Empac – Emperors Susu Enterprise Comprehensive Financial Products Overview

Introduction

Empac Susu is committed to fostering financial empowerment among its members through a wide range of tailored financial products. From savings plans to investment opportunities, each product is designed to meet the unique financial goals and needs of our diverse clientele.

1. Daily and Weekly Savings Products

Empac Susu’s Daily and Weekly Savings Products are foundational offerings designed to instill regular saving habits among members, with flexibility to meet both individual and business financial goals.

• For Individuals:
• Daily Savings: Minimum daily contribution of GHS 5. Allows for immediate withdrawal, with a 2% withdrawal fee for those not owning a minimum of GHS 250 in shares.
• Weekly Savings: Minimum weekly contribution of GHS 10, under the same withdrawal terms as daily savings.
• For Businesses:
• Custom plans with higher contribution thresholds. A 2% withdrawal fee applies if not owning a minimum of GHS 500 in shares.

Key Features for Both Plans:

• Compulsory Minimum Balance: GHS 20, ensuring a base level of savings is always maintained.
• Encouragement of Share Purchasing: Members are encouraged to buy shares, linking share ownership with benefits such as reduced withdrawal fees and potential for increased interest rates on savings.

2. Children Susu Savings

A forward-looking savings scheme enabling members to secure funds for their children’s future, emphasizing educational and developmental expenditures.

• Flexible Contribution Options: Starting from GHS 10, with daily or weekly saving possibilities.
• Duration for Withdrawal: Designed for withdrawals after a saving tenure of 1 year, encouraging long-term financial planning.
• Premature Withdrawal Fee: 5% charge for withdrawals before the 1-year commitment period, emphasizing the importance of sustained saving.
• Minimum Balance Requirement: GHS 20 to keep the account active.
• Benefits of Share Ownership: Shareholders may enjoy benefits like reduced premature withdrawal fees, underlining the advantage of investing in shares.

3. Apprentice Program

Designed to support apprentices in various trades by facilitating savings towards the purchase of essential tools, alongside offering educational benefits in financial literacy.

• Program Packages:
• Industrial Sewing Machine: Requires a GHS 1,500 minimum share investment with a weekly contribution of GHS 30.
• Small Sewing Machine and Motto: GHS 700 minimum share investment, complemented by a weekly contribution of GHS 20.
• Hair Dryer and Hair Blower: Involves a GHS 1,000 minimum share, with a weekly contribution of GHS 20.
• Duration and Withdrawal: A 2-year saving commitment, after which apprentices can withdraw their savings and receive their chosen tools.
• Premature Withdrawal Fee: Applies for withdrawals before the end of the program, set at 5% to encourage completion and discourage early withdrawals.
• Encouragement of Share Purchasing: Participants are encouraged to invest in shares to enjoy enhanced benefits, including potentially reduced costs for tools and improved savings terms.

4. Agriculture Susu Savings

A product uniquely designed for the agricultural sector, enabling farmers to align their savings with the cyclical nature of farming operations.

• Contribution Plan: Members can start with contributions as low as GHS 10, adhering to a mandatory 5-month saving period to match the financial needs tied to seasonal farming activities.
• Interest Rates: Offers competitive interest rates to foster the growth of savings in line with agricultural investments.
• Premature Withdrawal Conditions: A 5% charge is levied on premature withdrawals to ensure funds are used for intended agricultural purposes.
• Benefits of Share Ownership: Holding shares may provide farmers with additional advantages, such as lower withdrawal fees and potentially higher interest rates, emphasizing the value of share investment for agricultural members.

5. Marriage Susu Savings

Empowers couples to financially plan for their wedding, offering a structured way to accumulate funds for matrimonial expenses.

• Initial Contribution: As low as GHS 10, with a 5-month saving commitment to gather sufficient funds for wedding expenses.
• Premature Withdrawal: Subject to a 5% fee for withdrawals before fulfilling the saving term, promoting discipline and goal-oriented saving.
• Minimum Balance Requirement: GHS 20 required, ensuring an active saving behavior is maintained.
• Share Buying Incentives: Couples are encouraged to buy shares to benefit from financial advantages, such as reduced withdrawal fees and better savings growth, highlighting the benefits of share ownership in planning for wedding expenses.

6. Save to Buy Savings

A dedicated saving scheme allowing members to accumulate funds toward purchasing specific items, such as home appliances and electronic gadgets, with Empac Susu facilitating the acquisition upon reaching the target amount.

• Selection and Savings: Members choose from a curated list of items and engage in a saving period tailored to the item's cost, with durations of 1, 3, 6, 9, or 12 months.
• Inflation Adjustment: Empac Susu commits to negotiating fair price adjustments in case of significant inflation impacting item prices at the time of purchase.
• Premature Withdrawal Fee: A 5% charge is applied for withdrawals before reaching the target amount, encouraging members to stay committed to their saving goals.
• Share Ownership Benefits: Members with a minimum share of GHS 500 qualify for discounted prices on items, showcasing the advantages of share purchasing in obtaining goods under favorable terms.

7. Fixed Deposit/Investment Product

Offers members a secure investment avenue with a stable and competitive interest payout, encouraging long-term financial growth.

• Interest Rate: Members enjoy a 1.5% monthly interest on their investments, fostering an environment of savings and financial security.
• Shareholder Incentives: The benefits of investing in shares are extended to this product as well, potentially offering higher interest rates and additional investment benefits, reinforcing the importance of share ownership for enhancing investment returns.

8. Empac Susu Loans (Partnership with Empac Microcredit)

Provides accessible and flexible loan options under favorable terms to support the personal and business financial needs of members, facilitated through a strategic partnership with Empac Microcredit.

• Interest and Fees: Loans are subject to a 3% interest rate and a 5% processing fee, designed to be competitive and accommodating.
• Loan Amounts and Terms: Specific amounts and terms are tailored for both individual and business loans, with conditions that consider the financial capacity and repayment ability of borrowers.
• Shareholder Advantages: Members who are shareholders may access better loan terms, such as reduced interest rates or lower processing fees, highlighting the value of share ownership in securing financial assistance.

 9. Empac Susu Shares

Encourages and facilitates members to invest in Empac Susu shares, allowing them to directly benefit from the company's growth through dividends and enhanced product terms.

• Benefits Across Products: Investing in shares is highly recommended across all Empac Susu products (except for the Welfare program), as it ties directly to enhanced benefits, including but not limited to reduced fees, higher interest rates on savings and investments, and better loan terms. Share ownership is positioned as a pivotal component of the Empac Susu membership experience, offering tangible benefits that underscore mutual growth and prosperity.

10. Empac Susu Welfare

A program designed to provide support to members during significant life events, offering financial assistance and solidarity to ensure members and their families are supported during times of need.

• Member Support: While specific benefits such as health or educational scholarships were not explicitly mentioned previously, the program's focus is on delivering timely financial support and services tailored to the critical needs of members, embodying Empac Susu's commitment to the welfare and well-being of its community.

Closing Remarks:

Empac Susu's suite of financial products is meticulously designed to support the varied financial aspirations of our members. From daily savings that build financial discipline to specialized savings plans for significant life events and strategic investments, our goal is to cater to the comprehensive financial needs of individuals and businesses alike.

Key Highlights:

• Share Ownership: Central to Empac Susu's philosophy is the encouragement of share buying across all eligible products. This not only fosters a deeper connection between our members and the institution but also unlocks a myriad of benefits, including but not limited to:
• Waived or reduced withdrawal fees
• Higher interest rates on savings and fixed deposits
• Favorable loan terms and reduced processing fees
• Discounts on selected items for the Save to Buy Savings program
• Member-Centric Approach: Each product is developed with the member’s best interest in mind, promoting financial literacy, stability, and growth. Empac Susu is dedicated to providing financial solutions that are accessible, beneficial, and tailored to the unique needs of our diverse membership base.
• Commitment to Welfare: The Empac Susu Welfare program underscores our dedication to supporting members through all of life's significant milestones and challenges, ensuring a safety net that extends beyond mere financial transactions.

Empac Susu's Promise:

As we continue to evolve and expand our offerings, Empac Susu remains steadfast in its commitment to empowering members through innovative financial solutions. We invite our members to explore these opportunities, to invest in shares, and to join us in a mutual journey of growth and prosperity.