The Cooperative Society was established on 11th May, 2007 and began operations in July 2007 with 54 members. Membership strenght now stands at 310. The Cooperative Society's activities are piloted by an elected management Committee and council-of-inspection.
Justice (UYO) MPCS is under the supervision of the Akwa Ibom State Ministry of Justice. it's annual accounts are udited b y the ministry of Agriculture, Rural Development and Cooperatives, responsible for cooperative development in the State. The Cooperative hosts a biannual general meeting where bonuses are distributed to members based on the amount of savings in each account.
Justice (UYO) MPCS was established in 2007 with the aim of:
1. Promoting the economic well-being of her members
2. Encouraging and strengthening the spirit of self help and mutual help.
3. Assisting members in accuiring assets and prepare for a happy retirement.
Membership into the cooperative is being restricted to staff of the Ministry of Justice. However, staff of the other ministries may be admitted into the Cooperative provided he/she gets a recommendation from the Permanent Secretary to so join from his/her ministry.
1. Prospective members put up an application for membership into the cooperative duly addressed to the President of the cooperative society.
2. The application is received and personal data form is given to the applicant to fill
3. The Secretary assesses the completed forms and prepares an instruction based on which will be sent to the Permanent Secretary, Ministry of Finance(MOF) through the Solicitor General/Permanent Secretary, Ministry of Justice. The Permanent Secretary MOF will then send the instruction to the Salary Consultant.
4. Actually, three(3) types of instructions are sent to the salary consultant.
a) Savings Deduction JUMPS-Savings
b) Loan Deduction JUMPS-Loan
c) Stop Deduction- for those who wish to adjust their savings amount
5.When the above deduction instructions are acted upon by the salary consultant/ICT Unit and the cooperative's account is credited, the Secretary transfers deduction reports to a General Ledger and further ensures that the general ledger tallies with the amount credited into the cooperative's account for that month.
6. The entries in the general ledger are further transferred to members personal ledger.
This exercise is repeated month after month based on the deduction report. It is by this process that members personal ledgers are updated.
Members maintain three (3) types of account, namely Shares account; Thrift Savings account and Special Savings account. The bye laws of the cooperative does not permit withdrawal of money from the Shares and Thrift Savings account except on withdrawal of membership. A member can withdraw money from his or her Special Savings at short notice and can fund such amount to his or her account at any time.
7. We also maintain a deposit register where payments made in the bank by members are duly documented after sighting their deposit teller with further confirmation from the bank statement. Also, information on the deposit register are transferred to respective member's personal ledger.
Withdrawal of funds
Members are allowed to withdraw funds either as special savings, or as loan or as withdrawal of membership
A. Withdrawal from Special savings.
Here, members put up an application to the President requesting approval to draw from their special savings account.
The application is assessed by the Secretary. If for sufficient reason the applicant is in need of money more than what is in his/special savings, the member can apply for adjustment of account. At this point, funds can be transferred from either the shares or thrift savings account to the special savings account to enable him withdraw the amount required.
B. Withdrawal as loan
Here, a member puts up an application to the president requesting for an amount as loan. The loan is considered and a maximum of 2X his/her contribution is approved to the member for ease of recovery. Actually, the consideration before approval ought to be done by the management committee, but the process is bridged and handled by the Secretary.
The loan given out is recovered within 10 months@10% interest. N/B the longer the duration of recovery, the higher the interest. The computations for deduction are at this point forwarded to the Accountant General's office
C. Where a member retires or is withdrawing his/her membership, the member is expected to send in an application for withdrawal from cooperative and request for refund of outstanding contribution. If the member is retiring, the savings deduction will automatically stop and everything that accrued to the member will be refunded.
if the member is still in service and wish to discontinue his/her membership, the Secretary will include the request among the "stop deduction" template.
Justice (Uyo) MPCS
Justice (Uyo) MPCS is a credit Cooperative. We provide loan services and savings for our members only at a 10% interest within a duration of 10 months. We are just available to help our members scale over difficult economic situations.
Members are paid bonuses on their savings in the cooperative and for patronising the cooperative by obtaining loan.
To be the preferred financial gateway in the provision of Cooperative services.
To help members live happier lives by providing a distinctive and innovative credit services to our members
Contact Information.
Professionalism
Intergrity
Ethical compliance
Diligence
Members focus
Service Excellence.
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