BafCCUL Accounts

ACCOUNTS

SHARES ACCOUNT

This account gives the holder the right to membership, as outlined by the Unions's bylaws.

The value of a share is now at 1000 frs, and each member is entitled to fifty (50) shares, which amounts to fifty thousands (50,000) Frs CFA

DEPOSIT ACCOUNT

This account holds cash for regular needs. Therefore, it does not require any notification for withdrawal. A little token is paid when the deposit is made, but withdrawal is free.

SAVING ACCOUNT

This is the account in which a member is expected to put money regularly. It serves as the financial security to a loan requested by the member and yields interest at the end of the year.

A regular saver is expected to save at least 12 times a year and a minimum amount of 1000 frs CFA. Withdrawals from this account, is upon notification or payment of a minimum charge. Notice period is at least one week.

LOAN ACCOUNT

This is the account that holds the member's credit facility, and has sub-products depending on the member's credit needs.

These comprise over draft, business loans, njangi financing, line of credit, school fees loans, special operations etc.

GROUP ACCOUNT

This is an account opened by institutions, social groups and associations. Withdrawal from this account is without notice and without charge.

CHILDREN'S ACCOUNT

This account is opened by a parent or a guardian for a minor. This account could run for an entire period of childhood and handed to the child uppon maturity(18 years).

Operations on this account are done by the parent/guardian, usually charge-free. Interest is credited to this account.

ACCOUNT OPENING GUIDE

To Open an account with BAFCCUL is quite simple. Below are the requirements for account opening.

1. INDIVIDUAL ACCOUNTS

Photocopy of national identity card or passport.
Two (2) passport sized photographs.
Residence permit for non-national.
Address/Location plan and/or recent bill, either electricity or telephone bills.
Shares of fifty thousand (50,000) frs CFA.
Account opening cahrge of twenty two thousand, five hundred (22,500) frs CFA.
Initial savings of two thousand, five hundred (2,500) frs CFA.
Originals of documents are required for verification before account opening.

2. GROUPS (ASSOCIATIONS, SCHOOLS, CLUBS, CHURCHES, NJANGIs etc.)

Authorisation to operate, i.e. social permits or registartion documents.
Copy of By-Laws, rules and regulation.
Location plan.
Minutes of meeting taking decision to open account and nomination of signatories.
Photocopies of national identity cards of signatories.
Two (2) passport sized photographs of each signatory.
Account opening charge of twenty five thousand (25,000) frs CFA.
Shares of fifty thousand (50,000) frs CFA.
Originals of the above documents are required for verification before account opening.

3. BUSINESS COMPANY ACCOUNTS

Certificate of incorporation indicating legal status of the company.
Localisation plan.
Current business license.
Minutes of meeting nominating signatories of the account.
Photocopies of the ID cards of the signatories.
Two (2) passport sized photographs of each signatory.
Account opening charges of twenty five thousand (25,000) frs CFA.
Minimum savings of ten thousand (10,000) frs CFA.

4. PUBLIC AND PARA PUBLIC ESTABLISHMENTS

Copy of decree creating the establishment.
Copy of minutes of meeting giving powers to open the account and nomination of signatorries.
Photocopy of ID cards and two (2) passport sized photographs.
Other relevant documents.
Shares of fifty thousand (50,000) frs CFA.
Account opening charge of twenty five thousand (25,000) frs CFA.