The RCCG Workers' Fund has been able to adjust the part withdrawal policy. Previously, members were allowed to make 50% part withdrawal of their savings along with loan request. However, effect from the 2021 AGM, collection of part withdrawal should come with a loan application and the maximum part withdrawal available to any member henceforth is 25% of his/her total savings.
The Chairman emphasized that there is a provision for second loan but subject to repayment of the first loan up to 70%.
The management observed that Guarantor Liability at the default of any member has not been followed up before now, however, henceforth Guarantor Liability indemnity on any defaulting loan shall be effected; hence, members were advised to exercise caution on the integrity whoever they want to guarantee.
The minimum savings for all members as agreed by the executives and stakeholders is now N5,000.00. Consequently, every member with minimum savings less than N5,000.00 should urgently upgrade their savings to meet the new requirement.
Payment of 2019 dividends due to members were paid by cash to them for the first time, instead of adding it to members' savings as it had been earlier practiced. Subsequently dividends will also be paid in cash basis.