It intends to recruit members that will serve as assets and benefit from the unity of the group This project seeks to address the issues in our environment which has largely made productivity low in spite of the economic indices showing positive percentage increase. EPWS will be a platform to help lucrative small and medium enterprises to realize their potential. EPWS will not only raise finances
from its members but has a long term vision of using part of her retained earnings to create jobs by registering businesses, co-opt experts with relevant experience amongst members and where necessary employ professionals to drive lucrative businesses determined to resolve this problem. Currently you are able to burrow three times the current balance of your contribution as at the date of loan request. Thus it follows that if you have N100, 000 then you would be eligible to N300, 000
2. Not currently. As it stands this an alternative means of finance – however, since this can be used as a vehicle to save for your pension – and a flexible one as it stands.
3. Are there any benefits for paying off loan early? We have no intention of charging for early repayment. Thus you will be at an advantage compared to conventional means since interest will only be charged base on reducing balance method on the amount outstanding.
4. What does EPWS mean? EPWS – Elohim Praise and Worship – Cooperative
5. What about mortgages? As a cooperative we would not be directly be involved with mortgages – but in future we shall embark on setting up a separate entity providing mortgages.
6. What about government interference? As it stands we have a legal team in place to ensure that we work within the Nigerian legal framework – In addition, we are in constant communication with the government body to ensure compliance with any and incumbent policies.
7. How secure and safe is this system? Owing to the fact that a lot of people have suffered losses in the past from various financial institutions, we offer a 100% money back guarantee.
8. Where is your head office? Currently the offices are based at 10a Eletu Ogabi Street, Off Adeola Odeku, Victoria Island Lagos.
9. How flexible are you with the required contributions? Quite flexible, in so far that you place a minimum of N5000.00 ( five thousand naira) and multiples of N1000.00 (one thousand naira) and follow a regular monthly contribution amount – you can put in as much as you want. Should decide to increase or decrease the monthly contribution at any point and time, you can do so by means of a letter. Furthermore, should you wish to terminate the arrangement at any point and time, you can also by means of a written letter. Remember 100% money back guarantee. You can also make savings with coop.
10. Would you consider weekly contributions? Yes by special arrangement. What we subsequently do is collate this to a monthly sequence.
11. What is the duration and modality of repayment? Once the amount you burrow has been approved a repayment plan over a period of ten (10) months is actuated. Please note that the single digit interest rate charged will be on the reducing balance.
12. What is the dividend rate? Your monies are put to work in two areas: (1) Loans approved and issued to members (2) Shareholding stake in business ventures approved by the members. In essence your money is working for you and dividends are paid at least once a year.
13. Can I increase or decrease my monthly contribution and how? All we need is a letter stating clearly by how much and when.
14. What is the relationship between the co-op and the church? The co-op EPWS is NOT a church venture. It is a venture which in the main is targeted towards church members.
15. What business can be done by the co-op? There is no limitation as to the number and types of businesses that shall be embarked upon. However, we intend to maintain a high moral code of standard as well as within the legal framework of the Federal Republic of Nigeria – such businesses will be subject to approval by you the members of the co-operative.
16. What is the benefit of the business to the promoter (member)
This offers a platform of control for you. Since you have a stake and a vote regarding how the money put in works for you.
