The following bylaws govern the operation of the NENG & KEMBONGNGEI Loan and Njangi Scheme. These guidelines ensure transparency, fairness, accountability, and financial discipline among members.
1️⃣ Registration
• One-time registration fee: 10,000 CFA
• Reviewed annually by General Assembly
• Contributes to Loan Capital & Family Emergency Fund
• Spouses may participate with independent registration
2️⃣ Membership Status (Break Policy)
Temporal Break
• Not eligible for loans
• Cannot act as surety
Permanent Break
• Registration & FEF refundable upon written request (within 30 days)
• Interest generated remains collective property
3️⃣ Loan Types
Business Plan Loan
• Maximum: 500,000 CFA
• Must contribute for 3 consecutive months
• 1% monthly interest
• 6-month duration
• 1-month grace period
Emergency Loan
• Maximum: 100,000 CFA
• 1.5% monthly interest
• 30-day duration
• Must provide qualified surety
4️⃣ Surety Requirements
• Required for most loans
• Surety exposure limited to expected Njangi benefits
• Surety liable in case of default
• Exceptional surety allowed at Committee discretion
5️⃣ Default Penalties
• Business loan interest increases to 1.5%
• Emergency loan increases to 2.5%
• Njangi fine: 1,000 CFA per occurrence
6️⃣ Contribution Deadlines
• Contributions due by 11:59 PM on the 30th
• Proof of payment required
• Disbursement by 12:00 PM next day
7️⃣ Family Emergency Fund (FEF)
• Minimum annual contribution: 10,000 CFA
• Registration fees deposited into FEF
• Deducted in two installments unless arranged