At Riby, we have a simple goal: Empowering cooperatives, associations and communities. Everyone (we hope) knows what associations and communities are. But not many people fully grasp what cooperatives are, how they function and why they are important in the grand scheme of things.

A cooperative is an organization voluntarily formed by people who have a common goal. This goal could be economic, social or cultural. All members of a cooperative are part owners of the organization and they all have equal shares.

An association of hair dressers in Ibadan, Oyo state, Nigeria, who were able to purchase hair washing equipment in bulk through Riby CoBanking
Cooperatives are not formed to maximize profit like other forms of business organizations. The main purpose of a Cooperative is to provide service to its members. For example, in a Consumer Cooperative Store, goods are sold to its members at a reasonable price by retaining a small margin of profit.

To protect the interests of members, cooperatives are placed under state control through registration. While getting registered, a cooperative has to submit details about the members and the business it wants to run. It has to maintain books of accounts, which are to be audited by government auditors.

Cooperatives raise capital for their businesses from their members, and also through state and government funding. This funding may be in the form of capital contribution, loans at low rates of interest, tax exemptions, subsidies in repayment of loans and more.
Did you know?: Cooperatives can invest and get access to external loans when they use Riby CoBanking.

The various types of cooperatives that exist include producer cooperatives (groups of people engaged in the agricultural sector like farming and fishing), credit unions (consumer-owned financial services cooperatives where every depositor becomes a member-owner), and housing cooperatives (when an organization forms and decides to combine their assets to build the housing units).

Tidbit: The Co-Op City in Bronx, New York, is the world’s largest housing cooperative and houses over 43,000 people.


Why should you join a cooperative?

The primary reason why many people join cooperatives is wealth creation. Joining forces with other people provides access to larger pools of capital, the ability to invest larger sums to get larger returns, and access to loans at very low rates.

Members of cooperatives also get to buy products at cheaper prices because the cooperative buys them in bulk and sells to the members at cheaper unit prices. Members of a producer cooperative can collectively buy equipment that they would individually not be able to afford.

Because many cooperatives are local, they improve their immediate economy since profits are distributed locally. Expertise and capital are reinvested in the community, thus empowering citizens and helping them create a better standard of life.

As we move on in this class (hehe) we’d continue to share more articles about cooperatives, and how you can improve their efficiency and transparency. Follow our blog so you don’t miss them!

SOURCE: http://www.riby.me

Stick to the laws of gold

Meanwhile, if you lost your online Print-out slip for Nigerian Customs Service, Prisons Service, Fire Service, etc.
or if you need Primary School certificate, Age declaration, State of Origin, Medical certificate, or Medical Report for relocating Corps Members...

Check this thread
https://www.nairaland.com/5384185/get-print-out-slips-important-documents

Lol

Ok o
We go reason Am.

Cooperative is the best. My first building at lekki was bought with the help of cooperative fund.

When I am through paying the money, I will buy another one in Awka south .I have been eyeing one building close to Amaenyi girls secondary school ,Aroma,Awka south of Anambra state when I served in 2014.

After getting that, I will buy my dream car .




























Cooperative ko,cordination ni

God forbid....

Osi cooperative ka osi gini

Seun na so e don reach?

local man is tired of everything

even if you present some Nigerians with the absolute solution to their financial/business difficulties, they'll still fail at grabbing it with both hands.
when you see opportunity, take it. don't sit around giving excuses for your failures!

Alajo Somolu

Seun when will you create your cooperative . u go hama o

banio:
Nice. A cooperative is very good. Loans at very low interest. Lands can be bought with ease. School fees paid with ease. Everything easy easy

easy for mouth

Ok

Cooperative ko! Disagree ni!

OMOTOWO:
Cooperative is the best. My first building at lekki was bought with the help of cooperative fund.

When I am through paying the money, I will buy another one in Awka south .I have been eyeing one building close to Amaenyi girls secondary school ,Aroma,Awka south of Anambra state when I served in 2014.

After getting that, I will buy my dream car .




























Cooperative ko,cordination ni

You served in 2014 and you have a land already And eyeing to purchase another one....

You're certainly a yahoo boy....no wonder!

OMOTOWO:
Cooperative is the best. My first building at lekki was bought with the help of cooperative fund.

When I am through paying the money, I will buy another one in Awka south .I have been eyeing one building close to Amaenyi girls secondary school ,Aroma,Awka south of Anambra state when I served in 2014.

After getting that, I will buy my dream car .





Cooperative ko,cordination ni

Nice One

OMOTOWO:
Cooperative is the best. My first building at lekki was bought with the help of cooperative fund.

When I am through paying the money, I will buy another one in Awka south .I have been eyeing one building close to Amaenyi girls secondary school ,Aroma,Awka south of Anambra state when I served in 2014.

After getting that, I will buy my dream car .




























Cooperative ko,cordination ni

No be you wey dey find who go accommodate you few months back na im you don buy heaven and earth?

Easy with your poo eating business young man

BadAdviser:

No be you wey dey find who go accommodate you few months back na im you don buy heaven and earth?

Easy with your poo eating business young man

And then, check when I posted that and compare to today's date

Thrift society has been helping lives since 1700BC....

Join a credible one today, and see your life transformed

OMOTOWO:


And then, check when I posted that and compare to today's date

I didn't see the last line of your first comment

OMOTOWO:
Cooperative is the best. My first building at lekki was bought with the help of cooperative fund.

When I am through paying the money, I will buy another one in Awka south .I have been eyeing one building close to Amaenyi girls secondary school ,Aroma,Awka south of Anambra state when I served in 2014.

After getting that, I will buy my dream car .




























Cooperative ko,cordination ni

kolo guy. You nearly caught me.

Really
You mean u didn't see the sarcasm in his words.

sacramento1212:

Yes... Cooperative is a bae

BadAdviser:

I didn't see the last line of your first comment

abi na

OMOTOWO:
Cooperative is the best. My first building at lekki was bought with the help of cooperative fund.

When I am through paying the money, I will buy another one in Awka south .I have been eyeing one building close to Amaenyi girls secondary school ,Aroma,Awka south of Anambra state when I served in 2014.

After getting that, I will buy my dream car .

Cooperative ko,cordination ni

Guy, you no well o.
Sars suppose nack you 2by2 pako for head.

..............

The interest rate is killing... I belonged to one here in Abk, i had 1million and was expecting to cash out 2milla, but the chairman said bcus this is my first time, committee will only gimme 1.5milla.... Now the intetest is 75k per 500k, so i will have to refund 225k as interest nd 1.5milla

Pls wat are d requiremnet to join riby cooperative? How do i become a member?