PRODUCTS AND SERVICES OF LOCCUL

SAVINGS ACCOUNT

At LOCCUL you can save any amount of money at a time. Very attractive interest rate is paid on amount saved. The amount saved serves as a base for members to obtain a loan. Savings can be withdrawn with or without notifications depending on the amount

DEPOSIT ACCOUNT

We also offer deposit accounts. This account enables you to keep funds safely. It can be withdrawn at any given moment with or without notification depending on the amount involved. Withdrawals are facilitated using special withdrawal slips or cheque.

LOAN ACCOUNT

Once you are a member with us you can benefit from our loan facilities. We grant loans for providence and productive purposes. The loan is granted based on repayment capacity, characters, capital, condition and collateral of the borrower.

MINOR ACCOUNTS

With LOCCUL, You can open accounts for your children who are less than 18 years and save for their future. Interest is paid on this account same as normal savings. The main difference being that the minor cannot participate in the management of projects of the credit union.

PREFERENCE SHARES

The minimum to be deposited as preference shares is 100,000Frs. The duration for this amount to be kept is one year renewable. This account attract interest of at least 3% to 5% per annum depending on the amount.

PRODUCTIVE LOANS:

This is a special loan facility that gives you the ability to borrow more than ordinary loan or normal loan provided you have the repayment capacity. This loan is mainly for business, agriculture and real estate purposes.

NJANGI FINANCING

We finance registered Njangi groups that are well organized. Members of the njangi must be registered members of the Credit Union

SALARY COLLECTION SERVICES

We collect salary from pensioners, civil servants and PAMOL workers at very moderate charge.

DAILY CASH COLLECTION

You can save your money on dally basis with LOCCUL through our collection’s agents. Our collective agents visit you at your business site; place of work, or residence to collect your savings daily. Money saved deposited in your account and can be withdrawn at the end of the month. It also enables contributors to open an account in the Credit Union.

OVERDRAFT FACILITIES

Civil servants, PAMOL workers and contractors benefits from these facilities.

MONEY TRANSFER

With our MOBILE MONEY services, you can now transfer and receive money at your doorstep all over the country at very low charges

SMALL HOLDERS SCHEME

We finance harvesting, pruning and interline weeding of small holders and even transportation of their crops from the farm to the market.

GROUP ACCOUNT

Special preferences are given to groups to save and withdraw from their savings at any time. Interest is paid on the amount save. Groups can equally benefit from loans

INTERNAL PROTECTION SCHEME

We operate an insurance scheme with CAMCUL where member’s savings and loans are insured every month. The maximum amount of loan insured is 3 million francs.  The loan should not be delinquent.

In case of death of a member the family of the deceased is expected to submit the following documents to the credit union;

  • a death certificate,
  • national identity card and
  • passbook of the deceased.

The above documents must be summitted within 6 months.

In case of permanent disability; the following documents are required:

  • A Medical certificate indicating the percentage of disability,
  • national identity card and
  • passbook