Terms Summary:
By opening a Seabed Cooperative account, participating in thrift contributions, or joining savings programs, members agree to adhere to cooperative bylaws, complete mandatory NIN identity verification, and maintain wallet security.
1. Acceptance of Terms & Cooperative Bylaws
These Terms & Conditions ("Terms") govern your membership, access to, and use of Seabed Multipurpose Cooperative Society Limited ("Seabed Cooperative", "we", "us", or "our") platform, website, mobile application, and financial services. By registering an account, depositing funds, or joining any savings program, you agree to be bound by these Terms and our bylaws.
2. Member Eligibility & Verification
Membership is open to individuals aged 18 years and above residing in Nigeria or Nigerian citizens abroad. Members must undergo Know Your Customer (KYC) verification by providing valid identification (NIN), phone number, residential address proof, and Bank Verification Number (BVN).
3. Registration Fee & Thrift Contributions
To maintain active cooperative membership eligible for loans, program payouts, and dividend distributions:
- Members pay the mandatory registration fee (or elect to pay via approved installment plans).
- Installment contributions must be kept up-to-date according to the agreed schedule.
- Members maintain thrift contributions to support cooperative liquidity and dividend yields.
4. Savings & Investment Programs
Seabed operates dedicated structured programs including:
Nwa Boi Apprenticeship
Business savings with periodic contribution schedules and capital returns.
Traders Empowerment
Fixed contributions tailored for small-to-medium scale traders.
Sustainable Education
Long-term savings providing annual education payouts.
5. Wallet & Transaction PIN Security
Members are solely responsible for maintaining the confidentiality of their login credentials and 4-digit Transaction PIN. Any transaction authorized using your credentials and Transaction PIN is deemed authorized by you.
6. Governing Law
These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria and the Nigerian Cooperative Societies Act.