Frequently Asked Questions

• How much is the dividend pay-out per Share?

  The dividend payout depends on the financial performance of CareCoop. These are paid immediately after approval of the audited financial statements during the CareCoop Annual General Meeting (AGM) in March.

• Why should Members buy Shares?
  • We have a legacy built over three decades and now plan to redefine and build the future of the Coop together with our members.
  • The project undertaking will play a pivotal role in transforming the outlook, strength, and balance sheet of the Coop.
  • This lays the foundation of greater returns to come for our shareholders as we set ourselves to become the engine of SACCOs in the country.
  • It’s a smarter way to grow your wealth.
  • Historical dividend has been higher than what is declared on the stock market.
  • The investment provides potential for significant capital appreciation over time.
• How will Share certificates be issued?

  For the current Share offer, digital certificates will be issued for the Shares purchased.

• What is the turnaround time for processing of Share applications?

  Confirmations of entitlement to shares by means of share certificates will be issued for all successful subscribers within Sixty (60) days of purchase. Members who may not have received their certificates may contact CareCoop through its official communication channels.

• What is the purpose of the Share offer?
  1. To strategically position Care Coop for growth
     • Building scale in existing business
  2. Infrastructure upgrade
     • To diversify the investment portfolio to include real estate.
  3. To enable CareCoop members own equity of CareCoop
• What is the Share subscription offer period?

  The Shares subscription period is from June 2023 – November 2023

• What procedure can I follow as I submit the land loan to CareCoop?

  The standard procedure that is applicable for all types of loans will apply.

• What will happen if I want to acquire the CareCoop land loan to finance the land priced at K600, 000?

  Note that CareCoop currently only gives loans up to K500,000. Therefore, if a member wants to acquire this type of land, they will have to pay the difference from other sources. Note also, that the K500, 000 will be made of a combination of loan products as the CareCoop Land Loan has a limit of K250,000

• Are there any hidden fees that a member should know?

  The following are applicable:

  • 1% credit life insurance as per any other loan product available to CareCoop members will apply
  • K55 funds transfer fees to Rephidim will apply
  • 5% property transfer tax is to be borne by individual member in order for rephidim to process individual titles
• Can I get more than one plot?

  Members are at liberty to acquire as much land as they can. There is no limitation.

• Is there need for collateral?

  The title deed for the land purchased will be used as the security or collateral for the loan. Therefore, members who borrow this type of loan will not be required to bring additional collateral.

• What are the loan terms?

  The CareCoop land loan is priced at 1.5% For a tenure of up to 36 months (T&Cs apply depending on one’s debt service ratio etc)

• How can I get financing to buy the land?

  You can download the Loan application via CareCoop website (www.carecoop.org) and select CareCoop Land Loan

• Is the land on title

  Land is on title and separate titles are available for each piece of land.

• Can I get financing for the additional fees?

  CareCoop has taken this into account, and the following are the loan amounts that should be made to cater for all the fees involved:

  1. 30x30 meters = K120,000. Loan amount to apply will be K 127,328.28 Includes 5% property transfer tax + Credit life insurance + transfer fees.
• What is the procedure for land acquisition?

  The following steps are applicable:

  1. Contact CareCoop assigned number and visit Goma Estate
  2. To view site and select plot of choice
  3. Apply for a CareCoop land loan
  4. CareCoop will then pay Goma Estate
  5. Goma Estate will sign a contract of sale with Individual.
  6. Member and Title assigned
  7. Title will be given to CareCoop as security
  8. Member is free to develop their land
  9. Begin loan repayment
  10. Once the loan is fully repaid, CareCoop will give title to Member
• How can I view the land?

  You can contact 0975824759/0973204134 to arrange for site viewing between Monday – Saturday 08:00 to 16:00 hours.

• Location

  Situated in Lusaka along Leopards Hill Road about 35 Km from Crossroads to Nkwashi turn off plus a stretch of 1.5 km to main Goma Estate site.

• How much and what size are the plots?

  30x30 meters: K120,000.00

• How long does it take for my loan to be approved?

  Our turn around times are as follows:

  • Emergency Loan – Two (2) Working Days
  • Other Loans up to ZMW 50,000 - Five (5) Working Days
  • Other Loans Above ZMW 50,000 - Ten (10) Working Days
• How safe is the portal?

  CareCoop shall provide reasonable security for your information, ensure to read all terms and conditions relating to the use of the portal and loan application before submission

• What else can the loan application portal do for me?

  You can track the progress on your loan without calling CareCoop using the portal

• What will I be able to do on the portal?

  You can access your statements for loans, savings and shares as well as make loan applications

• What happens when I input my details and create my profile?

  You will receive confirmation of profile creation within 24 hours of submission via registered email

• Where do I then sign up after KYC is Updated?

  Please follow the link https://portal.carecoop.org/register to access the sign-up page for profile creation