Frequently Asked Question

General

  • Millennials Cooperative Multipurpose Society (also known as MILLENNIALSCOOP) is a duly registered and compliant cooperative society established to provide innovative financing for young professionals and entrepreneurs. Cardinal Objectives:
    • --To inculcate the good habit and the required discipline for regular savings in our members.
    • --To provide regular personal and business loans to members as often as they require it.
    We have simplified the means to access this through our online platforms. Visit our website www.millennialscoop.org
  •   As a rule, individuals aged 16 or more and other registered societies.
    • Firstly visit www.millennialscoop.com signup/Register
    • Secondly pay the registration fee 10000naira
    • Thirdly contribute your shareholding as (equity). Your share holding will determine the membership you belong to Start saving a particular amount minimum of (500naira) daily or weekly or bia weekly or monthly
  • Yes, Members can join online, we’re digital coop society
    Note: Feel free to call our Members Support or visit the Millennialscoop Secretariat for manual registration if you’re unable to do it online.
  •   No. You need to pay a non-refundable fee of NGN10,000 to register as a member.

  • Yes. Existing/registered members pay an annual member subscription fee of N5,000.00

  • Members of Millennialscoop have instant and undeniable rights to:
    • --Low-interest/No interest Loans.
    • --Dividends at the end of every financial year.
    • --Relevant Business and Personal Coaching, High profile trainings and Networking
    • --See Benefits of Membership.

  • Nobody wants to leave a profitable venture! However, Millennialscoop is a legal organization and membership of the organization is absolutely voluntary!

    A member can resign membership at anytime after giving adequate notice as required by the Bye-Law (usually 3 to 6 months notice dpending on the Membership Type/Level/Class). A member who reigns is entitled to withdraw all their savings and equity contribution (shareholding). Such a member is also free to rejoin the organization if they so wish at anytime as provided for in the Bye-laws.

    Death of a Member

    The membership of a member ends upon death. And all the savings, dividends and shareholding of the member will be paid to the Next of Kin as provided for by the member at the time of registration. The society also provides support for the immediate families of a member who dies while in active membership.

    Substitution of Next of Kin

    A member is free to substitute their Next of Kin at anytime.

  •  
    1. --Millennialscoop has simplified the concept of cooperative society in Nigeria. Membership is seamless and our organizational structure is very flexible and dynamic.
    2. --Our organizational processes are in the open. The society belongs to all members and everyone has unfettered access to financial records. We ensure transparency without breaching the privacy of any member.
    3. --Digital Technology. We deploy the best and most modern technology available in the industry.
    4. --Our members have very competitive dividends each financial year.
  • The Secretariat is located at 15, Duduyemi Street, off Karim Laka Street, Egbeda, Lagos.

Savings

  • You don’t lose any money if you are not able to meet up with your savings plan occasionally. It is your money.

    Whatever amount you save is still your money. However, inconsistencies with your savings plan reduces your credit-ratings in the society. Members who are very consistent with their savings are more easily trusted with loans.

  •  

    Yes, it is compulsory for every member to save regularly, a member is at liberty to decide a fixed amount ( minimum of 500naira) which they can save regularly ( Daily, weekly, bia weekly or monthly)

    The essence of our  cooperative society is to inculcate the ambit of saving regularly in our member.

  •  

    After completing your Membership Sign Up on www.millennialscoop.org, you will be required to Sign Up as a COOP SAVER (cooperative saver) on www.millennialsvest.com.  Upon completion of your Sign Up, subscribe to  COOP SAVER plan and set the amount and frequency (daily or weekly or monthly, etc) that best suits you.

  •   No. Register your card on the platform, click on the COOP SAVERS and switch the AUTOSAVE button on and ensure there is sufficient balance in your debit card at least 24hrs before 12:00am of the due date you have set for your regular savings.
    Accountability – Account Statement To keep track of all transactions, you can view history and statement on your dashboard anytime and from anywhere. Just login into your account, you will see all records of transactions and your account balances. You will also receive instant and immediate receipts in your emails instantly for any transaction on our platforms. We do not encourage or accept cash transactions at our offices. All payments, including minutes must be paid directly online.
  • Simple! We will not be able to debit you for that date you have set. We will only be able to save for you when you have funds in your registered debit card. However, you have the option to use the save manually once you have loaded your account.
    QUICK SAVES This is a feature that enables you to save and top up your savings if you miss any date. You can also use this to save additional sum lower or higher than the actual amount you already set for your regular savings. This helps you save more money that you could have spent on impulse.
  • Millenniaslcoop is a network of very high income earners, high income earners, medium income earners, and rising income earners (we don’t believe anyone should remain a Low-Income Earner). Many members join Millennialscoop as Rising Income Earners but their fortune soon improves and they move to becoming Very High Income Earners. The society accommodates all. The amount of shares (that is, equity contribution at the rate of N1.00/per share) a member holds is what determines their level of membership. Every member MUST belong to one of the five categories. The minimum shareholding must be paid up within six months. And it shall be deductible directly from a member’s savings if the member does not pay directly.    
    Bronze Members (Default Membership Level):  N10,000.00 – N50,000.00
    Silver Members:     N51,000.00 – N150,000.00
    Gold Members:     N151,000 – N300,000.00
    Platinum Members:     N301,000 – N500,000.00
    Diamond Members: N501,000 – N1,000,000.00

    Note:
    • --Subject to annual review and approval  by General Members Meeting.
    • --On joining the Millennialscoop, every member, by default, joins as a Bronze Member and shall be elevated to any higher level on request, in writing (email only).
  •  

    Yes! A member can upgrade from one level to another level by simply increasing their equity contribution to the applicable sum for each level. However, the upgrade shall be subject to the approval of the Executive Committee.

    A rejected application shall be communicated not later than 45 days to the applicant in writing (email only) after completion of payment for the minimum shareholding applicable to the level. While Approved Application will only take effects SIX MONTHS after the completion of payment and request, in writing (email only), for upgrade by the applicant.

  •   A member cannot downgrade to a lower membership level. However, a member may resign membership and rejoin the Millennialscoop afterwards.
  • Yes! But you will lose the accrued interest on you savings if you withdraw earlier than twelve months after the commencement of your savings. Members are required to save for a minimum of twelve months before withdrawing their savings and the accrued interest which is always between 10% to 15%.   Can I save more than my regular Savings Amount or is it fixed? Yes! You can save more on our platforms. Read QUICK SAVE above.

Safety & Security

  •   All savings and funds are lodged with our Central Bank of Nigeria (CBN) licensed and National Deposit Insurance Company (NDIC) approved financial institutions partners.
    Online Security
    • -- Bank Grade Security: Our platform and that of our payment processors are PCI-DSS compliant to ensure security of your data electronically. All cards and bank data are encrypted to prevent unauthorized access to sensitive information.

    • -- Regulatory Compliance: Millennialscoop is a duly licensed and regulated cooperative society in Nigeria. All our activities are in full compliance with regulatory requirements to the ultimate protection of our members and customers.

Loan

  •   The most important requirement is to become a member. After becoming a member, you must have been saving on our platforms for a minimum of 6 months before you can qualify for a loan.

  • Member Loans

    A member is entitled to a maximum loan of up to 200% of their cumulative regular savings amount.

    Non-member Loans

    A non-member loan is a type of loan which attracts appreciable interests (and collateral) compared to our zero-interest and low-interest loans accessible to only members who have met the minimum requirements. Both members and non-members may take advantage of this type of facility too. The terms and conditions are rigorous.

  •   Member Loans. The loans are not collateralized but you need at least one guarantor to stand in for you when you apply for a loan. Non-member Loans. These loans require rigorous terms and may include collaterals. Members and non-members can access it.
  •   There are different time frames for repayment of different loans. Each loan type comes with its repayment plan which often is a factor in determining payable interest.
  •   A loan calculator is available on our platforms to calculate the amount payable whether daily or weekly or monthly.
  •   All terms are set and agreed upon by parties before the loans are granted.
  •   Yes, you can. Another loan can be granted immediately upon the completion of the repayment of a previous one.
  • The Milennialscoop holds her General Meeting once in a month and attendances is compulsory for all members. Attendance can be either physical or virtual. Payment of Minutes, Absence, Lateness Each member shall pay the sum of N200.00 only as minute at every General Meeting.
    Absence at Meetings Absence attracts a fine of N500.00 in addition to the compulsory minute of N200.00 payable monthly.
    Lateness to Meetings Members who arrive 15minutes behind the scheduled time for the commencement of a meeting shall pay a fine of N300.00 in addition to the minute of N200.00 PAYABLE MONTHLY.
    Some of the other Benefits of membership include but not limited to the following:
    • --personal and Business Loan
    • --Pay Day Loan/ Salary advance
    • --Low-interest Loan
    • --Regular Savings Account
    • --Equipment & Leasing
    • --Bulk Purchase
    • --Rent Financing
    • --Real Estate Finance
    • --Financial Advisory
    • --Insurance brokerage
    • --Banking & Money Transfer
    • --Education Financing
    • --Health Management
    • --Quarterly Training & Development
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