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.
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.