Special Savings Scheme

Zito Financial Cooperative Credit Union (ZFC MFI), in keeping up with its social integration, good and well-being ideals, has developed a deposit pension scheme named “ZFC Special Savings (Pension) Scheme”, in order to mobilise and encourage the informal sector earners to save as per their capacity for their old age when they will normally retire from their active service life who like to keep and invest their savings and funds in interest-bearing deposit pension schemes. Due to lack of formal income activities and employment, most of these members either consume their savings/funds or spend on unproductive expenditures. Thus a substantial amount of Savings/funds remain out of the production cycle.

Given the above, ZFC has introduced the “ZFC Special Savings (Pension) Scheme [ZFC SSS].

Savings for the future is like a pension you earn throughout your life. Little drops of savings every month can end up with a stream of relief and benefits after a few years. ZFC SSS is inspired to build up a big sum on small regular deposits. It offers competitive interest rates and instalments at the affordable reach of our members. Simply you save every month and get a handsome amount at maturity. As a stand-out feature, ZFC SSS gives you full maturity benefit for the just-completed term even though you encash before your desired timeline.

Accounts under this scheme may be opened for monthly deposits of 10,000 FCFA and above

• Any bonafide citizen of Cameroon of eighteen years or above with a sound mind may open an account in his name under this scheme by application in Bank’s printed application form designed for this purpose.
• The applicant shall have to be introduced by a bonafide account holder of the Branch where he intends to open an account or any member of any Branch of ZFC or any respectable person known to the Union and shall have to give two passport size photograph at the time of opening the account.
• This account can be opened in the name of a minor by his/her father/mother/legal guardian giving necessary instruction for the operation of the account.
• Account may be transferred from one branch to another branch of the Union at the written request of the account holder.
• A separate account number shall be allotted for each account.
• At the time of opening the account, the member has to give his specimen signature on a separate card.
• Account may be also opened by thumb impression in the case of an illiterate person. In such a case the introducer has to submit a suitable declaration to the effect in a form prescribed for this purpose.
• No passbook shall be issued against this account.

• Instalment must be deposited within the 6th to 25th of each month. If the 25th of any month is a Govt. holiday then the instalment may be deposited on the following working day.
• Instalment may be also deposited by Mobile money.
• Advance Installments may be allowed to be deposited with the proper arrangement between the Union and the member in this regard.
• The depositor may issue written standing instruction for monthly transfer of instalment amount from any other account maintained with the same branch for credit to his/her SSS account. In that case, the member must ensure sufficient credit balance in his/her Savings or Deposit account and he/she has to pay a charge of 100 FCFA only for each such transfer.

The pension is payable at the maturity of the term for which the account is opened either in a lump sum or on monthly basis at a fixed amount as per the written option of the depositor. The depositor may change his/her option in writing during the running of the term. In case of option for receiving a monthly pension, the member shall get profit at the rate payable to  Savings Deposits after the maturity of the account and pension will be paid until such time there remains sufficient balance in the account.

Pension amount shall be paid to the account holder as per contract and in case of his/her death to his/her nominee as per instruction given. In case of payments to the nominee/ nominees rules described below shall be applicable.

The lump-sum amount of pension payable at the end of a particular term may vary due to the variable rate of profit given on the yearly deposit. This will mean that the pension amount may ultimately vary and may be more or less than the figure mentioned in the table. If the actual amount payable becomes more than the amount shown in the table, the account holder or beneficiary will get a higher amount and contrarily if the actual amount payable ultimately becomes less than the amount shown in the table, the beneficiary will get less amount than what is shown in the table.

• The member may nominate one or more persons as his/her nominee of the account. In the case of more than one nominee, he/she should fix their respective share in the nomination.

• Minors also may be named nominees. In such a case he may also give written instruction as to who is to receive the amount in the event of his death before the attaining of maturity of the nominee (s). Otherwise, payment will be made to the legal guardian approved by the court.

• The member may at any time nominate a new nominee cancelling the previous nominee in writing.

• In the event of the death of the nominee during the lifetime of the depositor and before the withdrawal of the balance of the account, the nomination shall be treated cancelled.

• The nominee (s) shall be entitled to receive the money of the account according to apportionment only after the death of the member. In such case, there shall be no need for Succession Certificate and the matter shall be settled at the branch level.

• The nominee has to submit the under mentioned papers to receive the balance of the account:

• Application of the nominee /nominees/nominated guardian.

• Death Certificate regarding the deceased member.

• Identification in favour of the nominee, nominees by two-valued account holders or two officers of the Union or from the Chairman.

• Duly attested Passport – size photograph of the nominee/nominees or nominated guardian.

• Indemnity bond jointly executed by the nominee/nominees/nominated guardian along with two-valued clients of the branch.