PROWEB SAVINGS & LENDING SCHEME
Promote the economic and social interests of its members in accordance with the co-operative principles;
Participate in the overall economic and social development of the nation by mobilizing savings and human resources and to encourage thrift among members thereby creating a source of credit for its members at fair and reasonable rates of interests for provident and productive purposes;
To receive and hold for the purpose aforesaid, shares, savings, deposits and loan repayment from its members;
To create funds by any lawful means for the purpose of lending money to its members provided under these by-laws;
To make loans to members for provident and productive purposes in the manner provided under by-laws;
To provide the opportunity for members to use and control their money for mutual benefit with minimum risk;
To enhance economic and material benefits for its members with a view to raising their general standard of living;
To engage in such activities which may directly or indirectly further the objects of the society in accordance with by-laws;
To undertake other measures designed to encourage in members the spirit and practice of thrift, mutual help and self-help.
Membership is open to Zimbabwean women above the age of 18 who are members of PROWEB. Organisational or non-PROWEB members can come in as investment partners. All new membership is subject to approval by the board.
A once off payment of $50 administrative fees and the first $100 monthly subscription is needed for one to get registered in the cooperative.
Application for loans
The purpose for which the funds of the society may be applied for are:
• Social Security
• Diversification into other economic ventures.
The loans committee retains the right to demand collateral or other reasonable security measures to ensure that loans will be repaid or that the society has means of retrieving money due in cases of default.