Membership

Membership

by Cofipro
We are a limited by guarantee organisation for primarily all the Diaspora Congolese and/or other diaspora having ties or connection with our community that either resides in or is employed in the United Kingdom is eligible to apply for membership which is totally free.

How to become a Member

Every new member must complete an application form and provide proof of ID and address in order to satisfy the requirements of the money laundering regulations.

All Members need to be saving regularly

This pool of savings provides the cash from which members may take loans. The income from loans pays for the administration, regulation, external auditor and the establishment of a general reserve.

COFIPRO has a Board of Directors that is comprised of volunteers that are elected annually at the Annual General Meeting. The Board of Directors monitors the finances, develops the business plan and oversees the administration.

Any surplus that the credit union makes will be split roughly into three areas. Firstly there is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union. Secondly the credit union Directors may wish to put part of any surplus into developing the credit union or its products and services. Lastly, any remaining monies will be returned to savers in the form of a dividend.

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