Vision Statement
To be the cooperative that people go to for diversified financial and allied services that improve the quality of life of members and the community..
Welcome to Bofak Cooperative Society Limited
Take advantage of the most affordable model of becoming a co-owner of a sustainable global business.
Bofak Cooperative Society Limited is a business of the people for the people and by the people.
Contact us today to enjoy the benefits of being part of a society which grants you affordable loans, savings and other services!
Bofak
Cooperative Society Limited
Bofak Cooperative Society Ltd. was established as a Cooperative in December 2013. The Cooperative is guided by Bye-laws for cooperatives.
The establishment of Bofak was birthed from the need to provide assitance to the people especially the down-trodden and to also make funds available for people's needs.
The cooperative provides loans to acquire assets, properties, business expansion and cater for your immediate needs through your savings.
Bofak Cooperative Society Ltd is open for you if:
You are 18 or older
You are sound in character.
You can pay the membership one-off joining fees
You can pay subsequent monthly financial obligations
You can provide proof of identity and address
Membership Benefits
Affordable Loans
Assisted Savings
Wealth Building
Housing Projects
SAVINGS
We offer the following savings schemes:
Compulsory Savings: This is a compulsory saving that must be contributed by all members of Bofak Cooperative as a condition of membership and to access credit (loans) otherwise face the risk of been expelled from the society for non-performance.
Target Savings: As the name implies, it is a voluntary saving, not for access to loans but for the sake of saving. These are not an obligatory part of accessing credit services.
Fixed Deposit: A fixed deposit is an investment and a form of savings that earns you a higher interest rate. This kind of savings account is where a member saves to meet a particular goal.
LOANS
We offer the following loan services:
Personal Loan: This is a loan given to members for personal use to meet financial obligations.
Business/Trader Loan: A business or trader loan is a loan given to members who are business owners or trader for business activities. The loans are available for 3 months, 6 months, 12 months tenure.
Emergency Loan: This is an emergency loan to cater for exigencies. The tenure for this loan type is 3 months and the maximum loan amount is 30% of member’s compulsory savings balance. Repayment is a bullet-repayment with a flat rate of 15% per month.
Mortgage Loan: Mortgage loans are currently for properties under the management and sales portfolio of society. A contributor is eligible to access a maximum loan amount of =N=15 million repayable over a maximum period of 20 years.
OTHER SERVICES
We also offer the following services:
Insurance Premium Collections: This is for payment of insurance premium. On the payment page/ checkout, there is a dropdown to set the insurance company one is paying for
Property Listing: Bofak Cooperative is in collaboration with a number of Real Estate Developers, agents and Consultants as an intermediary for property transactions.
Contact Address:No 3, Maternity Road, Mosfala, Moslem, Ibadan, Oyo State, Nigeria
Phone Numbers: +234 8021481559, +234 8063381274
Email Address: info@bofakcooperativeltd.com
Bofak Cooperative Society Limited