Cooperative Financial Institution (CFI)

What is a Cooperative Financial Institution:

A financial institution that is owned and operated by its members. The goal of a financial cooperative is to act on behalf of a unified group as a traditional banking service

Get Ready Centre has initiated the Cooperative program in December 2014, with a vision of extending/developing the Cooperative Financial Institution into a Cooperative Bank and also bank-up the alluded groups. Another objective is to see target group able to access better services from us as Get Ready.

Savings Mobilisation:
The Principle/key around the cooperative is savings mobilisation. By savings mobilisation, members of the cooperative are encouraged to make regular savings. the savings might be done on a daily, weekly, monthly or quarterly basis depending on each member's personal decision or commitment. Deposits are made directly into Get Ready Cooperative Financial Institution FNB Account through a debit order or ATM Deposits. Members of the CFI meet regularly to discuss issues concerning the cooperative and also receive training. We also say saving is key; it is a form of wealth creation.

Saving determine the amount of loan that can be borrowed-the higher the saving the higher the loan amount.
Saving substitute physical collateral required by banks and loan shark, they act as a guarantee. When members save together they guarantee each other. Savings help member to cater for household needs.

Activities

Develop communities, focusing on the small business, conducting services to unemployed people, assist people who don’t have access to bank loans and assist those who are to start business especially women, youth and other relevant needy groups