INTERNAL PROTECTION SCHEME (IPS)

The CamCCUL Internal Protection Scheme (IPS) started in   April 1976. It is a self-help scheme which was put in place to mitigate certain risks and add value to some of the financial services offered by the Credit Unions to her members. The Scheme is Compulsory to all affiliates of CamCCUL. Credit Unions pool their resources together to assist each other in the event of death and permanent disability. The scheme covers the loans and shares/savings of members in the event of death and permanent disability. Upon the death of a member, the following documents are furnished by the relations of the deceased member to the Credit Union:

1) Death Certificated

2) National Identity card

3) Member’s Passbook while for permanent disability, the following documents are required:

  1. a) Certified copy of National Identity Card
  2. b) Medical Certificate
  3. c) Member’s Passbook.

   Once these documents are forwarded to CamCCUL, the member’s share/savings is doubled and the loan repaid to a certain maximum.

This scheme is a relief to members and their families as:

  1. i) Members do not incur any direct cost (that is do not pay the monthly contributions)

Ii) Member’s families are financially secured in case of any eventuality.

iii) The families of the deceased /disabled members are not liable to his /her loan (within the limits of the scheme).

  1. iv) The procedures are simple.
  2. v) The scheme is accessible to all members

VI (The scheme gives Credit Unions within the CamCCUL network a competitive advantage over other MFIs.