Requirements

The following documents are required to be fulfilled by cooperatives to open a local currency accounts (demand and savings accounts).

• Certificate of registration issued by the appropriate organ. If a cooperative is under the process of formation, a letter of authority from the respective organizing body is required.
• Approved and registered rules and regulations of a cooperative with each page bearing official stamp of the registering body and a cooperative.
• Minutes of members’ resolution at the last general assembly. In case it’s under the process of formation, a letter of intent signed by all members.
• A letter of request by the chairperson to open and operate current account;
• Valid and renewed ID of authorized person/s.
• Support letter from concerned government organ
• Article and memorandum of associations.

Co-operative banks foster self-help, responsibility and solidarity. They emphasize the common good of society. They were historically founded to improve access to finance for their members, who would otherwise have had limited access to finance at reasonable rates.