1. Introduction
The ABIA C'SAVE Referral Program allows existing members of the Abia C'save (hereinafter referred to as "Referrers") to earn rewards in the form of a percentage of the savings contributions made by new members (hereinafte referred to as "Referred Members") they invite to the platform.
1.1 Program Incentive
Referrers will earn 3.25% of the total savings made by their active Referred Members, depending on the savings plan chosen by the Referred Member. These earnings will be credited to the Referrer's wallet on the Abia C'save Service LTD platform (App).
1.2 Eligibility
To participate in the Referral Program:
The Referrer must be a registered and active member of Abia C'save Service LTD.
The Referred Member must sign up using the Referrer's unique referral link or code.
The Referred Member must be a new user who has not previously registered or had an account on the platform.
2. Referral Process
2.1 Referral Links/Codes
Each Referrer will receive a unique referral link or code which can be shared with potential new members.
The Referred Member must use this link or code during registration for the Referrer to be eligible for rewards.
2.2 Referral Tracking
Abia C'save's system will automatically track all referrals and savings made by Referred Members. Referrers can monitor the status of their referrals and potential earnings through their profile dashboard on the platform.
3. Earnings And Payouts
3.1 Referral Rewards Structure
Referrers will earn 3.25% of the total savings made by each active Referred Member.
The reward earned will be dependent on the specific savings plan selected by the Referred Member. Different plans may have varying payout timelines, which may influence how quickly Referrers earn rewards or in some cases there might not be reward for referrer.
3.2 Savings Plan Dependency
The earnings of the Referrer will depend on the savings plan that the Referred Member is enrolled in. For example:
Daily Plan: Referrers earn 0.01785714% of daily savings made by the Referred Member.
Weekly Plan: Referrers earn 0.125% of weekly savings made by the Referred Member.
Monthly Plan: Referrers earn 3.25% of monthly savings made by the Referred Member.
3.3 Payout Frequency
Earnings will be calculated and credited to the Referrer's wallet on a monthly basis. The amount credited will reflect the total savings of all active Referred Members for that period.
Referrers will be able to withdraw their referral earnings or use them within the platform any time the referred contribution(s) is due for withdrawal.
3.4 Active Referred Members
A Referred Member is considered "active" if they are consistently making savings contributions according to their chosen savings plan Apart from their shares.
Referrers will continue to earn 3.25% as long as their Referred Members remain active on the platform. If a Referred Member becomes inactive (fails to contribute for two consecutive periods), the Referrer will no longer earn rewards from that member.
4. Conditions And Restrictions
4.1 Referral Cap
There is no limit to the number of Referred Members a Referrer can invite to the platform. The more active Referred Members, the higher the potential earnings for the Referrer.
4.2 Fraud Prevention
The Cooperative reserves the right to investigate any suspicious referral activity, including fraudulent sign-ups or misuse of referral codes.
Any Referrer found to be engaging in fraudulent activities (e.g., creating fake accounts, using multiple identities) will forfeit all referral earnings, and their account may be suspended or terminated.
4.3 Inactivity of Referrers
If a Referrer becomes inactive (i.e., fails to make any savings contributions for three consecutive months), they may lose their eligibility to earn referral rewards.
Reinstatement of eligibility will be subject to the Referrer resuming savings activities and adhering to the platform's general terms.
5. Termination And Modification
5.1 Program Changes
Abia C'save Service LTD reserves the right to modify or terminate the Referral Program at any time, with reasonable notice provided to members. Changes may include altering the percentage of referral rewards or adding new conditions.
5.2 Program Termination
If the Referral Program is terminated, Referrers will still be eligible to receive rewards from Referred Members' savings contributions made before the termination date, subject to the general terms of the Abia C'save.
6. Responsibilities Of Referrers
6.1 Promotion
You as Referrer(user) is encouraged to promote the platform responsibly and transparently. Misleading or false claims made to potential new members in an effort to boost referral rewards will lead to the forfeiture of earnings and possible account suspension. So be very warn.
6.2 Compliance with Terms
By participating in the Referral Program, a a Referrer you must agree to comply with these terms and all other terms governing the use of the Abia C'save platform.
7. Dispute Resolution
7.1 Dispute Process
Any disputes arising from referral rewards or eligibility must be submitted through the platform's digital dispute resolution process. The Digital Management Committee (DMC) will review the case and issue a decision, which will be final.
8. Miscellaneous Provisions
8.1 No Double-Counting
Referral rewards will be calculated based on individual savings contributions. Referrers will not receive additional rewards for transactions not considered savings contributions.
8.2 Non-Transferability
Referral rewards and earnings cannot be transferred between members but can be converted to cash your saving (contributions) plan(s) is due for withdrawal
These terms ensure a transparent and fair Referral Program, incentivizing you as a members to invite others to the platform while safeguarding against abuse or fraud. You can track your earnings based on the activity and savings plan of the person you referred, ensuring a smooth and rewarding referral experience.
For further info that is not here contact us via this email: referpro@abiacsave.com
1. Introducing Abia C'save services LTD.
These Terms and Conditions govern your use of the cooperative's digital platform and services, and outline the obligations of both ABIA C'SAVE and its members, in accordance with the Nigerian Cooperative Societies Act, 2004. By joining as a member and using our services, you agree to these Terms and Conditions.
2. Definitions
Cooperative: registered under the Nigerian Cooperative Societies Act, 2004.
Member: An individual who has completed the membership process and fulfilled all necessary requirements, including payment of the membership fee.
Savings: Funds contributions by a member, which may be used for loans or investment within the platform or body.
Loan: A financial facility granted by Abia C'save services LTD to its members based on their savings and eligibility.
Platform: Abia C'save services LTD digital app and website used for managing member services.
3. Membership Eligibility and Registration
Any individual who is 18 years or older and resides in Abia state or is from Abia state Nigeria is eligible to join Abia C'save services LTD.
To become a member, applicants must:
1. Complete the online registration form through the our easy to use App.
2. Pay a one-time lifetime membership fee of ₦5,000, #5000 for our premium which is compulsory for new users.
3. Provide a valid form of identification and Bank Verification Number (BVN).
4. Agree to the Abia C'save services LTD T&C, cooperative rules and by-laws according to 2004 cooperative Act.
Membership is subject to approval by the Digital Management Committee in accordance with Section 6 of the Nigerian Cooperative Societies Act, 2004.
4. Member Rights and Obligations
Rights: You have the right to participate in the Abia C'save saving programs, apply for loans if they qualified, attend general meetings, and vote on cooperative matters as provided in the Cooperative Societies Act, 2004.
Obligations: Members are required to:
1. Maintain a minimum monthly savings contribution, which is subject to cooperative policies.
2. Repay loans within the agreed time frame and at the agreed interest rate.
3. Follow all cooperative rules and regulations, including these terms and any by-laws.
5. Savings and Contributions
You are required to make regular contributions to your savings account within the platform or system. The savings rate is determined by the Abia C'save policies, the kind of package you as user/members chooses and a 1% annual management fee is applied to the total savings.
Contributions can be made via the digital app using bank transfers or direct debits. Failure to maintain regular savings contributions may result in suspension of cooperative services and the member.
Members may withdraw savings in accordance with the cooperative's withdrawal policy, which is when the money is due for withdrawal
6. Loans
Members are eligible to apply for loans after 4-5 months of consistent savings. Loan amounts will be based on the member's total asset in the cooperative, that of grantor and the cooperative's loan policy.
The interest rate for loans is 1% of the total loan amount, and the repayment period is typically between 3-12 months, depending on the loan type.
Premium loan limits are available for members who subscribe to the premium plan at ₦5,000.
This fee will increase the loan limit of the user by 30% and when you want increament again you can actually subscribe again and again and again.
Abia C'save services LTD has the right to approve or reject loan applications based on a member's savings history, creditworthiness, and other criteria outlined in the Nigerian Cooperative Societies Act.
7. Repayment Terms:
Members must repay loans in accordance with the agreed schedule. Late payments will attract a penalty fee of 5% of the outstanding loan balance.
Failure to repay loans within the agreed time frame may result in the initiation of loan recovery procedures, including, but not limited to, the use of direct debit mandates or legal recovery processes as permitted by the Cooperative Societies Act.
Members who default on loan payments risk losing membership privileges and access to further loans.
8. Data Privacy and Protection
Abia C'save services LTD is committed to protecting the personal information of its members, in accordance with the Nigeria Data Protection Regulation (NDPR).
Member data, including BVN, will only be used for managing accounts, processing loans (which by flutterwave), and for any necessary compliance with regulatory authorities.
Abia C'save services LTD uses secure technology to protect member data and will not disclose personal information to third parties without consent unless required by law.
9. Member's/Users Responsibilities
Members are responsible for ensuring the accuracy of their personal information and updating it as necessary.
Members are also responsible for maintaining their savings contributions and repaying loans on time to avoid penalties or loss of privileges.
10. Abia C'save's Rights
The cooperative reserves the right to amend these Terms and Conditions from time to time. Any changes will be communicated to members through the app or official communications and social media handles.
The cooperative has the authority to suspend or terminate the membership of any individual found to be in breach of these Terms and Conditions or cooperative by-laws.
Abia C'save Service LTD has the right to take legal action to recover debts in case of loan defaults, as provided under the Cooperative Societies Act, 2004.
11. Dispute Resolution
Any disputes arising between members or between a member and the cooperative will first be subject to mediation. If mediation fails, the dispute will be referred to arbitration in accordance with Section 56 of the Nigerian Cooperative Societies Act, 2004.
Members agree to resolve disputes through the cooperative's internal processes before taking legal action.
12. Termination of Membership
Membership may be terminated voluntarily by a member by providing 30 days' written notice to the Abia C'save via email or the social media handles.
ABIA C'SAVE Service LTD has the right to terminate the membership of any individual who fails to meet their obligations, including but not limited to loan defaults or failure to make regular savings contributions.
Upon termination, a member's savings balance will be refunded after deducting any outstanding loans or fees, in accordance with the Cooperative Societies Act, 2004.
13. Limitation of Liability
ABIA C'SAVE Service LTD will not be liable for any losses arising from the failure of members to meet their obligations, including missed loan repayments or failure to follow our rules.
ABIA C'SAVE Service LTD will not be responsible for any losses arising from technical issues, system failures, or delays in processing transactions. However,
ABIA C'SAVE Service LTD will make every effort to ensure smooth operations and will compensate members where applicable under Nigerian law.
14. Governing Law
These Terms and Conditions are governed by the laws of Nigeria, including the Nigerian Cooperative Societies Act, 2004. Any disputes or legal actions will be subject to the jurisdiction of Nigerian courts.
Acceptance
By becoming a member of ABIA C'SAVE Service LTD, you agree to be bound by these Terms and Conditions and the cooperative's by-laws, as well as any amendments made from time to time.
1. Loan terms and conditions
1.1 Eligibility for Loans:
Only ordinary members in good standing (i.e., those who have met all financial obligations to the cooperative) are eligible for loans.
N:B: Associates or third parties are not eligible for loan, the services are strictly for members.
1.2 Loan Application Process:
Members must complete a loan application form and submit it to DMC for review.
The application must include information on the purpose of the loan, the amount requested, repayment plan, and any collateral offered (if it's requested)
1.3 Loan Approval:
Loan approval will depend on the member's creditworthiness, financial standing, and their history with the cooperative (previous loan repayments, contributions, etc.) and depending on who their grantors are.
The cooperative may set loan limits based on a percentage of the member's shares or the total assets of the cooperative.
N.B: loan limit can be extended subscribing to loan packages.
1.4 Interest Rates:
The interest rate charged on loans should be reasonable and competitive while still enabling the cooperative to cover administrative costs and earn a profit.
The interest rate could be:
Fixed interest rate: A set rate throughout the loan term which will be 12% per annum, 6% in 6 months and the 3% quarterly.
Variable interest rate: The rate may fluctuate based on market conditions or internal policies such as fines, or maybe use wish to pay interest monthly.
1.5 Repayment Terms:
Loan repayment periods vary depending on the amount and type of loan, typically ranging from 3 months to 12 months and at most 13 months.
Repayments will be scheduled in monthly, quarterly, or yearly installments.
Early repayment may be allowed with no penalties, depending on the initial loan agreement if any.
A grace period may be offered for certain loans, especially for agricultural or business loans where income is seasonal.
1.6 Loan Default and Penalties:
Penalties for late payment: Abia C'Save will impose a fine or additional interest (depending on some certain conditions) on members who fail to make loan payments on time which is 5% of loan amount for that month user failed to pay back as agreed.
Collateral and Recovery: If a member defaults on a loan, Abia C'save has the right to claim collateral (if any) or deduct the outstanding loan from the member's shares or dividends.
Abia C'save may take legal action in the event of default, depending on the severity(amount and situation whereby member involve stops to communicate) and as well the member's financial situation.
1.7 Use of Loan:
Loans may be granted for specific purposes, such as:
Business expansion.
Purchase of land, equipment, machine or other assets.
Education or health needs.
Before and after the loan has been disbursed, Abia C'save Services LTD will require proof that the loan is used for the intended purpose, especially for business-related loans.
2. Dividends Terms and Conditions:
2.1 Dividend Eligibility:
Only ordinary members who have fully paid for their shares and have participated in platform's activities during the financial year are entitled to dividends.
Associate members may receive dividends, but usually, the amount is smaller or restricted compared to ordinary members.
2.2 Calculation of Dividends:
Dividends are distributed based on the surplus or profit earned by the Abia C'save Services LTD during the financial year after covering all operating expenses, loan repayments, and setting aside required reserves.
Dividends are typically calculated based on a member's shareholding and participation in the platform's business. The more shares or higher participation (e.g., purchases or services used), the higher the dividend.
2.3 Distribution of Profits:
Abia C'save's Service LTD divide its profits as follows:
Reserve Fund: 25% of the total profits is set aside for a reserve fund to ensure financial stability and for reinvestment into Abia C'save.
Dividends: 65%-70% of profits is distributed as dividends to members.
Social or Development Fund: if theres much surplus 10% might be allocated by this.
2.4 Dividend Payment Schedule:
Dividends are typically paid out annually after the financial statements have been audited and approved at by every member.
Deviddend will be disbursed to member's account on the platform with a notification email or message and also a member can reinvest dividends into additional shares.
3. Percentage of Profits Retained by Abia C'save Service LTD (Contribution):
3.1 Reserve Fund:
25% of the platform's annual profit will be set aside each year. This fund serves to:
Protect Abia C'save during periods of loss or economic downturn.
Provide capital for future expansion or investment in new services or infrastructure.
Ensure the long-term sustainability of the platform.
3.2 Operating Expenses:
Before dividends are distributed, Abia C'save Service will deduct all operating costs, including:
Staff salaries, administrative costs, rent, utilities, etc.
Loan servicing costs if Abia C'save Service has external loans.
Any other necessary expenses for running the system/platform efficiently and effectively.
3.3 Development and Growth Fund:
If there's any need for expansion, it will be funded with the 25% reserved already.
The rerved funds might also be used for training members, conducting research, or investing in new technology.
3.4 Social Welfare or Community Fund:
Some percentage of the fund reserved might be used for the welfare of the members of the members of Abia C'save Service LTD together with the welfare fund and as well community development, Scholarships for members' children if the arises.
Healthcare initiatives.
Local community infrastructure projects, etc.
(Your Address)
Customer Support
ABIA C'SAVE Service LTD
Melrose junction, opposite gate 6
Umuariage
Ikwuano, Abia State Nigeria
Dear Sir/Madam,
Subject: Request for Resolution of Account Issues and Failed Transaction
I hope this letter finds you well. I am a member of ABIA C'SAVE Service LTD and I am writing to formally request assistance with the following issues concerning my digital platform account ( Number: XXXXXXXXX) with the transaction (ID XXXXXXX)
1. Blocked/Suspended Account:
My account (number:XXXXXXXX) with account name (obi Musa seun) was [blocked/suspended/temporarily or permanently blocked] on [date] without any prior notice. As a loyal member of the platform. I rely on the platform for saving and accessing loans. I kindly request that you review my account and restore access at the earliest convenience. Please inform me of any required actions or documents I need to provide to resolve this.
2. Failed Transaction:
On [date], I attempted a transaction of [amount] via the App of the platform. Unfortunately, although my account was debited, the transaction was not
Transaction Reference: (Transaction Reference Number)
Amount: (Amount Debited)
Date and Time: (Transaction Date/Time)
Platform Used: (App/Website/transfer)
Account name: (obi Musa seun)
Account number: (XXXXXXXXX)
Since the transaction was unsuccessful, I request a refund of the debited amount or resolution of the issue.
3. Reporting Other Issues:
I have encountered additional challenges, including (briefly describe of the "any other issues"), which have affected my experience on the digital platform. I would appreciate it if you could address these concerns as part of the resolution process.
I trust that ABIA C'SAVE will prioritize resolving these matters swiftly. Please keep me informed on the status of my account and the transactions. Should you need any further information or documentation, I am available to provide them immediately.
Thank you for your attention to this matter. I look forward to your prompt response.
Yours faithfully,
[Your Full Name]
This letter is customized to address issues specifically on the ABIA C'SAVE Service LTD digital platform. It allows you to report multiple concerns in a clear, formal manner.
Once you are done with the letter, send to this email: support@abaicsave.com