Membership

Requirements to become a member of The Co-op for primary farming enterprises or a farming related enterprise:

Process: (i) Application for Membership must be completed and returned, (ii) 10 000 shares at R0.20 each which amounts to R2 000.00 must be purchased and remain the asset of the member.  The member then becomes a co-owner of The Co-op.  Shares will grow according to business with The Co-op.

1. Current Accounts:  Interest free if payments are received within our terms of 25 days after date of statement, if not, the outstanding amount is subject to interest of prime +2%.  If payment terms of 25 days after date of statement is met, a settlement discount of 0.45% is applicable (for members only);
2. Term Loans (for production inputs) are available for members only: (i) Summer Season Loans, for the period 1 September to 31 August, (ii) Winter Season Loans, for the period from 1 March to 28 February, (iii) Production Loans for any time period, for a duration of 12 months – this loan is designed around the members’ specific agricultural requirements.
3. No hidden administration costs, interest is not charged in advance but on the outstanding balances due.
4. Credit Life Insurance is offered to members at a reasonable price and an excellent policy covering death and disability IF the member/insured life qualifies. Claims are paid out immediately allowing your relatives to continue with the business while the estate is being finalized.
5. Bonuses are earned on ALL purchases and certain product deliveries bought on your account number, as well as any purchases made by The Co-op from the Member.  Bonuses can only be declared from the net profits of The Co-op.  The more the member purchases the bigger the member’s bonus will be (called profit share);
6. Financial year end purchases are accommodated to qualifying members.
7. Friendly and professional service from our Relationship Officers. For your convenience  personal visits at your premises or your closest branch can be arranged in certain cases. 
8. Certain professional advice is available on request, for example: services of an Agricultural Economist. 
9. Electronic (online) access to the accounts. 
10. Members are represented by ward directors. Directors to be nominated and chosen by members. 
11. Directors are existing farmers who represent the members of their wards. 
12. The Co-op belongs to its members.

Any inquiries and uncertainties can be discussed with our Credit Department: 042 007 0012