Frequently Asked Questions

Having troubles with Nkod? Here are some of our most frequently asked questions on Nkod.

General FAQ

NKOD, is a Nigerian digital cooperative banking platform that let you manage your money on the go. You can open a coop account, save, invest, get affordable and convenient loans, make purchases, pay bills, send money and monitor your transactions, wherever, whenever without ever going to the cooperative office. Visit www.nkodng.com
If you align with our principles and aims, as a side walk vendor, a shop owner or have a stall in public markets, a hawker, artisan, low –income worker, employed, freelance or self-employed, a corper et cetera and seeks common mutual values. Then NKOD is the go-to.
To become a member of the cooperative, a non- refundable fee N5,000NGN(Naira) is mandatory to becoming a member. Visit www.nkodng.com/membership
NKOD platform accepts debits cards issued by licensed Nigerian banks.
Lots and lots of benefits aside accessing loans at very low interest rate and consistent dividend payment at every financial year end.
Mmaette-Ebi Plaza
16, Akpakpan Street,
Opposite Access Bank Plc
off Gibbs Street,
Uyo.
NKOD, sure has affiliates in niche and specialty areas.
NKOD is different because of our flexibility, we are easily accessible by customers; 24/7, transparent and unflawed. Our loans are collateralised. All these and more stands us out. Visit www.nkodng.com
As much as we would always want our members to remain with the cooperative, we do not have absolute control over how long members choose to continue with us. In the event that any member chooses to discontinue with our service, such notification of discontinuance would have been made not later than 3 to 6 months. Our customers support team will be ready and willing to help you, close your account provided you are not indebted to the organization.

Savings FAQ

kindly visit https://nkodng.com/join/ to lean more.
Depending on the savings plan you opted for, you can save as low as #5,000(Five Thousand Naira). You may choose to save more without restrictions.
First, you have to sign up to become a member. You will be redirected to your dashboard where you can choose savings plan; start your contributions and savings.
You do not have to login every time you want to contribute or save money in your account. The system is set on an auto function. However, to keep track, all your transactions will be visible on your dashboard. The platform will always send notification for every single time transaction and your bank will also send your notification as well. It is 100% safe and secure.
You can fund your account using any of the following options:

- Bank transfer using any debit card issued by Nigerian Bank

- Mobile transfer

- POS transfer with your account number embossed as the transferor/ depositor on the POS transfer description.

Customer can only withdraw their contributions or savings as allowed by your saving or contribution plan. Some savings are locked while others are open ended savings.
The dashboard is flexibility and user friendly. As a member, you can monitor the progress of your savings, contributions, loan repayment and investment on a daily basis anywhere and whenever.
NKOD do not store customers card information as we work with a PCIDSS- compliant payment processor to handle all our customers’ card details and ensure all delicate data are encrypted and rendered unreachable. The PCIDSS is a standard guide globally, that all reputable payment processor must adhere to.
NKOD is a digital banking platform as such all transactions are automated and are done using debit card. Payments for savings / contributions are made via bank issued debit cards. securely and seamlessly. With NKOD, customers do not need to go to the cooperative office except for exceptional issues.
A customer who fails to contribute for a particular month shall make such contribution in the subsequent month with a fee charge for the defaulting month.
Monthly contribution is fix and as a member you continuing remitting your contribution every month. Members monthly contribution is fix

Loan

At NKOD, there are no requirement to access loans as far as you are an active and qualify member of the cooperative. Join the cooperative now, refer other like-minded individuals and save for 6 months.
It is a simple, secure and safe process. All you need to do as an active and qualified member is login into your account via NKOD App, apply for loan, use the loan calculator, set repayment period and submit your loan.
Every member of the cooperative who is not indebted or in loan default is entitled to a maximum loan up to 200% of cumulative contributions.
NKOD loans are not collateral free, loans request can further be notarized and depending on the loan amount might need less than two or two guarantors.
A member can guarantee more than one (1) member provided the guarantor’s cumulative savings or contributions exceed the loan amount of both loan applicants.
If a member selects another member to guarantee a loan, the selected guarantor will be notified by email or on the guarantor’s dashboard. The selected guarantor can either accepts or decline the request.
The maximum installment for a loan repayment is as allowed by the loan calculator. Lean more at www.nkodng.com/loans.
Loans repayments are by installment. To calculate the amount of loan repayment, please use on the loan calculator embedded on the loan page www.nkodng.com/loans.
Yes. You can reduce the repayment duration to the number of months that suits you
Yes, a member interested to apply for a loan can reapply.

1. Kindly, send us message on our web chat bolt - #Emen

2. Email us at support@nkodng.com

3. Send us message on any of our social media platform: Facebook, Instagram, LinkedIn or twitter.

Security & Safety FAQ

All information is critical to us and are safely stored and encrypted.

All funds are insured by Nigeria Deposits Insurance Corporation- NDIC. Savings on NKOD are invested in risk -free financial instruments and other viable ventures.

All transmissions to our third-party partners on our platform are via an encrypted 25-bit HTTPS SSL connection.

NKOD have multiple security and safety layers embedded on our platform such as Bank Grade Security in NKOD platform, the platform is cloud based that means your data is secured and recoverable, you can have secured access to your account and our payment processors are PCI-DSS compliant to ensure security of customers data electronically. All cards and bank data are encrypted to prevent unauthorized access to sensitive information.

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