One of the fastest-growing cooperative movements in the country, PAROFLEX Multipurpose Cooperative Society Limited, has introduced a Contributory and Micro-Credit Scheme aimed at empowering individuals, families, and small businesses across the country.
The initiative, promises to reshape how Nigerians save, access credit, and build financial independence, while strengthening the sense of community that cooperatives are known for.
Founded in 2024 and headquartered in Abuja, PAROFLEX says it's not just another cooperative but a mission-driven movement.
The Group Managing Director/CEO of PAROFLEX who also heads APICES Finance Company Limited, Daniel O. Oniko in a recent chat with journalists said the organization is committed to helping everyday Nigerians achieve financial stability through structured savings, affordable microloans, and investment opportunities.
“Our goal is simple, we want to see more Nigerians achieve financial freedom through the power of cooperative strength, savings discipline, and access to credit,” he said.
The cooperative is fully registered with Corporate Affairs Commission (CAC), Federal Capital Territory Department of Thrift and Cooperatives, Association of Non-Bank Microfinance Institutions of Nigeria (ANMFIN)and court declaration and issuance of license as Major Lenders. The cooperative is powered by Apices Finance Company Limited duly licensed by Central Bank of Nigeria (CBN), giving members peace of mind that they are part of a legitimate and transparent system.
One of the highlights of PAROFLEX’s new scheme is its flexible savings options. Members can choose daily, weekly, or monthly contributions, depending on their income flow and financial goals.
A standout feature is the Food Items Target Savings, which allows contributors to save specific daily amounts, starting from as low as ₦200 toward food essentials such as rice, soyabean oil, noodles, milk, and semovita, etc.
Through the “Save and Pick” initiative, contributors and clients can later redeem these items at discounted prices from PAROFLEX’s Superstores. It’s an innovative way to encourage savings while tackling the rising cost of living.
“This scheme helps households plan ahead and reduces the pressure of food inflation. Families can save gradually and pick up their items without financial strain", Oniko explained.
Beyond savings, members will have access to microloans and consumer credit facilities, making it easier for small business owners and federal workers to access funds when needed.
PAROFLEX’s partnership with the WACS/IPPIS payment platform, endorsed by the Office of the Accountant-General of the Federation, federal workers can conveniently access loans and repay loans directly from their salaries.
PAROFLEX also grants proof of funds facility to individuals looking to travel out of the country.
Members who maintain consistent contributions can also benefit from profit-sharing and earn interest on long-term savings, ensuring that every naira saved works harder for them.
PAROFLEX’s digital platform ensures members can track their savings and transactions in real time, with the help of AI-driven tools that provide spending insights and reminders.
But beyond technology, the cooperative’s heartbeat lies in community connection. Members can join group chats based on their savings plans, receive financial literacy training, and take part in empowerment programs that build knowledge and confidence.
The impact of the Contributory and Micro-Credit Scheme goes beyond individuals; it’s designed to uplift entire communities. By promoting savings discipline, financial inclusion, and access to credit, PAROFLEX aims to reduce poverty, support small businesses, and boost local economies.
“This is more than just a financial plan,” said Oniko. “It’s about restoring dignity, stability, and hope in the lives of our people.”
Founded in 2024, PAROFLEX Multipurpose Cooperative Society Limited is located at Suite B1,B2, B3, Innovation Business Complex, Plot 770, Chioma Ejikeme Crescent, Wuye, Abuja, with a vision “to be the leading cooperative society in Nigeria, transforming lives through financial inclusion, collaborative strength, and economic empowerment.”
Its core values are Integrity, Tenacity, Excellence, Community, and Empowerment (ITECE). They reflect its belief that when people come together with shared purpose, prosperity follows.
Post A Comment: