RegCharles Foundation is an NGO of RegCharles Finance and Capital Ltd. The Foundation was established mainly to create social and impact Investing in the lives of its members across the nation with a special focus on female and youth entrepreneurship.

 

In achieving the RegCharles Foundation set objectives in the areas of financial empowerment and financial inclusions, The BOT of RegCharles Foundation deemed it necessary to establish a Micro Funding and Co-Operatives Unit which will also form the nucleus of the emerging RegCharles Microfinance Bank (RMB) in the nearest future time.

 

However, the Micro funding and Co-operatives Unit of RegCharles Foundation will continue to offer the Foundation members various pseudo microfinance and co-operatives products and services as well as engaging members in various capacity development trainings.

 

 

 

FOUNDATION BASIC LENDING PRODUCTS

 

   1.  RF Micro Loans (Limit N30,000 -N500,000)

 

These are loans specifically designed for general RF members unstructured income earners with special focus on petty traders, artisans, small business and civil servants e.t.c RF members that are already engaged in the selling of recharge cards, drinks, food stuff, snacks, oil, wears and also provide services including laundry, catering, hairdressing, sewing, photography and others.

 

Features:

   •  Strictly for registered members of RegCharles Foundation

   •  20% Equity Contribution

   •  Competitive Interest Rate

   •  Payable Upfront Fees – 1.5%

   •  Pledging of Stocks and Household items as collateral

   •  Crossed Guarantee of group members (Group Based)

   •  Daily loan repayment

   •  Daily Mandatory Contributions

   •  Tenor of 180 days max

   •  One/Two guarantors

   •  Sworn Affidavit

   •  Target Members - Petty Traders, artisans, Teachers e.t.c.

 

   2.  RF Trader Loans (N200,000 - N500,000)

 

Trader loans are designed to augment working capital of existing trading businesses.

 

Features

   •  Strictly for registered members of RegCharles Foundation with current annual membership

      payment of N500

   •  20% Equity Contribution

   •  Pledging of Stocks and Household items as collateral

   •  Members Crossed Guarantee (Group Based)

   •  Daily/weekly/monthly loan repayment

   •  Daily/weekly/ monthly Contributions voluntary

   •  Tenor of 180 days max

   •  Two/One guarantors

   •  Sworn Affidavit

   •  Additional Collateral (where applicable)

   •  Target Members - Existing Traders (Fabrics, foot wears e.t.c), Ventures, civil servants e.t.c

 

   3.  RF Group Loans (N50,000 - N500,000)

 

Loans created for members of the following groups:

   1.  Associations/Clubs

   2.  Co-Operatives

   3.  Trade Unions (Transport, School &Traders)

   4.  Informal  Groups (Groups/Associations formed by RF but not duly registered with CAC)

 

Features:

   •  20% Equity Contribution ( holding in account till the loan is fully repaid)

   •  Competitive Interest Charges

   •  Payable upfront charges – 1.5%

   •  Each group  must have a leader and a secretary on rotational basis

   •  These officials are elected by group members for a term of two years and are expected to

      encourage social cohesion and compliance with the laid down rules and procedures of RF.

   •  A member may not be elected more than two times in the same position.

   •  No extra benefits are given to the group leader.

   •  Secretary maintains group resolution note book for- attendance, amount collected       contributions, loan and copies are made available to RF Officials

   •  At the end of every meeting day the leader, the secretary and the RF official will sign the       minute book with date.

   •  Pledging of Stocks and Household items and other Collateral based on loan amount (Group

      Collateral Acceptable )

   •  Daily/weekly/monthly loan repayment -  by Group Leader or as agreed by members

   •  Daily/weekly/monthly Mandatory Contributions into Group Contributions Account

   •  One external  guarantor with crossed –guarantee of each member

   •  Joint Liability of all members

   •  Sworn Affidavit

 

 

   4.  RF Entrepreneur Loans (N50,000 - N500,000)

 

This loan is meant to support and sustain SME members of RF engaging  the micro and cottage businesses such bakery, pure-water production, farming and agro-allied business , hospitality e.t.c

 

Features:

   •  20% Equity Contribution ( holding in account till the loan is fully repaid)

   •  Utility bill (less than 3 months) to confirm residency status (e.g PHCN) Customer & Guarantors

   •  Proof of ID such Nigeria International Passport, National ID AND Driver License (Both Loan

      member and Guarantors)

   •  Bank Statement (six months, signed and endorsed by your banker)

   •  Two guarantors with Post-dated cheques

   •  Provision of good and value stable collateral (life policy, shares, vehicles e.t.c)

   •  Scope/nature  of Business

   •  Post-dated cheques for monthly repayment

   •  Filling the KYC form

 

   5.  RF Asset Acquisition Financing

 

This loan is an asset financing loan designed for micro entrepreneurs and small business owners who desire to acquire income generating assets for their business purposes but with no adequate collateral to secure their loans. The loan focuses on members engaging in businesses such as Block Moulding, Tricycle transportation, catering, tailoring and other micro manufacturing engagements e.t.c.


Features:

   •  30-40% Equity Contribution (Advance Lease Rentals)

   •  Proformal Invoice issued in RF name

   •  Competitive Interest Rate 

   •  Payable upfront charges – 1.5%

   •  Monthly lease rental repayment via mobile money platforms from our RF partners/sponsors    •  attracts discounts on charges.

   •  Daily/weekly/monthly Mandatory Contributions

   •  Two/One guarantors with postdated cheques

   •  Sworn Affidavit

   •  Comprehensive Insurance cover noting RF as first loss payee/Tracker

 

 

RF CONTRIBUTION PRODUCTS

 

   1.  RF Micro Contributions tags with micro-loans

 

This RF regular contributions account is tailored to serve Individual registered members of RF. The members are regularly (daily, weekly and monthly) visited by RF officials who collect /mobilize contributions from members

Features:

   •  Opening balance as low as =N=500.
   •  The account would have a minimum balance of =N=500.
   •  Interest rate is 4% (Per annum)
   •  Member is eligible for loans.
   •  Cash pick up services at customer's business location, thereby ensuring regular contributions       of daily sales.
   •  Sms alert on account.
   •  Withdrawals on account are allowed as accounts are operated like a “call account”

 

Benefits:
   •  Competitive interest rate applicable
   •  Access to micro loan and other capacity development trainings


Requirements:
   •  RF Membership form @ N500.00 non-refundable
   •  RF Membership Collection Card

 

   2.  RF Target Contributions Account

 

This RF regular/periodic Contributions account tailored to serve Individual registered members of RF. The members are required to be contributing fixed amount of money on a regular (daily, weekly and monthly) basis towards a specific project.

Features:
   •  Opening balance as low as =N=5,000.00
   •  The account would have a minimum balance of =N=5,000.00
   •  Interest rate is highly competitive
   •  Daily/Weekly/Monthly contribution amount to be pre-determined by member and it must   
   •  Fixed Tenor (Minimum of 90 Days tenor)
   •  Member is eligible to loans.
   •  Cash pick up services at customer's business location, thereby ensuring regular deposit of

      daily sales.
   •  Sms alert on account.
   •  No Withdrawals on account are allowed as accounts until maturity, penalty applicable on

      withdrawals prior maturity

 

Benefits:
   •  Competitive interest rate applicable
   •  Access to micro loan and other capacity development trainings

Requirements:
   •  RF Membership form @ N500.00 non-refundable
   •  RF Membership Collection Card

 

   3.  RF HNI Account

 

This RF is fixed Contribution account specifically designed for high net worth individual registered members of RF. Funds are fixed for a specific period of time with high and competitive interest rate pre-agreed with the member.

Features:

   •  Opening balance as agreed with members but not below N250,00.00
   •   Interest rate is highly competitive 
   •  Fixed Tenor (Min. of 30 Days and Max of 1 yr)
   •  Fixed Contribution could be used as collateral for loans
   •  Clearing Cheques are allowed.
   •  No Withdrawals on account are allowed on accounts until maturity, penalty applicable on

      withdrawals prior maturity

 

Benefits:
   •  Competitive interest rate applicable
   •  Access to micro loan and other capacity development trainings

Requirements:
   •  RF Membership form @ N500.00 non-refundable
   •  Fixed Contribution Certificates are issued

 

   4.  RegCharles Philanthropy Investment Note (RPIN)

 

Philanthropic Investment refers to a style of investing in which the investor has a clear philanthropic goal as well as a clear investment strategy to achieve that goal. This implies providing financial empowerment to entrepreneurs/businesses/communities/individuals in the form of grants or investments where the investor has the expectation of social impact returns first, with or without additional financial returns. The investors usually have a high level of desire to improve the current social and economic conditions that will create several benefits for society.

 

 

   5.  RegCharles Belong Plan!

 

This product is developed to close the access gap to financial services for individuals currently excluded to connect to the formal economy and contribute to the economic growth. It is aimed to create an environment for innovative financial inclusion by developing financial literacy and capability.

 

Target Market:

   •  Company drivers or private drivers, Commercial drivers( Association of taxi drivers)

   •  Association of market/business women.

   •  Salon women/ Association of salon women.

   •  Co-operatives.

   •  Security guards.

   •  Generally low/irregular income earners that this plan suits.

Features:

   •  Initial investment of =N=30,000.00 minimum per month.

   •  Monthly contribution of =N=15,000.00

   •  Investment is for a minimum of (6) six months

   •  Total principal invested guaranteed.

   •  Quarterly report to be received by investors

   •  Termination of agreement before the end of 6 months of investing will not attract a penalty of

       10% of returns.

   •  Returns are very attractive and negotiable

   •  Interest Rate: Minimum of 5% p.a. (to be reviewed upwards as principal increases)

   •  Not subject to withholding tax.

 

Benefits:

   •  Allows for investment opportunities for small scale investors.

   •  Creates an avenue for constant income generation by providing affordable financial services.

   •  Improves welfare and, reduces vulnerability as a result of poverty or lack.

   •  Opportunity to convert to other products after investment has attained the minimum

      requirements of other products.

   •  Easy access to credit facility of 2 times of the amount saved.

   •  Provision of financial literacy /education classes quarterly.

 

 

 

RF GENERAL LOAN REQUIREMENTS

 

   •  Application form duly filled by members

   •  Loan application letter

   •  Applicant two passport photograph

   •  Means of Identity

   •  Utility bill

   •  Guarantor’s passport photograph/utility Bill /Means of ID

   •  Pledging Stock of goods/Household Item

   •  Applicant/Guarantor’s Visitation Report

   •  Additional Collateral (Where applicable)

   •  RF Terms and Conditions apply

 

General Terms and Conditions for Accessing Membership Loans Related Services:

 

The under listed terms and conditions are to be strictly adhered to by all members of RF (Individuals/groups):

   •  Must be a registered member of RF for at least 2 months prior loan application date

   •  Must be an active member with regular contributions based on membership type(Basic,       Intermediate & VIP)

   •  Must have contributed at least 20% of loan amount prior loan application

   •  Must have undergone at least 3 RF/Capacity development training programmes

   •  Must have at least 90% attendance at group/co-operative meeting (for groups)

   •  Must have a legitimate sources of livelihood

   •  There must be  cross-guarantees of members for group loans

 

 

 

 

CO-OPERATIVE FORMATION & MANAGEMENT

 

    Transformation of Groups into Co-Operatives:

     

    RegCharles Foundation will adopt a strategy of ‘’Transformation of Informal Groups to Co-operatives’’. After months of administration (12 months) of some informal groups under RF, successful groups in terms of management and financial obligation will metamorphose into a co-operative. Existing structures and operations would only be expanded and formally registered with necessary regulatory bodies to give the emerging co-operative a legal status.

     

Co-operatives Formation:

 

RF will also assist any group of people with common goals and aspirations to set out modalities for formation of co-operatives, registration, administration and consultancy. To achieve, this feat, proposals will be forwarded to organizations like schools, trade associations, SME associations, churches e,t,c for formation and administration of their prospective co-operatives.

 

Administrative Fees and Charges:

 

Fees and charges to be received by RF for formation and administration of co-operatives will include but not limited to:

   •  Application fee (Non-Refundable) – N10,000.00 payable by the intending group.

   •  Administrative Fee -  (To be pre-agreed by parties and payable per quarter)

   •  Registration/Statutory -  As advised by the regulatory bodies

   •  Other fees/charges – To be determined in the course of operations.

 

 

 

Office Address:

Head Office: Plot 24 B, Providence Street, Opposite Bras Motor, Lekki Phase 1, Lagos Nigeria.

Lagoon Plaza Balogun Branch: 62, Nnamdi Azikwe Street, Lagos Island, Lagos Nigeria.

Owerri Branch:

 

Phone numbers:

+234 (0) 1-766-0001, +234 (0) 1-766-0004, +234 (0) 1-766-0018, +234 (0) 8-343-1558

 

Olaoye Oyelakin –  Head, Micro Funding & Co-Operatives - 08035910832
David Dosumu – Head Office Operations - 08034057484
Gerald Osuji – Owerri Branch Operations -  08038918734   

 

 

E-mail: info@regcharlesfoundation

 

You can also send Us your comments, sugggestions and questions by filling the form below.

 

                                    

 

 

 

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