HOW TO BECOME A MEMBER?
Ordinary membership From 18 years above can apply for membership. Contact us by telephone, email or send text from our website contact form about your interest of becoming a member. You will be required to fill a membership form with a proof of address must be filled in, submitted, and pay a registration fee of £5.00 which is non-refundable. This membership is renewable every year.
WHAT ARE OTHER CATEGORIES OF MEMBERSHIP?
After an initial registration as an ordinary member before a member can apply for funder membership. All applications to become a funder member will be reviewed by the board.
•Funder membership This membership is opened only to individuals willing to become risk taker investors in community business opportunities.
• Institutional membership This membership is opened to community organisations and foundations.
WHAT ARE THE RESPONSIBILITIES OF BEING A MEMBER?
•Every member is saver with the foundation and must make avoidable quarterly deposit not less than £ 300.00 in 9 months period.
• Every member must play active role in all the foundation community engagement activities.
•Every member is required to attend the foundation’s meetings virtual or physical
WHY IS YOUR FOUNDATION LOANS AND CREDIT BETTER FOR ME?
One of our aims is to promote the financial wellbeing of our minority community through saving and lending. We don’t charge interest on our loans to members.
HOW DO I BECOME ELIGIBLE FOR CREDIT OR LOAN FROM THE FOUNDATION?
The mark-up will depend on your quarterly contribution or deposit as well as guaranteed by foundation’s’ members which stand as collateral.
DO I NEED TO BECOME A MEMBER BEFORE I BORROW FROM THE FOUNDATION?
Yes, our foundation is community owed and managed, not a credit union. We support members that don’t have access to ordinary banking products. We want to protect our members from payday loans and Door steps high interest rate and repeat cycle of debt.
WHAT ARE THE BENEFITS OF BEING A MEMBER? •Afrisusu Initiative Foundation offers personal loans and credit opportunities to all registered members. •Optional rotational saving scheme is opened to all members. As a member of this scheme, you will receive periodically funds pooled together by the scheme member. Membership of rotational saving scheme shall be terminated only after all the members receive their periodic savings. •Afrisusu Initiative Foundation has Solidarity/goodwill support fund to foster the sense of belonging. A Fund is set aside to support by identifying with any member in terms of distress or joy. The amount given to a member for support is determined by the board.