Frequently asked Questions
FAQ
Afrisusu Initiative Foundation C.I.C is a community-owned financial support group that provides financial assistance to its members for basic needs, business loans, mortgages, and more. We offer support to promote financial independence and address social exclusion within our community.
Our mission is to promote financial independence, address social exclusion, and support community social entrepreneurship to build community financial independence.
We offer financial support ranging from £100.00 to £5,000 with flexible repayment plans and no interest charged. Additionally, we provide financial literacy programs, community health initiatives, sustainable business development, cultural activities, and event management services.
The rotational saving scheme is optional for registered members. Personal funds are pooled and distributed to individual members on a rotational basis to support financial needs.
Our responsible and ethical borrowing policy ensures loan decisions are typically made within 3 days of submitting a request. We don’t conduct credit checks that leave footprints on credit files, and applications are assessed based on the ability to repay.
Members are required to invest in ethical products, earn shares from profits, repay the principal amount at the end of the fiscal year, and make quarterly contributions to support the foundation’s initiatives.
Non-members are not eligible to apply for loans at Afrisusu Initiative Foundation C.I.C. To access financial assistance, individuals must become registered members of the foundation.
Once an individual becomes a member, they become eligible to request a loan after making two consecutive quarterly contributions to the foundation. This system ensures that members actively participate in supporting the community and the financial sustainability of the foundation before seeking financial assistance themselves.
In the event that a member opts for early withdrawal from the foundation or defaults on their financial commitments, a refund will be issued after applying a penalty. This penalty serves as a measure to ensure adherence to the foundation’s financial guidelines and to cover any associated administrative costs or losses incurred due to the premature withdrawal or default.
If a member relocates outside the United Kingdom, the early withdrawal rules will apply. Members moving abroad may be subject to specific regulations and procedures regarding their membership and financial arrangements with the foundation. The early withdrawal rules will govern the process of disengaging from the foundation’s financial programs in such circumstances.
In the unfortunate event of a member’s death, the next of kin will receive the deceased member’s outstanding payments and benefits. The next of kin has the option to continue the membership.
To become a member, you must be 18 years or older and complete a membership form. Please submit the form along with proof of address and a non-refundable registration fee of £5.00.
