1. Membership Policy
• Eligibility: Membership is open to verified business owners or individuals who can provide a verified business owner as a guarantor. All applicants must complete the KYC (Know Your Customer) process, including the submission of necessary identification and business verification documents.
• KYC Compliance: Members are required to comply with the KYC regulations. Non-compliance will result in rejection or termination of membership.
• Commitment to Contribution: Members must commit to a regular and timely savings as per their selected membership category (daily, weekly, or monthly). Failure to meet savings deadlines will result in disqualification.
2. Savings Program Policy
• Structured Savings System: PPG operates a structured savings model where each cycle consists of 10 members, and the savingss of all members are grouped together to provide a lump sum payout to one member after each cycle.
• Service Charges: A small, fixed service charge is deducted from each member's savings to cover administrative and operational costs.
• Default Policy: A member who defaults on savingss will forfeit all rights to participate in future cycles and must repay any funds received. Defaulting members are permanently disqualified from future participation.
• Exit Policy: Members may exit the program by submitting a 60-day written notice. Members must complete a full savings cycle before requesting to exit.
3. Loan Policy
• Loan Eligibility: To qualify for a non-collateral loan, members must complete at least five successful savings cycles without default. Loan applications are submitted upon each payout cycle.
• Loan Terms: Loans are offered with a flat interest rate of 2% and are based on the consistency of the member’s savingss. The loan amount ranges from ₦5 million to ₦100 million+, depending on the member's performance and the savings category.
• Repayment: Loan repayments are required within a specified period, and failure to repay will lead to legal action and disqualification from future services.
4. Grant Policy
• Grant Availability: Business grants are awarded based on merit, performance, and business impact. Grants are available to active members who demonstrate consistent savings and business development. • Grant Evaluation: Applications for grants are reviewed based on business performance, potential for growth, and engagement with PPG’s mentorship and support programs. • Grant Terms: Grants are awarded at PPG's discretion and are not guaranteed. Support may also include mentorship, business visibility, and other resources.
5. Data Protection and Privacy Policy
• Confidentiality: PPG is committed to protecting the confidentiality of its members. All personal and business information submitted will be handled with the utmost care and confidentiality. PPG complies with relevant data protection laws to ensure the safety of members’ information.
• Data Sharing: Member data will only be shared when required by law, regulatory authorities, or for auditing purposes. All disclosures will be made in compliance with data protection laws.
6. Compliance and Ethical Conduct Policy
• Integrity: All members are expected to maintain a high standard of integrity and professionalism. Any action that compromises PPG's reputation or operations will result in membership termination.
• Anti-Fraud and Misconduct: Fraudulent activities, unethical conduct, or actions that undermine the cooperative principles of PPG are strictly prohibited. Members found guilty of such actions will face termination of membership and possible legal action.
7. Dispute Resolution Policy
• Internal Resolution: Any dispute between PPG and its members will be resolved through internal dialogue and mediation. The goal is to resolve all issues amicably and fairly.
• External Resolution: If a dispute remains unresolved after internal mediation, it may be escalated to regulatory bodies or Nigerian courts for resolution.
8. Withdrawal and Termination Policy
• Voluntary Withdrawal: Members may voluntarily withdraw from PPG by submitting a 60-day written notice. The withdrawal request will only be processed once the member has completed the current savings cycle.
• Termination for Breach: PPG reserves the right to terminate a member’s participation due to breach of these policies, fraudulent activity, misconduct, or actions that damage the integrity and reputation of the organization. Upon termination, the member will forfeit their savingss and may face legal consequences.
9. Modification and Amendment Policy
• Policy Changes: PPG reserves the right to modify or amend these policies at any time. Any changes to the policies will be communicated to all members with prior notice. Continued participation in the program constitutes acceptance of the amended policies.
10. Service Charges and Fees Policy
• Mandatory Service Charges: All members are required to pay service charges as part of their savings. These charges are used to maintain and expand PPG's services, including administrative costs, monitoring, and member support.
• Non-Refundable Fees: All service charges are non-refundable, and members are expected to acknowledge and accept these charges at the time of registration.
Loan Subscription Fee:
A loan subscription fee is required for members who wish to take loans in the future. The fee is equivalent to 10 days of the member's daily savings. For instance, a member saving ₦1,100 daily will pay ₦11,000 as the subscription fee upon each payout. These fees are non-refundable.