PhuthaLichaba is a lending and credit cooperative, registered under the Department of Cooperatives in the Ministry of Small Businesses (its temporary but official name is Roma Savings and Credit Society). It is one of the many businesses being incubated under the NUL Innovation Hub.
It is meant to grow into an investment body that will enable Basotho to have a shareholding in the NUL's rapidly developing innovative businesses. Any Mosotho who lives anywhere in Lesotho, but who has a bank account can join the cooperative.
B. SUMMARY OF HOW TO BE A MEMBER
1) Deposit M150 into the Cooperative's Account, scan and send the deposit slip via email (you can use your phone as a scanner). The Standard-Lesotho Bank Account Number is 9080006897440 (please note: The account says Roma Savings and Credit cooperative. It is is a temporary name).
Reference should be your name, written in full. e.g. Tebello
The email is: email@example.com
2) Read, sign, scan and send the Member Agreement Form via email (To obtain the member agreement copy, whatsapp Mr Tebello Tjapela here +266 56322869).
3) Scan and send by email, a certified copy of your ID/Passport
4) Scan and send by email, a proof of residence (residence is where you are currently staying, not were you were born). It can be a chief's letter or other official forms proving your residence.
The following guidelines will assist us in getting to be a member of the new cooperative. They will also update us on the major issues to keep in mind about the way this coop is going to work and its ideals.
We shall strife to be a paper-free cooperative society, so we are going to try to make everything electronic. More importantly, all transactions will be electronic and through a bank, including borrowing and lending [permanent records of transactions remain with the bank, therefore such transactions are traceable.
Our communications will be mostly electronic to avoid unnecessary trips and unnecessary meetings. This will be very helpful since our members come from all over Lesotho. However, quarterly and annual meetings where members will meet face-to-face as stipulated in our constitution will be observed (whatsapp Mr Tebello Tjapela here +266 56322869 for a copy or our constitution).
2. THE NAME
Also, please note that the Cooperative is still referred to as Roma Savings and Credit Society until this name has been officially and legally changed. This is a temporary name, prospective members voted on a new name, which is, PhuthaLichaba Savings & Credit Cooperative Society Ltd.
But when you make your deposits, you will still make them to Roma Savings and Credit Cooperative. You will be updated once the name has officially changed.
3. HOW TO BE A MEMBER
To be a member of this coop:
(a) You should pay M150 to the Standard Lesotho-Bank-approved account of Roma Savings and Credit Cooperative. The Standard-Lesotho Bank Account Number is 9080006897440 (Please note: The account says Roma Savings and Credit cooperative. Its is a temporary name).
- M50 is a non-refundable registration fee.
- M100 is your share-capital.
Reference should be your name, written in full. e.g. Tebello
(b) Scan in full (you can just use your phone for the scan) and send your deposit slip to firstname.lastname@example.org. It is highly advisable that you retain your copies for future reference.
(c) Once you have made the M150 deposit, you are now half-way there.
(d) To be a legally registered member, you will be requested to sign a membership agreement. This you will sign, scan and send to email@example.com. Whatsapp Mr Tebello Tjapela here +266 56322869 to get this agreement form.
(e) You should scan a certified copy of your ID/Passport and send it together with a signed membership agreement and a deposit slip to firstname.lastname@example.org.
(f) You should scan and send a proof of residence to
email@example.com. It can be a chief's letter or other official forms proving your residence.
(g) When we receive the scanned copy of this agreement, a deposit slip, certified copy of your ID/Passport and a proof of residence then you become a member and you will receive your membership number.
(h) If you fail to send membership agreement document, your M150 will be deposited back to you.
4. MONTHLY CONTRIBUTION
Please DO NOT start making monthly contributions until further notice.
(a) There will be mandatory monthly contributions of M50 a month.
(c) Monthly contributions will only be made through direct
deductions from your bank account. That means (i) you, (ii)
the coop and (iii) the bank, will sign an agreement that will
enable the bank to automatically transfer money from your
account to the account of the cooperative every month.
(d) Manual deposits WILL NOT be acceptable, that is why every member MUST have a bank account.
(e) It will be up to each member to ensure that her/his account has funds at the date of automatic payment every month.
(f) A policy (which will be developed by members) will have to
show what happens to a member who fails to make a monthly
contribution for a given time. The most likely scenario is that
she/he loses membership and her/his total contribution and
deposits are given back to her/him.
(g) The monthly deposits of M50 (minimum) are meant to keep the coop functionally operative, so you can’t withdraw them anytime you want except when you leave the coop.
5. OTHER DEPOSITS
The cooperative may decide to take other deposits such as normal and fixed deposits in the future. Please DO NOT make any deposits until further notice. A clear policy will be developed and agreed upon by members before such deposits are taken.
6. BORROWING AND LENDING
The cooperative will at some point, start lending to members with some interest at repayment. However, DO NOT start requesting loans until further notice. A clear lending policy will have to be developed before such lending begins.
7. THINGS TO REMEMBER
Please remember that the aim of this cooperative is to become an investment body that will boost start-up companies and other businesses in the long-run. It will be a bank truly owned by the people. In the meantime, let’s keep in mind that:
- It will be incubated under NUL innovation Hub
- NUL, through Tloutle Holdings, may choose to be part of it as stipulated by the NUL's IP Policy.
For these reasons, its reputation will be tied to that of the university. We appeal to all prospective members to ensure that we maintain the best reputation possible for the coop.
We want to make it the most innovative financial body Lesotho will ever see.