IFESOWAPO AJO

ROTATIONAL SAVINGS CONTRIBUTION AGREEMENT

TERMS AND CONDITIONS

1. General
These Terms and Conditions takes affect from September 30 2016 (Start) and apply to all members
who have expressed interest to participate in the IFESOWAPO Ajo Rotational Savings Contributory
Association (ROSCA) Scheme (IFESOWAPO ROSCA, IFESOWAPO,Ajo, or ROSCA) and
is binding and enforceable by the law courts, the Nigeria Police and/or any of the other security
services of the Federal Republic of Nigeria who will be invited and appointed to act as Recovery
Agents (Agents, Police) on behalf of IFESOWAPO.
2. Monthly Savings
Under this ROSCA Savings Scheme, every Member (Member Contributor or Participant ,or
Individual) agrees to save One Hundred Thousand Naira only (N100, 000.00) (Amount) per
Member or multiples of this Amount monthly for twelve months for a Total Lump Sum Amount
(Total) equal to One Million Two Hundred Naira only (N1,200,000.00) by the end of the
Contribution Period. The amount of the monthly contribution can only be increased or reduced after
the conclusion of this current Period.
3. Period of Deposit/ When Installments are Due
The period of deposit of contribution is between the first day and third day of the new month. The first
contribution is due on September 30 2016.Subsequent deposits must be paid each succeeding month
for a total period of 12 months into the ROSAC designated bank account. No defaults will be
entertained whatever the case maybe.
4. Monthly Disbursements
The Total saved in each of month of the 12 month period (the Contribution Period, Period) will
be pooled together and held in a ROSAC bank deposit account (number 1234567890 at Fidelity Bank
Plc, Kola Branch) for disbursement and returned to only one qualified member each month until each
has had his/her turn. The order of rotation in which participants obtain the funds can be determined in
a number of ways: The qualified member entitled to collect the Total each month will be determined
by rotation (from 1st to 12th) in successive order by lottery/picking of lots or based on the order of
application (first come, first served basis!)
5. Interest
No interest is payable on savings or deposits during the Contribution Period.

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6. Contribution Period /Renewals
Members may cease their Savings only after the end of the current Contribution Period of September
30 2017. IFESOWAPO reserves the right to retain or reject Contributors, accept new Contributors,
modify and/or adopt the same or new Terms and Conditions for a new Contribution Period subject to
conditions prevailing on the date of the new or renewed Savings Agreement (New Agreement).
7. Eligibility
This Installment Savings Scheme is limited to twelve participants and may be entered into by any
individual who has reached the age Twenty-Five years (25).The Contribution Savings may also be
held JOINTLY, in trust for another individual or individuals. Corporate bodies are ineligible except
where acting as trustees on behalf of beneficiaries who are natural persons.
8. How to Join the Scheme
Purchased and fill the application form and signed the Contributory Savings Agreement attached
hereto. Completed applications may be lodged at the Scheme Office Address along Rafco Road,
Agbado, Ogun State.
9. Missed Installments
There will be no room for any Contributor to skip any monthly contribution whatever the case may
be. All Contributors are advised to ensure that monthly deposits are made throughout the Contribution
period. IFESOWAPO will not entertain defaults and will immediately activate the services of the
Police or any/or all of her other Agents.

10. Administrative Charges

Each member of the Ajo will pay Five Thousand Naira only (N5000.00) to cover administrative,
logistics e.t.c. and other bank charges/expenses.

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 IFESOWAPO AJO ROTATIONAL SAVINGS CONTRIBUTION AGREEMENT
APPLICATION FORM

PASSPORT PHOTO

1. CONTRIBUTORS PERSONAL INFORMATION

NAME
SURNAME FIRST NAME
SEX M F HOME ADDRESS :
TICK ONE PHONE NO: OCCUPATION/BUSINESS:

2. GUARANTORS PERSONAL INFORMATION

PASSPORT PHOTO

NAME
SURNAME FIRST NAME
SEX M F HOME ADDRESS :
TICK ONE PHONE NO: OCCUPATION/BUSINESS:
CONTR

3. I , ..(Contributor Name) agrees to abide by ALL

the conditions stated in the Terms and Conditions above.
Dated Today:
---------------------------------------------- . .
President/Coordinator IFESOWAPO Ajo Contributor (Name/Signature/Thumb Print1)

...
Witness/Guarantor (Name/Signature/Thumb Print)

1 The Terms and Conditions have been read to the illiterate Contributor and are clearly understood by the
illiterate before thumb printing in the presence of the Guarantor/Witness.

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