative fee is 2% for the approved facility term and is not charged again at each six month performance review.

Guarantors provide additional security for Cooperative loans and create a system of shared responsibility among members.

Depending on the facility and approval requirements, a loan may require one to three guarantors.

COR TargetSave and COR SureSave can be used to provide guarantee support. The committed funds become unavailable for withdrawal while the guarantee remains active.

Your ability to access another loan may be restricted while your guarantee exposure remains outstanding. A guarantor becomes eligible to access a loan when at least 80% of the guaranteed loan has been repaid or the guaranteed obligation has been fully liquidated, subject to other applicable requirements.

It is a reward for members who responsibly support another member's loan as a guarantor.

Guaranteed Loan Give Back: Up to 6 months — 1%; 12 to 18 months — 2%.

The Give Back is earned after the guaranteed loan has been fully repaid.

No. The Give Back is one time for the approved loan facility and is not repeated during six monthly continuation or rollover periods.

The Give Back is not payable where the guaranteed facility has defaulted or been extended.

COR CMS may recall a facility where the agreed repayment performance is not maintained. Possible consequences include: suspension of further borrowing; enforcement of applicable security; application of eligible committed funds towards outstanding obligations; impact on guarantors; loss of applicable Guarantor Give Back; and other approved recovery actions.

The six month review provides an early opportunity to identify repayment challenges and protect both the member and the Cooperative. It is a performance control mechanism, not an additional fee or a new loan application.

The current account maintenance cost is ₦200 per member per month. It is a pass through service cost and is not treated as COR CMS income.

No. The charge is per member, not per account.

Yes. The charge is subject to the service provider's terms and may increase or decrease. COR CMS will communicate applicable changes to members. As membership grows and the underlying service cost improves, the charge may also reduce.

No. The COR CMS Share Account is exempt from the account maintenance charge.

Members who elect to receive SMS notifications will bear the applicable SMS service cost.

Members will be able to access their accounts through the approved Web portal and Android application. The platform provides visibility of savings, shares, loans, repayments, balances, transactions, notifications and statements.

COR CMS is built around a simple principle: "Save consistently. Build capacity. Borrow responsibly. Support one another. Grow together." The Cooperative's product structure is designed to balance member empowerment with protection of the collective resources of the Cooperative.