Birth of the Society:
Afya Co-operative Savings and Credit Society was registered on 8th May 1971 by some twenty founder members/promoters. Membership has grown progressively over the past forty years and to date there are over 38,000 members.
The Society’s Primary objective is to promote a culture of accelerated monthly savings by the members from which loans are disbursed to them for provident and productive purposes.
Out of commitment and concern for members welfare, the Society over the years adopted several operating principles that guide it in its relationship with its members.
These practices are in line with core co-operative values that are shared and nurtured by the co-operative movement worldwide. Our operating principles include among others the following:-
(a) Open and voluntary membership.
The Society’s doors are open for membership to all who wish to join it as long as they are within the accepted common bond. Members are free to withdraw their membership if they so wish provided they do not have outstanding obligations with the Society.
(b) Democratic control.
The members enjoy rights to vote and participate in making decisions affecting the Society through their elected delegates. A member is valued for who he/she is and not what he/she owns in terms of material possession. Regardless of the amount of shares the member may have in the Society, he has a right to one vote in the general meeting.
(c) Non- discrimination.
The spirit that reigns in our Society is one of Unity and harmony. The Society does not discriminate against members on account of their political, religious, race and gender diversities.
(d) Limited interest on capital.
The Society pursues the goal of rendering services to the members. Maximizing profits is not among its prime objectives. Interest paid on savings and shares is limited and in proportion to the interest charged on loans
(e) Proportional distribution of surplus.
At the end of every year, the Society distributes the surplus earned in proportion to the level of savings.
(f) Co-operative education.
Afya Co-operative believes that the key to success is founded on a well informed membership. The Society thus pursues a policy of ensuring that the general membership is fully educated on the Society’s status and the co-operative philosophy.
(g) Co-operation among co-operatives.
The Society recognizes the necessity of strengthening its bond with other affiliate Co-operative organizations. This is based on the value of solidarity. By cementing strong bonds of co-operation with other co-operatives, the Society is and has been able to achieve more.
Vision and Mission:
Afya Co-operative Savings and Credit Society aspires to be THE CO-OPERATIVE OF CHOICE.
The Society exists to promote the Socio-economic well being of it’s customers through the provision of affordable quality financial services based on co-operative ideals.
“Together we can achieve”.