• You become a co-owner of a co-operative that is owned by its members, not by outside shareholders.
• You get a vote at the Annual General Meeting, and you may stand for election to the board.
• You may be considered for a Profit Payout — a share of profit remaining, if any, after all costs, expenses, tax and reserves. It is declared at the discretion of the board and may be nil.
• You may access the products of the Ownisha group, subject to the usual assessment of whether each product suits you.

What a common bond is

A co-operative is not open to everyone. By law, the people who belong to a co-operative financial institution must share something in common. That shared thing is called a common bond, and it is the foundation the whole co-operative is built on.

It is what makes a co-operative different from a commercial bank. A bank has customers. A co-operative has members who already have a connection to one another, and who own the institution together.

The three kinds of bond

South African law recognises three ways a common bond can form between members:

• Occupational — members work for the same employer, in the same trade, or within the same business district.
• Residential — members live in the same community or defined geographical area.
• Associational — members share membership of the same association or organisation.

Why ours is associational

Ownisha’s bond is associational. Every member joins Ownisha For You Co-op Ltd for R1, and that membership is the thing we all have in common. You do not need to work in the same place or live in the same town. The association itself is the connection.

Because our members already share that bond, they qualify to become members of Ownisha Financial Services Co-op Ltd — the co-operative that holds and grows members’ savings.

You choose how far to go

Membership of Ownisha For You Co-op Ltd is the starting point, and it is where the common bond is formed. From there the choice is yours: you can be a member of Ownisha For You Co-op Ltd on its own, or you can choose to be a member of both co-operatives.

• Ownisha For You Co-op Ltd — R1. Membership of the association. Members can take up insurance and loans.
• Both co-operatives — add R500. Membership of Ownisha Financial Services Co-op Ltd as well, which opens a Primary Savings Account and a Profit Payout Account.

Either way you are a member, not a customer. Members own the co-operative and have a say in how it is run. The bond is what makes that possible.

You may resign your membership at any time by giving us the period of written notice set out in the constitution. We will repay the nominal value of your shares, and pay you the balance of your member savings account. 

If repaying your shares would adversely affect Ownisha’s financial position, payment may be deferred for up to two years. We will tell you in writing if that happens, and why. 

Resigning does not cancel any insurance policy or loan you hold — those are separate agreements. If you resign, you stop being eligible for any future Profit Payout. 

Ownisha does not pay a death benefit. What happens is that your shares are dealt with as follows. 

• If you have nominated someone in Section F and that person applies for membership and qualifies, your shares may be transferred to them. 

• If there is no nomination, or your nominee does not apply or does not qualify, the nominal value of your shares is paid to your estate. Payment may be deferred for up to two years if paying it would adversely affect Ownisha’s financial position. 

The balance of your member savings account forms part of your estate and is dealt with under the law of succession. 

If you hold an insurance policy, that is separate. The beneficiary for a policy is nominated on the policy documents, and the insurer pays that claim, not Ownisha. 

Banking details for your share payment

Please pay the amount for the membership into the following account:

Account name: Ownisha For You Primary Co-Operative Limited
Bank: Nedbank
Account number: 1345634307
Payment reference: your ID or passport number
Send proof of payment to: member@ownisha.co.za

If you are unhappy with anything, contact us first at complaints@ownisha.co.za. We will acknowledge your complaint and tell you how long we expect to take. 

If we cannot resolve it, you may refer the matter to info@faisombud.co.za, at no cost to you. 

If you believe a representative gave you a misleading impression of the Profit Payout, or pressed you to buy a product you did not need, please tell us. We want to know.