What are the benefits of a co-operative Society?
A co-operative society helps you save better. Savings either in the bank or through other mediums may not be as effective as you want it to be because of the provision of ATM cards and other accessible mediums of collecting money. However a cooperative is so regimented that once you save you cannot withdraw your money except you are terminating your membership.
Co-operative Societies help you access credit/ loan facilities with zero or little interest rate and with no stringent requirements needed for a person to access such credit facilities. The only requirement would be that you are a member of the co-operative society.
Cooperative societies give you the platform to network. With a co-operative society that has members of about 200 -300 or more; it means that whatever it is you are doing as an individual, you can showcase such products with the members of the cooperative. Meaning you can network.
There is always dividends that is paid which a lay man will call returns on investment. That simply means that when you have saved for a year, the cooperative is bound to share what we call surplus to its members depending on what you have saved.
In the area of acquisition of properties, co-operatives come in handy to assist such process in ease of payments. Such is one of the benefits attached to being a member.
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