Refund Policy
Updated March 2025
1. Introduction
At Akilaah, we are committed to maintaining transparency, financial accountability, and fairness in handling refund requests while ensuring compliance with the provisions of the Nigerian Cooperative Act, 2004. This Refund Policy outlines the terms and conditions under which refunds may be processed for members regarding savings, investments, loans, membership fees, and other financial transactions.
By engaging in financial transactions with Akilaah, you agree to the terms set forth in this policy.
2. General Refund Guidelines
2.1 Refunds are processed only after a formal request is submitted and reviewed by Akilaah's Management team.
2.2 All refunds are subject to deductions for outstanding financial obligations (e.g., unpaid loans, administrative fees, penalties, or other dues, where applicable).
2.3 Refunds will be credited to the member’s registered bank account or applied towards outstanding balances, where applicable.
2.4 Refund requests for voluntary membership withdrawal shall be processed within 90 days from the date of final clearance.
2.5 Non-refundable payments include membership fees, administrative charges, and loan processing fees.
3. Refund Eligibility
3.1 Membership Fees
3.1.1 Membership fees paid during registration are non-refundable, as they cover administrative and onboarding costs.
3.1.2 If an application for membership is denied, the full membership fee will be refunded within 5 working days.
3.1.3 Members expelled due to violations of Akilaah's bye-laws or policies will not receive a refund.
3.2 Refunds on Savings Contributions
3.2.1 Fixed Savings: Withdrawals before the agreed maturity date are subject to penalties as per Akilaah policies
3.2.2 Target Savings: Premature withdrawal of target savings may result in early withdrawal deductions.
3.2.3 Flexible Savings: Members can withdraw their savings anytime, subject to Akilaah withdrawal policies.
3.3 Refunds for Voluntary Membership Withdrawal
3.3.1 Members who voluntarily withdraw their membership from Akilaah may request a refund of their savings and investment contributions.
3.3.2 Refunds will be processed within 90 days, following a financial review to deduct outstanding liabilities.
3.3.3 Refunds for investment-based contributions are subject to the investment agreement and may require liquidation processing.
3.4 Investment Contributions
3.4.1 Refunds for investments in cooperative-backed projects (e.g., real estate, land banking) depend on the specific investment terms.
3.4.2 If an investment opportunity is cancelled before execution, members will receive a full refund within 10 working days.
3.4.3 Investments already deployed into projects will be subject to exit valuation policies before refunds can be processed.
3.5 Loan Repayments
3.5.1 Loan repayments are non-refundable once credited toward a loan balance.
3.5.2 Any excess loan repayment will be applied toward future installments or refunded upon request.
3.5.3 If a loan application is denied after payment, the amount paid will be refunded within 10 working days.
4. How to Request a Refund
To request a refund, members must:
1. Submit a written refund request via email or via Akilaah's mobile or web application.
2. Provide the following details:
- Full name and membership ID
- Transaction details (amount, date, reason for refund)
- Supporting documents (e.g., proof of payment, transaction receipt, loan agreement, etc.)
3. Wait for the management team’s verification and approval process.
4. Receive a confirmation email once the refund has been processed.
5. Refund Processing Time
Membership fee refund (if eligible): 10 working days
Savings withdrawal: 1-2 working days
Voluntary membership withdrawal: 90 days from final clearance
Investment refunds: Subject to project liquidation policies
Erroneous deductions: 5 working days
6. Special Consideration
6.1 Members with outstanding loans or unpaid obligations must first settle their debts before any refund of savings or contributions is processed.
6.2 Akilaah reserves the right to modify this Refund Policy at any time, subject to approval by the Management committee and notification to members.
6.3 Members who dispute refund decisions may file an appeal with the Management Committee within 2 working days from the date of the refund decision.