Terms And Conditions
1. Membership Card Fee
Non-refundable membership card fee is ₦1,000.
2. Earning Requirement
A member must refer at least 2 persons to start earning (from entry stage to stage 5).
3. Loss of Membership Card
If a card is lost, ₦2,000 is required to update records.
4. Qualification for Food Items
Members must complete the full 12-month plan to qualify for specific food items.
5. Incomplete 12-Month Plan
If a member does not complete the 12-month plan, the company decides the items to be given based on the contributed amount.
If contributions are not up to 3 months, the member must restart the following year with a ₦3,000 registration fee for a new card update.
6. Card Transfer and Completion
Transferring multiple registration cards to complete a full card attracts a 10% deduction from each card.
7. Cash Substitute Policy
Assurance Trust Microfinance does not offer cash instead of food items.
If a member requests cash instead of food items, a 15% deduction will be made from the supposed total contribution for the full year plan.
8. Card Review
Members should regularly review their records at the office to avoid conflicts.
9. Payment Verification (Bank Transfer Payments)
Members who pay via transfer must send proof of payment to customer care for record updates.
Members should keep their payment slips to avoid disputes in case of record discrepancies.
10. Late Contribution
Members are expected to contribute daily or monthly as scheduled.
Any contribution not up to date before September attracts a 10% default charge.
Here are the additional points from that part of the audio:
11. Payment Handling
Members should pay into the company’s bank account using their name as the depositor.
Payment receipts should be handed over to staff or agents.
The company will not be responsible for any cash payments that do not reach the office.
12. Record Verification
Members should confirm their records every three months at the office.
They must bring their membership card for updates to avoid disputes.
13. Staff or Agent Warning
Members should not leave their membership card with staff or agents for any reason.
14. Contribution Schedule
Food items will be shared once a member completes the food savings plan within the year.
15. Inconsistent Payment
Irregular daily or monthly payments before the end of the year attract a 10% additional markup to enable collection of food items.
16. Reporting Inconsistent Officers
If a collecting officer or agent is inconsistent, members should report immediately to the organization.
Members can also pay directly into the company’s account to avoid default before September.
17. Increase in Price of Food Items
If food prices increase during the year, the company will maintain the standard food package.
This applies only to members who keep up with their daily or monthly payments without default.