Savings

Ahoyi primary saver account(APS)
  • This is a mandatory savings account.
  • The APS can be used as security for Ahoyi Loans. The higher the savings amount, the higher the loan the member can get.
  • The APS is an interest-earning account.
  • The minimum mandatory savings contributions for Individuals is R100/$5 per month.
Ahoyi kids savings account

This is an interest-earning account for children of Ahoyi members. This account encourages children to save for specific goals like (Birthdays and Xmas Fund). The objective is to instill a culture of saving from a young age.

  • The minimum mandatory savings contributions for Kids is R50/$2.50 per month.
Savings policy
  • Minimum saving account for each member applies.
  • Start-up Interest bearing account of Prime minus 2.25%. Savings Account will have a base 5% interest per year.
  • The normal Savings Account Interest will be revised after adjusting for the performance of the Loan Book.
  • Any amount above the minimum prescribed monthly saving amount of R100/$5 is withdrawable after 6 months of saving after giving a months’ notice.
  • The minimum saving amount is withdrawable after 12 months upon giving 2 calendar months’ notice.
  • A member can access a Loan after 6 months of continuous saving.
  • The maximum Loan Amount is determined by the member’s savings balance multiplied by a factor.
  • The starting factor is 1,5.
  • The factor amount can be adjusted by the Credit Committee at the time of the loan application.

Loans

Loans
  • Ahoyi Loans are only available to members at preferential interest rates. The loans can be secured against members Savings Account ( Ahoyi Primary Saver Account).
  • Security from other member’s APS accounts is also acceptable provided approval is granted to those members.
  • Members can also provide other acceptable security to access loans from Ahoyi Africa.
  • Through the Ahoyi Marketplace, members can form a special purpose group to start a new project and access a group loan.
Policy loans
  • Loans are only issued to Ahoyi Africa Members.
  • Member can apply for either a Personal Loan or Productive Loan.
  • There interest rates on the above loan types differ, with Productive having lower interest rate.
  • The maximum Loan Amount is determined by the member’s savings balance multiplied by a factor.
  • The starting factor is 1,5.
  • The factor amount can be adjusted by the Credit Committee at the time of the loan application.
  • A member can access a Loan after 6 months of continuous saving.
  • Repayments will be through Debit Order.
  • The normal lending fees will apply (initiation fee, administration fee, credit life/Funeral Cover).
Interest rates
  • Personal Loans – 18%.
  • Productive Loans – 15%.
  • Both are adjustable based on the Prime Lending Rate.
  • The rates are subject to adjustments by the Credit Committee.

Investments

Investments
  • Ahoyi is focused on investing in Financial Services, Agriculture, Property and Commodity Trading. Investments are long term in nature and Ahoyi targets a minimum 20% return over the life of the investment.
  • The current investments are R2.596 million invested on behalf of members that participated in the call to invest in NAFUICO and R192 000 invested in our Online Store .
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