Cowrica Frequently Asked Questions (FAQ)

FAQS

• What is Cowrica? The name was derived from cowries, the universal currency in traditional African societies.

• How do you meet? We meet online once a month.

• What are the qualifications for membership? You must be a resident of the United States, Canada or Mexico. You must be at least 18 years old. You must have a job/or be self-employed, and pay the refundable $100 for your minimum business interest (share) of the cooperative. You can join or exit anytime.

• In this club a pyramid scheme? NO. A pyramid scheme is an arrangement where your success depends on the number of people you recruit into an organization and where money is collected from some people and paid to others on and on. Caowrica is not a pyramid scheme because your success depends basically on your participation and savings. You only get the money you saved/invested with interest.

• Is there a monthly fee? No. However, you must add $3.5 to each contribution as processing fees.

• What is the legal arrangement of Cowrica? Cowrica is a cooperative, an organization established to be jointly owned by all members who also share its profits. Your $100 registration/membership fee will go towards your your share ownership in the business and is refundable upon cessation of membership with interest where applicable.

• What is Ajo/Esusu? – This is an African cultural way of saving money. Individuals pool their money together for a period of time and each takes turn to get his/shares of the amount contributed, thereby helping people save towards projects. Market women set aside a sum of money each day or weekly and put into Ajo/Esusu. They get their money back at the end of the set period, usually six months or a year.

• Are your loans available to non members? No. All activities are strictly for members only.

• What happens if one needs to get his Ajo/Esusu before the collection time? Talk to us.