ACICS Business Rules
Initial Membership
- Minimum monthly contribution: ₦20,000
- Entrance fee is deducted once from the initial deposit
- Remaining amount is distributed across savings, shares, and commodity
Share Limits
- Maximum share contribution: ₦10,000
- Savings and other categories: No limit
Loan Eligibility
- Eligible after 6+ months of membership
- Loan amount = 2 × (Savings + Shares)
- Members can request less than their eligible amount
- Can apply for additional loans while repaying existing ones
Loan Terms
- 10% interest rate
- 24-month repayment period
- Repayment via bursary deduction
Application Process
- Online application serves as notification
- Physical form with signatures required