Frequently Asked Questions.
Learn how Supacash Multipurpose Cooperative Society Limited works, including membership registration, savings plans, loan access, and member benefits.
What is Supacash Multipurpose Cooperative Society Limited?
We are a regulated, modern cooperative system designed to bring financial empowerment directly to the workplace. Instead of staff joining fragmented external groups, we partner with structured organizations to set up independent internal financial hubs called Mini-Cooperatives. We provide the framework, the legal backing, and 100% of the loan capital, while your team builds wealth together.
Who can join the Supacash Cooperative program?
Our primary partners are structured organizations like schools, hospitals, and corporate companies. To launch a Mini-Cooperative, an organization must have a minimum of 10 active staff members ready to onboard and save simultaneously.
As an employer, am I or my organization financially liable for loans taken by my staff?
No. Your organization does not fund the loans, nor do you guarantee them. 100% of the loan capital comes from Supacash Cooperative. Your only administrative role is ensuring that the monthly savings and loan repayments are accurately deducted at source from the employee’s salary during payroll.
What happens if an employee runs away or resigns with an active loan?
We have an ironclad risk mitigation protocol that fully insulates your business:
- The Defaulter’s Savings: The individual’s personal savings balance is immediately liquidated to clear as much of the debt as possible.
- The Guarantors: The remaining balance automatically shifts to their internal workplace guarantors (who must be members of the same Mini-Cooperative).
- The Corporate Treasury: In extreme cases where guarantors are unavailable, the debt is cleared using the Mini-Cooperative’s earned corporate income (from their 1% savings yield and 30% loan interest split). Your company funds and non-defaulting staff savings are legally protected and never touched.
How does this benefit my organization’s bottom line?
It completely eliminates the constant pressure on management for salary advances or emergency staff loans. Furthermore, it creates deep employee loyalty. When your staff are building real wealth, buying cars, roofing houses, and getting year-end payouts entirely tied to their employment with you, staff turnover drops drastically.
How much am I required to save every month?
There is complete flexibility. Members have the freedom to choose any monthly savings amount that comfortably fits their personal budget and financial goals.
How do I qualify for a loan, and how much can I borrow?
Once you have saved consistently for a minimum baseline of 3 months, you instantly qualify to access loans worth up to 5 times (5x) your total accumulated savings balance.
What are the loan interest rates?
Our interest rates are highly competitive, ranging between 5% and 10% per month, calculated strictly on a reducing balance basis. This keeps our financing vastly cheaper and safer than predatory online loan apps.
Who can act as a guarantor for my loan?
Any active member of your organization’s Mini-Cooperative can guarantee your loan, up to a maximum of 3 guarantors per application. To qualify, the collective savings balance of your selected guarantors must cover at least 50% of your requested loan amount.
Can a guarantor take out their own loan while guaranteeing another?
To ensure capital safety, a guarantor’s borrowing power is temporarily frozen. A guarantor cannot access a loan for themselves until the borrower they vouched for has fully repaid the debt, or settled it enough to clear the guarantor’s liability.
Do I need a guarantor if I am borrowing less than what I have saved?
No. If your loan request is equal to or below your own personal accumulated savings, you do not need a guarantor or internal leadership approval. The loan is approved instantly, and we simply notify your Mini-Cooperative leadership for their records.
Can I withdraw my savings whenever I want?
To build true financial discipline and prevent spontaneous spending, the Mini-Cooperative operates an Annual Savings Withdrawal Window once a year. During this window, you can apply to withdraw your savings, and it will be paid directly to you without affecting your membership status. Outside of this window, your core savings remain locked, but you can still instantly access immediate funds via the 5x loan facility for unexpected emergencies.
What happens if I want to leave the cooperative entirely?
Members can leave the Mini-Cooperative at any time, subject to a 30-day processing window to verify and disburse their savings. However, you cannot leave if you have an active, outstanding loan balance; all open debts must be repaid outrightly before your exit can be processed.