PRODUCTS AND SERVICES OFFERED BY MITACCUL
- SHARES ACCOUNT
This is the account that makes you a member and an owner. Shares can be increased decision of the General Meeting provided that the total shares of MitaCCUL should constitute 10% of total assets as required COBAC.
- SAVINGS ACCOUNT
Money saved in this account represents your permanent capital which yields interest monthly but paid to you yearly. This is the most income generating account to members. The Credit Union considers your eligibility to take a loan on your regularity in savings habits. Since members’ savings are invested in order to earn and pay reasonable interest at the end of the year, members are required to give at least a month’s notice before withdrawing from their savings.
- DEPOSIT ACCOUNT (CURRENT ACCOUNT)
This is an account in which money is deposited and withdrawn at any time without notice, but for hug sums. It is an account which secures money for daily use. Members pay a token fee for every deposit made into this account. No interest is paid on money kept in this account since it can not be invested.
- LOANS ACCOUNT
You can only obtain a loan when you need money and when you are sure of the means to repay the loan. MitaCCUL however, encourages members to obtain loans especially for productive ventures. Our staff will talk to you about the productive credit scheme of MitaCCUL.
- GROUP ACCOUNTS
Apart from personal account, groups such as families, njangi groups, village councils, churches, schools, developmental organizations, clubs etc are encouraged to open their accounts with MitaCCUL for the safety of their group money. Interest is paid on money in this account.
Groups operate their savings account and withdraw at will but for huge sums which require a short notice. We also encourage groups to obtain loans from MitaCCUL.
- MINOR ACCOUNTS
Through MitaCCUL the future of your children can be prepared opening a savings account for your child even from the date of birth. You can withdraw from this account for education, medical etc purposes without any notification, except for huge sums. Interest is also paid on these savings.
- SPECIAL WITHDRAWAL SLIPS (S.W.S)
Just like cheque booklets you can use MitaCCUL special withdrawal slip to authorise a third party to withdraw from your account. It can be used only on the following accounts, members’ deposit accounts, group savings/deposit accounts, minor savings / deposit accounts.
- PAYMENT OF SALARIES.
We pay salaries of civil servants and pensioners. Members concerned should rush to the office and fulfill the necessary requirements. Those whose salaries are paid through MITACCUL obtain loans at short notice.
INTERNAL PROTECTION SCHEME (IPS)
This service insures members’ shares/savings and loans such that members loans are paid off in case of death or permanent disabilities and savings increased and paid to the beneficiary of the deceased member. This is one of the advantages of taking a loan instead of withdrawing your savings.
- INSTANT INTER-BRANCH MONEY TRANSFER SERVICE.
You can send and receive money within MitaCCUL branches within a maximum of 10 minutes.
- OTHER SERVICES
include productive loans, special business loans, small business loans, farming loans, hire-purchase loans, contract financing loans, Sales of agricultural materials, etc. For social loans, we offer the following; education, medical, njangi financing, bank caution, etc. Please come to MitaCCUL office and obtain more information.