About Ndoro Multipurpose Cooperative Society Limited

– NMCS

The Ndoro Multipurpose Cooperative Society Ltd. was started by about thirty two (32) members of the Ndoro Welfare Association – Abuja Branch. These pioneer members applied to the Federal Capital Territory on November 6, 2017, to be registered as a Multipurpose Cooperative Society under CAP: No. 98 of the Nigerian Co-operative Societies Act 2004.

This application was accepted with the cooperative duly registered and licensed to operate as such on 6^th December 2017. Current membership is above 40 and is automatic to all persons (members) of Ndoro Welfare Association, Abuja Branch who are gainfully employed (salaried-employee or self-employed) and can commit to the mandatory monthly contribution of N5,000.00 – approximately $1/day savings.

NMCS Objectives:

To provide credit facilities to its members at fair and reasonable rates of interest for provident and productive purposes.
To encourage regular savings amongst members so that each member may cultivate the habit of making regular savings at least once monthly with a view to building up funds for their individual future uses.

Provide a platform under which members’ funds can be pooled together and measures taken to address the housing needs of its members.
To take measures that would promote among the members, the spirit of thrift, mutual help and self-help based on cooperative principles.
To use the co-operative as a platform for access to counterparty loans e.g., National Housing Funds Loan, Venture Capital, Grants, Business Angel, Equity Capital, and Bank Loans.
Serve as investment vehicle for all members.

NMCS Savings Schemes

NDORO CONTRIBUTORY SCHEME (NCS)
NDORO SPECIAL SAVINGS (NSS)
NDORO TARGET SAVINGS (NTS)

NMCS Management Committee

The day to day administration of the society is vested on the management committee. They represent the various interest areas/units of the Society, provided that the total membership is an odd number.

The Management Committee has the power to lay down administrative rules and procedures for the smooth running of the society in accordance with the law, regulations and Byelaws.