Frequently Asked Questions
Common questions about membership, savings, financing and the app.
Who can become a member of NECS?
Membership is open to members of staff of the Nigeria Export Processing Zones Authority who are of good character and of good and sound financial standing.
Is NECS based on interest?
No. The Society operates entirely on ethical, interest-free (Halal) principles. Funds are pooled and put to productive use, and returns are shared fairly rather than charged as interest.
How do I save with the Society?
Members make regular monthly savings of an amount that suits them. All savings are set up and tracked in the NECS mobile app.
What is target savings?
Target savings are dedicated plans towards a specific goal and date — such as Hajj, a wedding, or education. You choose the purpose and the date, and save steadily towards it.
How does financing work?
Financing is drawn from the pooled contributions of members and offered for necessary, productive purposes in line with Islamic principles. Members qualify after a minimum contribution period and provide sureties who are fellow members.
Do I earn anything on my savings?
At the end of each financial year, dividends are paid on investment, commensurate with the shares each member holds.
Where do I register and manage my account?
Everything — registration, savings, target plans, financing and statements — is handled securely in the NECS mobile app. This website is for information only.