+260 211 292995 info@carecoop.co.zm

Frequently Asked Questions

Frequently Asked Questions

What does share and savings split involve?
    A member will have two accounts:

  • a share account which will be in multiples of ZMW50.00
  • a savings account
What is the benefit of the share/savings split to the Cooperative?
The Board will be able to structure the investments, especially long term investments in the most beneficial way
What happens to my existing share account at the start of the share/savings split if say my total holding is ZMW2,000.00?
    Your holding will be split as follows:

  • Share account ZMW500.00
  • Savings account ZMW1,500.00 a savings account
What happens if my holding is less than ZMW500.00? Suppose I have ZMW380.00?

ZMW350.00 will go to share account and ZMW30.00 to savings account .

  • You will then have 6 months within which to bring your share account value to ZMW500.00.
  • You will not be eligible to borrow until you build up your savings account
What is the maximum share holding I can have?
20% of total Care Cooperative shareholding
Do shares include the value of the Care Coop fixed assets?
Yes
If I stop saving with the Coop what happens to my shares? For how long will my share be valid without saving?
The member will not be able to access the Cooperative products. The Board will have the right to review the members membership.
What is the benefit of the split to me as a member?
    You can structure your investment between dividend and interest income:

  • on the share account, you will receive a dividend at a rate determined by profit made in that year and your shareholding
  • on the savings account, you will receive a guaranteed interest at a pre determined rate
Can I borrow from shares?
No. All loans will be against savings
Suppose my share holding at time of split is ZMW500.00?
The whole amount will go to a share account
What will be the basis of my interest calculation?
The amount of savings in your account
Can I transfer or sale my shares during or upon leaving membership of the Cooperative?
Yes, to an existing member
If I leave the Coop how do I benefit from the fixed assets that I have contributed to?
The benefit will be reflected in the value of shares
How will my monthly contributions be affected?
You will be required to contribute to share capital in multiples of ZMW50.00 and any amount to the savings account