Rules and Policies

Purpose: Disciplined savings, mutual trust, financial support.

Membership: Admin-approved only. Understand rules before joining. Non-transferable without approval.

Contributions: Fixed amount. Pay on or before due date. Only approved payment methods.

Payout structure: Order communicated before start. Changes only by unanimous consent. After collecting, continue paying to end.

Late/Default: Penalty stated by admin. Suspension, dragging, or removal may apply. Defaulter after payout must settle. Legal/recovery may apply.

Withdrawal: Not allowed after cycle begins except in exceptional admin-approved cases. If withdraw before payout, get only contributed amount minus admin deductions at end of circle. If already collected, must complete remaining contributions.

Member responsibilities: Timely payments; keep proof; respectful communication; notify admin if circumstances change.

Admin role: Manage contributions, payouts, records; transparency; enforce rules and penalties.

Dispute resolution: Internal amicable process. Admins' decision final after consultation.

Amendments: May be amended when necessary.

Acceptance: Participation means acceptance. Ignorance not accepted.

• All members pay on or before agreed date. No excuses after deadline.
• Late payment attracts late fee ₦______ per day (as stated by admin).
• No payment, no collection: unpaid including penalties cannot collect until settled.
• Repeated late payments (more than twice) may be moved to last position or removed. No refund until replacement found. Applies after circle is over.
• Emergency: must be communicated before due date. Approval not guaranteed. Organizer discretion.
• No begging, no arguments. Penalties apply automatically.
• Agreement: remaining in Ajo means agreement. Ignorance not accepted.

• Daily Ajo: Payout next day only after full payment confirmed.
• Weekly Ajo: Payouts every Sunday.
• Monthly Ajo: Payouts on last day of the month only.

Important terms: No early payout. Requests ignored. Payouts processed after confirmation. Early payout only at admin discretion. Staying means acceptance.

• Payments allowed Monday to Friday only.
• Payments must be made between the 1st and 27th of every month.
• Any payment outside approved days/dates is late; add required late fee.
• If late payment without late fee: member must pay double late fee once new list is created.
• No excuses. Applies equally to all.

• Two guarantors mandatory: one family member, one trusted friend.
• Required info: full name, residential address, phone, relationship, signature.
• Admin can verify.
• Purpose: unreachable member, default, failure to meet obligations, emergencies.
• Financial responsibility: guarantors may be contacted; may be held responsible to ensure obligations; assist recovery.
• Compliance: refusal means no participation; false info leads to suspension/removal. Applies to new and existing members.

Applies if a member who has already collected full payout passes away and guarantors are unreachable.

• Admin must attempt contact, allow reasonable response period, document attempts.
• If unrecoverable: unpaid balance shared equally among active members until end of session.
• Mandatory compliance. Refusal may result in suspension/removal from future sessions.
• Reinforces need for valid guarantors and accurate info.