GROU& GROUP MEMBER OBLIGATIONS - BTA FOUNDATION

GROUP OBLIGATIONS

i.                     Loan disbursement is based on availability of funds in individual member compound accounts with us.

ii.                 Serious minded groups must inaugurate their executives between Second and fourth weeks of their group formation.

iii.               There must be at least 20 members in a new group and maximum of 100 members in a group to access loan.

iv.               The group members must have grown to fifty before applying for the Second loan cycle.

v.                  The group members must have grown to seventy five before applying for the third loan cycle.

vi.               The group members must have grown to One Hundred members before applying for the Fourth loan cycle which will be a condition to increase the groups’ loan accessibility.

vii.             Group members must bring their guarantors to the group meeting, who must be shown to the executives, and must be certified to be fit and proper to guarantee the group member, as this would be once in a life time.

viii.          Any group member who has issues with his/her member must approach the group leader to inform him/her of such and if there is any need for a change of guarantor, such must be brought to the notice of BTA Foundation, otherwise, the group leader and his/her executives would pay the loan obtained by such group member if he absconds and guarantor can’t be traced.

ix.                The group executives must sign, read the bye laws/information manual to its members’ vivid understanding before applying for the first loan.

x.                  Prior to loan application submission, each members’ form is expected to be guaranteed by the Group leader, Secretary and Compound Chief.

xi.                The four executive officers must attend training and receive standing orders guiding issuance of loans from BTA Foundation CSS Department.

xii.             There must be prudent spending of the groups’ minutes’ fee.

xiii.           It is the duty of the Group Secretary to document the minutes of meetings.

xiv.           The group executives must ensure all repayments have been remitted to the CSS department of BTA Foundation by each group members on or before the last Thursday of the month.

xv.              All members must agree on the spending of the minute fees.

xvi.           Any Group executive or group member that uses people to obtain loan in a dubious way will be prosecuted and blacklisted from the scheme.

GROUP MEMBER OBLIGATIONS

i.                    Members are expected to pay a monthly minutes’ fee of Fifty Naira (N50) or any agreed amount to the group monthly during the group meeting.

ii.                 Any member who does not pay the minutes’ fee would not be cleared for next loan.

iii.               Any absentism from group meeting also attracts a fine to be agreed to by members of the group.

iv.               Group members must be punctual at meetings.

v.                  Every group member has the right to express his/her grievances on some key issues that concern the group.

vi.               Any member that does not pay the minute fees for the entire 12 months to the group, will have to register afresh with BTA Foundation in the next year.

vii.             Members must not engage in public fighting or assault and must respect each other at meetings.

viii.          Any member that defaults, upon being served a seven days demand notice shall face legal action or has his/her property worth the default money being confiscated to BTA

Foundation.