Penny Partners Group (PPG) is a leading fintech organization committed to empowering Nigerian entrepreneurs by offering structured savings, ethical loans, and strategic business grants. Combining technology with financial services, we have created a transparent and community-driven platform aimed at fostering business growth and financial inclusion.
At PPG, we offer low-interest, non-collateral loans and merit-based grants to members, promoting financial discipline and supporting long-term business success. Our core focus is on integrity, empowerment, and sustainable growth, ensuring that PPG not only helps businesses thrive but also contributes to the broader economic development of Nigeria. We are passionate about facilitating financial independence for entrepreneurs and businesses in a secure, ethical, and supportive environment.
1. Membership Eligibility
To become a member of Penny Partners Group, applicants must fulfill the following eligibility requirements:
- Be a verifiable business owner with a registered business or provide a business owner as a guarantor. A guarantor must be someone who holds a valid business registration and can provide necessary verification documents.
- Complete the Know Your Customer (KYC) process, which involves submitting valid identification documents, proof of address, and business premises verification (if applicable).
- Non-compliance with KYC requirements will result in rejection of the application and ineligibility to participate in PPG's financial services.
Membership is conditional upon acceptance of these Terms & Conditions, and members are expected to comply with all regulations and obligations outlined in this document.
2. Categories of Membership
PPG offers membership in three primary categories based on the frequency of savings:
- Daily Contributions: Members contribute on a daily basis with an amount specified during registration.
- Weekly Contributions: Members make weekly savingss, which are also pre-determined during the registration process.
- Monthly Contributions: For members who prefer a less frequent but higher savings rate, monthly payments can be set.
Each savings cycle lasts 10 days, and one member of the group receives a lump sum payout after each completed cycle. New members will be added to existing groups, and if demand exceeds capacity, additional groups will be created.
3. Member Rights
As a member of PPG, you have the following rights:
- Savings and Loan Participation: You have the right to participate in PPG’s structured savings and non-collateral loan programs.
- Payouts and Loan Eligibility: You are entitled to receive payouts based on the rotational system once you have contributed the required amount for your selected category.
- Business Grants and Mentorship: You may apply for business grants and receive access to mentorship and strategic business advice, based on merit and engagement.
- Non-Collateral Loans: After completing five successful savings cycles without default, you become eligible for low-interest, non-collateral loans.
4. Member Obligations
In accepting membership, each member agrees to the following obligations:
- Timely Contributions: Members must make savingss in a timely manner according to their selected savings category.
- Truthful Information: Members must provide accurate and verifiable information during the application process and throughout their membership.
- Professional Conduct: All members must maintain a high standard of professional conduct and treat other members with respect and integrity.
- Cooperative Principles: Members must support PPG’s values of transparency, accountability, and financial empowerment.
- Protect PPG’s Integrity: Members must avoid actions that could harm the reputation, integrity, or operations of PPG.
5. Structured Savings Rules
The following rules govern participation in PPG’s structured savings program:
- Each savings group consists of 10 members, and all savingss are grouped together for a 10-day cycle.
- Every member must contribute to the group for the duration of the cycle, which lasts 10 days.
- At the end of the cycle, one member is paid the total accumulated amount from the savingss, excluding any service charges.
- A service charge will be deducted from each savings to cover administrative costs and to sustain the services of PPG.
- Members who default on their savingss will be disqualified from the program, and funds received during the cycle must be refunded. The defaulting member will also be barred from participating in future cycles.
- A full cycle must be completed before a member can request to exit the program. An official 60-day notice is required for withdrawal.
6. Service Charges
PPG applies a service charge to each member's savings, which helps cover the operational, administrative, and technological costs associated with managing the program. The service charge is mandatory, non-refundable, and applies to all savings categories. Service charges are calculated based on the total savingss made and are outlined during the registration process. Members are expected to accept and understand the service charge before participation.
7. Default and Penalties
Default occurs when a member fails to meet their savings obligations within the agreed timeline. The following penalties will apply in the event of default:
- Immediate forfeiture of savingss: The member’s savingss will be forfeited, and they will be removed from the active cycle.
- Permanent disqualification: The member will be permanently disqualified from participating in future cycles.
- Repayment of funds received: Members who default after receiving payouts must return the total amount they have received.
- Legal escalation: In extreme cases, legal action may be taken to recover the owed funds.
8. Confidentiality and Data Protection
PPG is committed to protecting the confidentiality and privacy of its members. All personal and business information submitted to PPG will be handled with the utmost confidentiality and in accordance with applicable data protection laws. Information will only be disclosed if required by law, regulatory authorities, or for auditing purposes.
9. Withdrawal and Termination
Members may withdraw from PPG by providing a 60-day written notice. In order to process the withdrawal, members must have completed the full cycle. PPG reserves the right to terminate any membership due to reasons such as fraud, misconduct, or actions that damage the integrity and reputation of the organization. If termination occurs, service charges are forfeited, and further penalties may apply.
10. Amendments
PPG reserves the right to amend these Terms and Conditions at any time. Any amendments will be communicated to members in advance, and continued participation in the program constitutes acceptance of the amended Terms and Conditions.
11. Dispute Resolution
In the event of a dispute between PPG and its members, both parties agree to seek resolution through amicable dialogue and mediation. If a resolution cannot be reached through internal means, the dispute may be escalated to regulatory bodies or Nigerian courts.
12. Limitation of Liability
PPG will not be held liable for any loss, damage, or injury incurred as a result of participation in the cooperative, except in cases of negligence, fraud, or willful misconduct.
13. Governing Law
These Terms and Conditions are governed by the laws of Nigeria. Any legal disputes arising from these Terms will be subject to the jurisdiction of the Nigerian courts.
By signing the membership application, you confirm that you have read, understood, and agreed to these Terms and Conditions. PPG encourages all members to carefully review this document to ensure full understanding of their rights and obligations.
By continuing, the member agrees to all terms and conditions of PPG, which are subject to changes upon prior notice to members.