Frequently Asked Questions
Questions, answered
Everything you need to know before you join. Still unsure? Reach us using the contacts below, or read the full Terms of Cooperation.
QWho can join Philadelphia Cooperative?
- Membership is open to anyone 18 years and above. You simply provide correct details during registration and follow the rules of the programme you choose.
QHow do I open my account online?
- 1. Pay the ₦500 wallet activation by bank transfer to the Society account, then upload your receipt or send it on WhatsApp.
- 2. Wait for approval. Once the Society approves it, the registration form opens for you.
- 3. Register with your details and a password. You get a Member ID, and you can then log in with your email or Member ID to manage your savings, referrals, loans and clearance.
QWhat does it cost to join?
- Everyone: ₦500 wallet activation, paid once and approved before you register.
- Philadelphia Savings: ₦5,000 membership registration.
- Silver Thrift: ₦3,000 registration per account, plus ₦3,000 clearance per account.
- Gold Thrift: ₦2,500 registration, plus ₦3,000 clearance per account and a ₦5,000 branded T-shirt.
QWhen can I take a loan, and how much?
- On Philadelphia Savings, after 6 months of consistent contributions you can borrow up to 2× your accumulated contributions.
- You need 2 guarantors who are active members and whose combined contributions cover the requested loan.
- Loans carry 10% flat interest — a one-time charge on the amount borrowed. For example, borrow ₦30,000 and repay ₦33,000.
QWhat's the difference between Silver and Gold Thrift?
- Silver Thrift runs for 90 days — ₦3,700 weekly toward a ₦44,400 target.
- Gold Thrift runs for 20 weeks — ₦2,000 weekly toward a ₦40,000 target, and includes a branded T-shirt.
QCan I join more than one plan?
- Yes. From My Plan & Wallet, choose Add a plan to open another account, for example a second Silver Thrift.
- Each account has its own registration fee, weekly payments and ₦3,000 clearance, and is settled on its own.
- The ₦500 wallet activation and your referral link stay the same, and the ₦5,000 T-shirt is charged once per member. You can hold one Philadelphia Savings account.
QDo I earn interest or a bonus on my money?
- Philadelphia Savings: no interest is paid on your savings. The benefit is access to loans of up to 2× your savings after 6 months (the 10% flat loan interest is paid by you, not to you).
- Silver Thrift: at settlement you are expected to receive ₦74,480 — your ₦44,400 savings plus ₦30,080 extra set by the Society.
- Gold Thrift: at settlement you are expected to receive ₦68,000 — your ₦40,000 savings plus ₦28,000 extra set by the Society.
- These “Expected” amounts are targets, not guaranteed returns. They are paid after clearance and verification, and only to qualified accounts (see the referral and downline rules in the Terms). An account whose referral link expires gets only a refund of the amount contributed.
- Bonuses, food items and incentives are given at Management’s discretion. Anything you receive is listed in your member portal and marked clearly as cash or an item.
QAre the "Expected" amounts guaranteed returns?
- No. The "Expected" figures are savings targets, subject to the programme's conditions and verification — they are not guaranteed returns.
- Philadelphia Cooperative is a registered cooperative society — not a bank, investment company or Ponzi scheme.
QHow are payouts and settlements handled?
- Qualified accounts complete clearance and verification first, then settlement is processed within 7–14 days, subject to all required conditions and documentation.
QCan I withdraw or cancel my membership?
- Yes — any request to withdraw or terminate must be made in writing and is subject to Management's approval.
- Registration and service fees are non-refundable, except where Management expressly approves otherwise.
QHow do I stay safe from scams?
- Only transact through our official representatives and channels. We are not responsible for money sent to unauthorised persons or through unofficial channels.
- When in doubt, contact our customer service or visit the office before paying anyone.
Still have a question?
Reach our team on WhatsApp or send your inquiry — we're happy to help before you join.