GOT QUESTIONS?
Frequently Asked Questions
Find answers to common questions about our cooperative society and its services.
About Wue Cooperative
What is Wue Multipurpose Cooperative Society Limited?
Wue is a member-owned cooperative registered under the Lagos State Ministry of Cooperatives. We provide savings, loan, and investment services to support the financial growth and welfare of our members.
Who can become a member?
Membership is open to individuals aged 18 years and above, of sound character, who share the cooperative’s economic goals and meet the membership requirements.
Can I belong to another multipurpose cooperative and still join Wue?
Members are allowed to join other types of cooperatives except multipurpose cooperative societies, in line with cooperative regulations.
Membership & Contributions
How do I join Wue Cooperative?
- Start your application by filling the membership application form and registering on the website
- After your email is validated, complete your personal profile
- Receive an email notification to download the coophub app and change the default password sent to you on that email.
- Commplete your wemabank KYC on the coophub app
- Pay the non-refundable entrance fee
- Begin mandatory savings and share contributions.
What are the mandatory financial contributions?
All Members are required to:
- Pay the non-refundable entrance fee of N10,000
- Make a minimum monthly Ordinary savings contribution of N10,000
- Own minimum N10,000 worth of cooperative shares
- Participate in the cooperative insurance scheme
What if I can't make up my monthly contributions?
Your contribution affects the amount of surplus from the business of the society and interest from loans that you receive at the end of the year.
Loans & Investments
How do loans work at Wue Cooperative?
Loans are granted based on cooperative bylaws.
How much can I borrow?
You can borrow a proportion of the amount you’ve saved so far.
When am I eligible for a loan?
You will be eligible for a loan six (6) months after becoming a member or starting your savings.
How is cooperative surplus shared?
Net surplus is allocated according to cooperative financial provisions, with a significant portion returned to members as dividends and bonuses.
Need Further Assistance?
If you can’t find what you’re looking for, our team is always ready to help. Visit the Contact Us page or reach out through our official communication channels.