Savings & Member Accounts
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
Each verified member is issued their own 10-digit NUBAN through our payments provider. Transfers into it credit the member’s personal wallet automatically, from which they can allocate funds into their cooperative savings, purchase shares, or transfer to society accounts, with no manual posting.
Dedicated NUBAN · auto-reconciled
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.
In-branch cash postings
Receipted, ledgered, exportable
| For the cooperative | Operations & Ledger | Autonomous Financial |
|---|---|---|
| Member accounts | Digital passbook against the society's own bank account | Dedicated NUBAN funding personal wallets with instant cooperative allocations |
| Deposits | Counter cash or direct transfer, posted by staff | Direct transfer into the member's own account |
| Withdrawals | Disbursed in-branch by an administrator | Paid out to the member's bank account on request |
| Wallets & DVA console | Not applicable — no dedicated accounts to manage | Full admin console for segregated treasury wallets |
| Profit-sharing pools & welfare consoles | Not on the admin menu in this mode | Dedicated pool and treasury management screens |
| Asset financing, relief aid, dividends, Minute Books, Audit | Full access | Full access |
Members see the same product suite either way — asset financing, interest-free relief, profit-sharing pools, impact & welfare funds and member dividends payouts are all available to every member, regardless of which mode their cooperative runs. The mode changes how the cooperative banks and which admin consoles its executives use — not what a member is entitled to.
From application to first contribution
Apply and get approved
See the admission fee, share value and minimum monthly savings before you commit.
Account provisioned
A NUBAN in your name, or a passbook against the society's account — either way, it's yours.
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 — asset financing eligibility, guarantor co-signs, and a share of the annual surplus.