What is a Friendly Society?
A Friendly Society is an unlimited number of persons who join together to achieve a common financial and/or social purpose. The members voluntarily bind themselves to rules which are capable of variations in the future, subject to a majority of such members agreeing. It cultivates the practice of thrift, self reliance, self help, and assist in fostering community spirit, poverty eradication, and nation building.
There are several types of Societies which are applied in CAP 184 of THE FRIENDLY SOCIETIES ACT:-
- Friendly Societies
The purpose of this society is to provide voluntary subscriptions by members with or without the aid of donations.
- Working Man's Club
This Society is used for sporting activities, propagation of culture and social intercourse. Its origin can be traced to ancient Egypt.
- Cattle Insurance Society
For insurance against the loss of meat cattle, sheep, lambs, swine, horses and other animals by death from disease or otherwise.
- Benevolent Societies
For any benevolent or charitable purpose.
- Specially Authorized Societies
For any purpose which the minister may authorized which are in accordance with the Act.
What Benefits Does A Friendly Society Provide?
Generally, the objectives of a Friendly Society are to improve the economic well being of its members by providing:-
- - For the relief and maintenance of the members and their dependants during sickness or other infirmity;
- - In old age or widowhood or for the relief or maintenance of orphaned children or members during minority, during distress circumstance or in the case of loss or damage to their property;
- - Ensuring money (to be paid) on: the birth of a member’s child; on the marriage of a member; on the death of a member; for the funeral expense of dependants’ relatives of the member;
- - Providing insurance against fire on the property of a member;
- - Providing credit and investment opportunities for its members;
- - Planning and implementing social, cultural and recreational activities and leisure programmes for the benefit of members and their respective families and;
- - To assist in the purchasing, acquisition of interest and in the ownership of freehold or leasehold lands.
- - Death benefit
- - Sick benefit
- - Optical benefit
- - Dental benefit
- - Maternity benefit
- - Retirement benefit
- Investment fund
- Birth benefit
- Funeral expenses
- Travel in search of employment benefit
- Distressed circumstances benefit
- Endowment of members or nominees benefits
- Fire insurance benefits
- Animals insurance benefits
How Does One Become A Member of a Friendly Society?
Generally, a person wishing membership is recommended by a member and according to the societies rule may be required to pay and maintain a membership fee. Every society’s benefits differ. As a result, member’s weekly or monthly contributions may also differ.
What Contributions Do Friendly Societies Make to Their Communities?
A Friendly Society helps in bringing a community together. It teaches thrift and self reliance. It assists in uniting all the people regardless of colour, creed, race and religion. It acts as a vanguard in fighting the social ills of the community.