A real account for every member — reconciled the moment it lands.
A cooperative on rafiqHQ banks one of two ways, and both keep every member’s contribution visible in real time: a dedicated virtual account per member, or the society’s own existing commercial bank account with rafiqHQ running the ledger.
Pick the model that fits how your society already runs
Neither is a lesser option — they suit different societies at different stages, and a cooperative can be verified and listed under either. The difference is entirely in how money moves and what your executives manage day to day.
Autonomous Financial
Every member is issued their own 10-digit NUBAN, provisioned through CBN-licensed commercial and non-interest banking partners. Deposits into it reconcile automatically to the member’s savings sub-wallet, and withdrawal requests clear as soon as they’re dual-signed off — no manual posting, no waiting for a bank statement.
Operations & Ledger
The society keeps its existing commercial bank account. Members deposit at the counter or transfer directly, and withdrawals are disbursed there too; rafiqHQ posts each movement to a digital passbook and runs the ledger, minute books and audit trail on top.
| For the cooperative | Operations & Ledger | Autonomous Financial |
|---|---|---|
| Member accounts | Digital passbook against the society's own bank account | Individual NUBAN per member, auto-reconciled |
| Deposits | Counter cash or direct transfer, posted by staff | Direct transfer into the member's own account |
| Withdrawals | Disbursed in-branch by an administrator | Dual-sign-off approval, then bank payout |
| Wallets & DVA console | Not applicable — no dedicated accounts to manage | Full admin console for segregated treasury wallets |
| Mudarabah & Zakat admin consoles | Not on the admin menu in this mode | Dedicated pool and treasury management screens |
| Murabaha, Qard, dividends, Minute Books, Audit | Full access | Full access |
From application to first contribution
1. Apply and get approved
See the admission fee, share value and minimum monthly savings before you commit.
2. Account provisioned
A NUBAN in your name, or a passbook against the society's account — either way, it's yours.
3. Contribute and track it
Every contribution lands on your balance the same day, visible to you and to the cooperative's auditors alike.
What shapes a member’s balance
- KYC tier sets wallet and withdrawal ceilings, tightened by the cooperative, never loosened
- Optional fractional shares, if the cooperative allows partial share units
- A share-capital cap percentage stops any one member concentrating ownership
- Every deposit — NUBAN or in-branch cash — lands on the same auditable ledger
A balance is the start, not the end
Once a member is saving, that balance backs everything else — Murabaha financing eligibility, Kafalah guarantees, and a share of the annual surplus.