Frequently Asked Questions!

General Questions

Baraza Multipurpose Cooperative Society is an organization that is made up of people who have come together to contribute their resources and engaged in trading, production or sale of goods and/or services for the common benefit of its members.

Yes! Baraza is a Multipurpose Cooperative Society registered in various States where they operate with its headquarters in Yenagoa Bayelsa State, Nigeria.  

The following are required to gain membership in Baraza:

  1. A written application to the Secretary Baraza Multipurpose Cooperative Society Limited.
  2. Valid Nationally accepted Identity Card such as; NIN, Voters Card, Int’l Passport, Drivers License, etc.
  3. An address in the city that Baraza is located as only residents can join Baraza.
  4. 1 Passport-size Photograph.
  5. You pay Ten Thousand Naira registration fee which includes 2500 minimum shares subscription at two(2) Naira per unit.

Yes, you can apply for Baraza membership in any of our operating states provided you are a resident of that State.

Yes, you must visit any of our offices to complete the registration process by signing, even if you’ve already filled the forms online. That is only when you become a member of the Cooperative.

Sales Questions

Yes, your money is safe.
All Baraza Contracts contain an indemnity clause. We have put Money Management and Risk Management measures in place and also, we are working on Insurance plans.
We also have fixed assets that are also security for funds deposited.

Baraza minimum contribution is One Hundred Thousand Naira (N100,000).

No, top-up is put on hold for now.

No! You cannot have Multiple accounts. You can have Multiple contributions in your account. However, every new Contribution requires the acquisition of shares worth 5% of the contributed amount.

You only will  receive your monthly interest if your are on the Simple Interest plan. You receive your Compound Interest at the end of the agreed duration.

Yes, you can halt/withdraw only when the contribution duration is due. Also, you can also give us  30 days notice prior to termination, and contributions should be removed then, but for immediate termination, you can apply for it with a surcharge.

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