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About Us

Established in October 2014, Federated Co-Operative Multi-Purpose Society Ltd is primarily engaged in providing its members with services and products that are consistent with their social and economic well-being towards a stable and dependable economic capacity and purchasing power. It has its businesses and brands made up of financial services, bullion, provident funds, insurance products, housing, merchant services and employment.

Federated is becoming the largest co-operative society in Ghana both in terms of business and membership, and presently the only institution in Ghana that provides currency stabilisation security for the funds deposited by its members. Rapid growth in membership, confidence, security and growth in liquidity are fast making the society the largest market player for credit delivery to both members and non-members.

At interest rates between 0.99% and 1.49% per month, it delivers fair credit to its members and enjoys substantial poverty reduction opportunities amongst its members. Non-member loans have been growing and have given the membership the opportunity to grow their investments in the society. Presently, non-members loans attract interest at 15% per month and 10% per month for pawnshop loans.

The Federated Co-Operative Multi-Purpose Society Ltd maintains in its co-operative stores a comprehensive range of goods ranging from consumer electronic goods to vehicles. Members of the society purchase goods from the cooperative stores under various credit terms including financial lease.

Quality of and commitment to membership in the Federated Co-Operative Multi-Purpose Society Ltd have been achieved through the mandatory equity of GH¢1,000 that gives voting rights as a full member and the minimum share of GH¢5,000 that each member holds. In addition, each member pays a monthly due of GH¢20. Business finance needs and guaranteed all time cash access by members has brought about enormous growth in the accumulation of cash by members in their respective accounts and retaining such cash in their accounts over longer periods than is the case with traditional banks. Federated continues to improve its branchless and remote banking systems giving the members several payment and cash handling options that enhance their financial experience.

Members of the society know not poverty, because they support each other!

Federated will continuously progress, innovate, pursue excellence, and step into a brilliant future for the growth and development of its membership.

Objects

Our Objects tell what we do:

To plan, acquire, construct, develop, establish and maintain Industrial and Agricultural Estates, Industrial Sheds and/or Industrial Plots;
To plan, develop, construct, establish and maintain industries, farms and forests;
To procure capital, financial assistance and/or accommodation for, and/or provide machinery, plant, equipment, technical and managerial assistance, information, instruction, training, inspection, supervision and other facilities as may be required to effectively aid the promotion and operation of schemes for the purpose of carrying into effect industrialisation;
To encourage members to undertake Thrift Savings and to manage the same for the members;
To establish a Central Finance Agency to provide finance, investment and banking services to the members of the society;
To provide credit and loans to members by mobilising deposits from members;
To create funds for the purpose of providing members with various types insurance including payment of medical bills and funeral expenses;
To create funds for the purpose of providing members with various types of Old Age Support;
To create funds for the purpose of providing members with mortgages and reverse mortgage;
To create and establish economic activities and businesses for the members of the society, and do all things to ensure that all members are ipso facto provided gainful employment and the opportunity for financial independence;
To set-up co-operative stores from which members can procure goods and services on credit and at competitive prices;
To procure goods and services and make them available at retail market prices to members;
To procure land with appropriate and legal title for the development of residential properties along with amenities for the members to acquire;
To provide various types of insurance, provident and pension products either independently or in collaboration with other organisations for the membership of the society;
To do all things necessary to protect the safety and interests of the entire membership in all matters of Consumer Protection, and to ensure that all members enjoy maximum quality of service and goods;
To undertake any activities that will promote the interest and security of members and increase their participation in the practice of thrift, saving, self-help and mutual-help;
To establish, maintain and operate Co-Operatives Hospitals and various other health facilities including health posts, clinics, hospitals, old people’s homes, patient and patient-guardian hospitality facilities, funeral homes (including mortuaries, crematoriums and cemeteries) to provide healthcare services to all of its members; ensure that all members receive, at least, one free medical examination annually; provide systems for the prevention, control and treatment of diseases as well as ensuring that members are exceptionally protected from epidemics and pandemics; provide healthcare services to non-members to the extent permitted within the framework of these bye-laws for mobilising additional resources to support free healthcare for all members; provide the members with goods and services, including primary and acute care, health, insurance, social care in its entirety, pharmaceuticals, shared services that support the work of cluster of health organisations, and all goods and services relevant to the proper and efficient health services delivery; provide healthcare and related training services to both medical and non-medical workers at the various healthcare facilities within the operations of the organisation; organise medical tourism, social events, and any other actions that are relevant to the promotion of good health among the members; and to do all other things as are incidental or conducive to the attainment of any of these objects;
To establish and manage co-operative universities, training institutions and research centres;
To promote peaceful co-habitation amongst the members on the Co-operative Principles and ensure Voluntary formation, Democratic Member Control, Member-Economic Participation and Autonomous Functioning; and
To do all such things as are incidental or conducive to the attainment of any of the above objects.

What Makes Us Different

Ownership

Federated is wholly owned by its members, and each member irrespective of the shares held has only one vote. No single member is permitted to hold more than 20 per cent of the total authorised shares of the society. Currently, the authorised share capital of the society is ¢1,000,000,000,000.

Our Integrity

As a rule, we maintain absolute secrecy of all financial transactions of our members. Our staff and members adhere to strict compliance procedures and regulations. Only the competent staff of Federated has access to account information of members, and are strictly monitored to ensure that members’ accounts information are highly protected.

At Federated, all matters relating to finance are discussed with the concerned member in camera. We do not embarrass or worsen the financial conditions of our members, and therefore ensure that credit facilities are granted and managed under the strict supervision of our Compliance and Regulation Department.

We always review the economic situation of our members to ensure that they are moved from the low-income group to the middle-income status. The society has a responsibility towards each member, especially, those in the low-income bracket, and designs business and financial programmes that guarantee absolute growth of each member.

Looking Forward

Federated’s key competitive strengths continue to be its membership base, and its enduring membership services and relationships as well as the unrivalled branchless and remote banking network and member services delivery which have positioned it as a mainstream welfare and economic empowerment institution.

In the few years to come, Federated will be building further on these strengths, while at the same time working to further improve the efficiency of operations and the quality of member services.

Federated plans to expand its international presence and services to support its members with the development and growth of their respective international businesses. Within the domestic environment, Federated will build on the synergies between its strategic business units to expand the range of services it provides to its members and to further strengthen its income base.

The all-inclusive membership strategy of Federated will be expanded through the expansion of public service and personal economic capacity building and strengthening projects throughout Ghana. This will increase membership as well as the income base of the society.